Despite the decline in investment in startups and M&A operations last year, the first funding rounds with Initial Coin Offerings (ICOs) based on blockchain are already emerging. These ICOs, which issue tokens, are positioned between crowdfunding and an initial public offering, according to Cristina Lara Moreno, partner at Lecover. A boom in this type of financing is expected.
What are ICOs?
The company issues tokens that investors acquire by contributing funds. These tokens, similar to virtual tokens, do not grant ownership in the company, but provide access to certain benefits.
Regulation and protection
Despite the uncertainty surrounding cryptocurrencies, in Spain, parties can establish contractual conditions as long as they do not contravene any regulations. Furthermore, the new European regulation on cryptoassets (MiCA), applicable from June 30, promises greater protection and peace of mind for investors, according to Gonzalo García-Valdecasas Colell, partner and lawyer at CYSAE – Law & Technologies.
Role of the authorities
The CNMV and the Bank of Spain will be the competent authorities to enforce MiCA in Spain, providing a clear and secure regulatory environment. García-Valdecasas highlights the proactivity and support of these institutions, especially for capital rounds exceeding one million euros.
Innovation and technology are driving these new forms of financing, paving the way for a safer and more accessible future for investors.
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