İnceleme Makalesi
BibTex RIS Kaynak Göster

INITIAL COIN OFFERING (ICO) FOR BUSINESS FINANCE AND ASSESTMENT OF ITS RISKS

Yıl 2021, , 222 - 253, 30.06.2021
https://doi.org/10.31460/mbdd.783669

Öz

Crypto assets that allow value transfer without intermediaries on the blockchain system have started to be used to finance new initiatives. Businesses can finance their startups with a cryptocurrency offering in an existing blockchain system or their own blockchain systems. In our study, the business finance model with the initial coin offering is introduced in detail, and the current benefits and risks for entrepreneurs, investors and regulators are evaluated. It has been concluded that the inital coin offering has the potential to provide funds to entrepreneurs from investors in different regions of the world, entrepreneurs can obtain high returns from these investments, but take high risks, and regulators in different countries have developed different approaches to initial coin offering. In addition, we are recommended that there is need for a reliable crypto assets market legislation presence in Turkey.

Kaynakça

  • Adhami, S., Giudici, G., ve Martinazzi, S. 2018. “Why do Businesses Go Crypto? An Empirical Analysis of Initial Coin Offerings”, Journal of Economics and Business, 100, 64–75.
  • Adhami, S., ve Guegan, D. 2020. “Crypto Assets: The Role of ICO Tokens Within A Well-Diversified Portfolio”, Journal of Industrial and Business Economics: Economia e Politica Industriale, 47(2), 219-241.
  • Alun, J. 2019. HSBC Processes First Blockchain Letter of Credit Using Chinese Yuan, https://www.reuters.com/article/us-hsbc-hldg-blockchain/hsbc-processes-first-blockchain-letter-of-credit-using-chinese-yuan-idUSKCN1VN1QL (Erişim Tarihi: 18.07.2020)
  • AMF. 2019. The AMF Grants İts First Optional Approval to An İnital Coin Offering (ICO), https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases/amf-grants-its-first-optional-approval-inital-coin-offering-ico (Erişim Tarihi: 18.07.2020)
  • Australian Security and Investment Commission. 2020. Initial Coin Offerings and Crypto-assets, https://asic.gov.au/regulatory-resources/digital-transformation/initial-coin-offerings-and-crypto-assets/#part-c (Erişim Tarihi: 15.07.2020)
  • Barclays. 2016. Cash Cows - How Blockchain is Transforming Trade Finance, https://home.barclays/news/2016/11/how-blockchain-is-transforming-trade-finance/ (Erişim Tarihi: 17.07.2020)
  • BBC. 2017. China Bans Initial Coin Offerings Calling Them 'Illegal Fundraising', https://www.bbc.com/news/business-41157249 (Erişim Tarihi: 17.07.2020)
  • BBC. 2020. Twitter Hack: Exchange 'Blocked 1,000 Bitcoin Transactions', https://www.bbc.com/news/technology-53485170 (Erişim Tarihi: 18.07.2020)
  • Bitfinex. 2019. Initial Exchange Offering of LEO Tokens For Use on iFinex Trading Platforms, Products, and Services https://www.bitfinex.com/wp-2019-05.pdf (Erişim Tarihi: 17.07.2020)
  • Blémus, S., ve Guegan, D. 2019. Initial Crypto-asset Offerings (ICOs), Tokenization and Corporate Governance. https://halshs.archives-ouvertes.fr/halshs-02079171/document (Erişim Tarihi: 15.07.2020)
  • Boreiko, D. ve Sahdev, N. 2018. To ICO or not to ICO – Empirical analysis of Initial Coin Offerings and Token Sales, Innovation Finance & Accouting ejournal, 1-12, DOI:10.2139/SSRN.3209180.
  • Chen, Y., ve Bellavitis, C. 2020. “Blockchain Disruption And Decentralized Finance: The Rise Of Decentralized Business Models”, Journal of Business Venturing Insights, 13, 1-8.
