French ICOs: a New Way of Funding?

A recent phenomenon, initial coin offerings (ICOs) are a fundraising method that is still emerging but is beginning to take shape, allowing the emergence and the financing of new companies in technological and innovative sectors. The analysis of the global market highlights the still marginal nature of this method of financing, but also the creation of a new form of commitment in a business project that attracts investors whose number now exceeds the closed circle of specialists. The analysis of French ICO projects, using an original database, highlights the growing interest of this fundraising mechanism by some project initiators, who seem to welcome the opportunity to call on a community of international investors and introduce this method along with other, more traditional methods of financing. In view of the risks associated with this type of investment, the article finally presents the French incentive framework, the optional visa for token issues issued by the Autorité des marchés financiers (AMF).