  • Clayton, J. 2017. Statement on Cryptocurrencies and Initial Coin Offerings, https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11 (Erişim Tarihi: 18.07.2020)
  • Coinmarketcap. https://coinmarketcap.com/ (Erişim Tarihi: 16.07.2020)
  • Deutche Welle. 2018. Vietnam Crypto Scam Prompts Crackdown on Digital Currencies, https://www.dw.com/en/vietnam-crypto-scam-prompts-crackdown-on-digital-currencies/a-43358201 (Erişim Tarihi: 17.07.2020)
  • EOSIO. https://eos.io/ (Erişim Tarihi: 16.07.2020)
  • European Commisson, 2018. FinTech Action Plan: For a More Competitive and Innovative European Financial Sector, https://eur-lex.europa.eu/resource.html?uri=cellar:6793c578-22e6-11e8-ac73-01aa75ed71a1.0001.02/DOC_1&format=PDF (Erişim Tarihi: 18.07.2020)
  • Federal Financial Supervisory Authority. 2017. Initial Coin Offerings: High Risks for Consumers,
  • https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Fachartikel/2017/fa_bj_1711_ICO_en.html (Erişim Tarihi: 17.07.2020)
  • Fenu, G., Marchesi, L., Marchesi, M. ve Tonelli, R. 2018. The ICO Phenomenon and Its Relationships with Ethereum Smart Contract Environment. DOI: 10.1109/IWBOSE.2018.8327568
  • Fiedler, S., Gern, K.J., Kooths, S. ve Stolzenburg, U. 2017. Financial Innovation and Monetary Policy: Challenges and Prospects. European Parliament Directorate General For
  • Internal Policies Policy Department A: Economic And Scientific Policy. https://www.europarl.europa.eu/cmsdata/118906/KIEL_FINAL%20upload.pdf (Erişim Tarihi: 20.07.2020)
  • Filecoin. https://filecoin.io/ (Erişim Tarihi: 18.07.2020)
  • Financial Conduct Authority. 2017. Initial Coin Offerings, https://www.fca.org.uk/news/statements/initial-coin-offerings (Erişim Tarihi: 17.07.2020)
  • FINMA. 2018. FINMA Publishes ICO Guidelines, https://www.finma.ch/en/news/2018/02/20180216-mm-ico-wegleitung/ (Erişim Tarihi: 18.07.2020)
  • Fisch, C. 2019. “Initial Coin Offerings (ICOs) to Finance New Ventures”, Journal of Business Venturing, 34(1), 1–22.
  • Fortune. 2018. Bitcoin ‘Scam’ Triggers Police Search Across Europe, https://fortune.com/2018/02/15/austria-bitcoin-scam/ (Erişim Tarihi: 19.07.2020)
  • Fundingcircle. https://www.fundingcircle.com/uk/ (Erişim Tarihi: 17.07.2020)
  • FSB-Financial Stability Board. 2018. Crypto-Asset Markets- Potential Channels for Future Financial Stability Implications. https://www.fsb.org/wp-content/uploads/P101018.pdf (Erişim Tarihi: 17.07.2020)
  • Gerba, E. ve Rubio, M. 2019. Virtual Money: How Much do Cryptocurrencies Alter the Fundamental Functions of Money?, Study for the Committee on Economic and Monetary Affairs, Policy Department for Economic, Scientific and Quality of Life Policies, European Parliament, Luxembourg, https://www.europarl.europa.eu/RegData/etudes/IDAN/2019/642360/IPOL_IDA(2019)642360_EN.pdf (Erişim Tarihi: 16.07.2020)
  • Giudici, G., ve Adhami, S. 2019. “The Impact of Governance Signals on ICO Fundraising Success”, Journal of Industrial and Business Economics: Economia e Politica Industriale, 46(2), 283-312.
  • Google. 2018. Financial Services: New Restricted Financial Products Policy, https://support.google.com/adspolicy/answer/7648803?hl=en&ref_topic=29265 (Erişim Tarihi: 17.07.2020)
  • Gökten, S. ve Özdoğan, B. 2020. The Doors are Opening for the New Pedigree: A Futuristic View for the Effects of Blockchain Technology on Accounting Applications, Ümit
  • Hacıoğlu, Digital Business Strategies in Blockchain Ecosystems, 425-438, Cham: Springer.
  • Harper, C. 2020. Bitcoin Pizza Day: Why Bitcoiners Are Celebrating Today By Eating Pizza, https://www.forbes.com/sites/colinharper/2020/05/22/bitcoin-pizza-day-why-bitcoiners-are-celebrating-today-by-eating-pizza/#254704c4356a (Erişim Tarihi: 18.07.2020)
  • Hawke, D. 2019. “SEC Credits Self-Reporting and Cooperation in not İmposing Penalty on ICO Sponsor”, Journal of Investment Compliance, 20(2), 13–15.
  • Holoweiko, S. 2019. “What Is an ICO? Defining a Security on the Blockchain”, George Washington Law Review, 87(6), 1472–1517.
  • Icobench. https://icobench.com/ (Erişim Tarihi: 18.07.2020)
  • Interbank Information Network. https://www.jpmorgan.com/onyx/liink (Erişim Tarihi: 17.07.2020)
  • Kahyaoğlu Bozkuş, S. 2019. An Analysis on the Implementation of New Approaches and Techniques in the Auditing of Business Processes Based on Blockchain Technologies, B. Darıcı & F. Ayhan, Cryptocurrencies in All Aspects (93-109), Bern: Peter Lang.
  • Kher, R., Terjesen, S., ve Liu, C. 2020. Blockchain, Bitcoin, and ICOs: a Review and Research Agenda. Small Business Economics. https://doi.org/10.1007/s11187-019-00286-y.
  • Kondova, G. ve Simonella, G. 2019. “Blockchain in Startup Financing: ICOs and STOs in Switzerland”, Journal of Strategic Innovation and Sustainability, 14(6), 43–48.
  • Leathern, R. 2018. New Ads Policy: Improving Integrity and Security of Financial Product and Services Ads, https://www.facebook.com/business/news/new-ads-policy-improving-integrity-and-security-of-financial-product-and-services-ads (Erişim Tarihi: 18.07.2020)
  • Lendingclub. https://www.lendingclub.com/ (Erişim Tarihi: 18.07.2020)
  • Lyandres, E., Palazzo, B. ve Rabetti D. 2019. Are Tokens Securities? An Anatomy of Initial Coin Offerings. SSRN Working Paper. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3287583 (Erişim Tarihi: 15.07.2020)
  • Martino, P., Bellavitis, C. ve DaSilva, C.M., 2019. Blockchain and Initial Coin Offerings (ICOs): A New Way of Crowdfunding. https://ssrn.com/abstract=3414238 (Erişim Tarihi: 16.07.2020)
  • Masiak, C., Block, J.H., Masiak, T., Neuenkirch, M. ve Pielen, K.N. 2019. “Initial Coin Offerings (ICOs): Market Cycles and Relationship with Bitcoin and Ether”, Small Business Economics, 1-19.
  • Mat Çeli̇k, G. ve Kanat, E . 2019. “Finans Sektöründe Girişimci ve Yenileşim Odaklılık”, Avrasya Sosyal ve Ekonomi Araştırmaları Dergisi, 6 (9) , 1-8.
  • McKinsey and Company 2015. Beyond the Hype: Blockchains in Capital Markets. McKinsey Working Papers on Corporate & Investment Banking No. 12, https://www.issanet.org/e/pdf/ISSA18_3_White_Paper_on_Blockchains_McKinsey.pdf (Erişim tarihi: 20.07.2020)
  • Monetary Authority of Singapore. 2017. MAS Clarifies Regulatory Position on The Offer of Digital Tokens in Singapore, https://www.mas.gov.sg/news/media-releases/2017/mas-clarifies-regulatory-position-on-the-offer-of-digital-tokens-in-singapore (Erişim Tarihi: 17.07.2020)
  • Morris, D.Z. 2019. Is OneCoin the Biggest Financial Fraud in History?, https://fortune.com/2019/11/06/is-onecoin-the-biggest-financial-fraud-in-history/ (Erişim Tarihi: 20.07.2020)
  • Nakamoto, S., 2008. Bitcoin: A Peer-to-peer Electronic Cash System. https://bitcoin.org/bitcoin.pdf (Erişim Tarihi: 15.07.2020)
  • Nolan, A.R.G., Edward T. D., Baker, M.B., ReVeal, J. ve Rinearson. J.E. 2018. “Initial Coin Offerings: Key US Legal Considerations for ICO Investors and Sponsors”, Journal of Investment Compliance, 19(1), 1–9.
  • OECD. 2019. Initial Coin Offerings (ICOs) for SME Financing, www.oecd.org/finance/initial-coin-offerings-for-sme-financing.htm (Erişim Tarihi: 16.07.2020)
  • Ofir, M., ve Sadeh, I. 2020. “ICO vs. IPO: Empirical Findings, Information Asymmetry, and The Appropriate Regulatory Framework”, Vanderbilt Journal of Transnational Law, 53(2), 525–613.
  • Ontario Securities Commisson (OSC). 2017. Cryptocurrency Offerings. https://www.osc.gov.on.ca/en/SecuritiesLaw_csa_20170824_cryptocurrency-offerings.htm (Erişim Tarihi: 17.07.2020)
  • Prosper. https://www.prosper.com/ (Erişim Tarihi: 18.07.2020)
  • Reiff, N. 2019. Decentralized Autonomous Organization (DAO) https://www.investopedia.com/tech/what-dao/ (Erişim Tarihi: 18.07.2020)
  • Resmi Gazete. 2019. Paya Dayalı Kitle Fonlaması Tebliği, https://www.resmigazete.gov.tr/eskiler/2019/10/20191003-5.htm (Erişim Tarihi: 17.07.2020)
  • Reuters. 2020. Telegram to Pay $18.5 Million, Return Investor Money to Settle SEC Charges, https://www.reuters.com/article/us-usa-sec-telegram/telegram-to-pay-18-5-million-return-investor-money-to-settle-sec-charges-idUSKBN23X2T5 (Erişim Tarihi: 18.07.2020)
  • Reuters. 2020. Messaging App Telegram Shuts Blockchain Project After Battle With SEC, https://www.reuters.com/article/crypto-currencies-telegram/messaging-app-telegram-shuts-blockchain-project-after-battle-with-sec-idUSL1N2CU20T (Erişim Tarihi: 17.07.2020)
  • Rui Chen, R., ve Chen, K. 2020. A 2020 Perspective on “Information Asymmetry in Initial Coin Offerings (ICOs): Investigating The Effects of Multiple Channel Signals.” Electronic Commerce Research and Applications, 40. https://doi.org/10.1016/j.elerap.2020.100936
  • Sablik, T. 2019. “Corporate Crypto Crowdfundıng: The Technology Behind Cryptocurrencies Shows Promise for Raising Capital but has Also Drawn Scrutiny From Regulators”, Econ Focus, 24(1), 14–17.
  • Saheli, R.C. 2017. China Bans Companies From Raising Money Through ICOs, Asks Local Regulators to İnspect 60 Major Platforms, https://www.cnbc.com/2017/09/04/chinese-icos-china-bans-fundraising-through-initial-coin-offerings-report-says.html (Erişim Tarihi: 18.07.2020)
  • Samieifar, S., ve Baur, D. G. 2020. “Read Me If You Can! An Analysis of ICO White Papers”, Finance Research Letters, 38, 1-6.
  • Schindler, J. 2017. FinTech and Financial Innovation: Drivers and Depth. Finance and Economics Discussion Series 2017-081. Washington: Board of Governors of the Federal Reserve System. DOI: 10.17016/FEDS.2017.081.
  • Schückes, M., ve Gutmann, T. 2020. Why do Startups Pursue Initial Coin Offerings (ICOs)? The Role of Economic Drivers and Social Identity on Funding Choice. Small Business Economics: An Entrepreneurship Journal. https://doi.org/10.1007/s11187-020-00337-9 (Erişim Tarihi: 16.07.2020)
  • Securities and Exchange Comission. 2017. SEC v. PlexCorps, Dominic LaCroix, and Sabrina Paradis-Royer Case No. 17-cv-7007 https://www.sec.gov/divisions/enforce/claims/plexcorps.htm (Erişim Tarihi: 18.07.2020)
  • Securities and Exchange Comission. 2017. SEC Exposes Two Initial Coin Offerings Purportedly Backed by Real Estate and Diamonds, https://www.sec.gov/news/press-release/2017-185-0 (Erişim Tarihi: 18.07.2020)
  • Securities and Exchange Comission. 2018. SEC Halts Fraudulent Scheme Involving Unregistered ICO, https://www.sec.gov/news/press-release/2018-53 (Erişim Tarihi: 18.07.2020)
  • Securities and Exchange Comission. 2018. SEC Obtains Emergency Order Halting Fraudulent Coin Offering Scheme https://www.sec.gov/news/press-release/2018-94 (Erişim Tarihi: 18.07.2020)
  • Securities and Exchange Comission. 2020. ICO Issuer Settles SEC Registration Charges, Agrees to Return Funds and Register Tokens As Securities, https://www.sec.gov/news/press-release/2020-37 (Erişim Tarihi: 18.07.2020)
  • Securities and Exchange Comission. 2020. Unregistered $25.5 Million ICO Issuer to Return Money for Distribution to Investors. https://www.sec.gov/news/press-release/2020-124 (Erişim Tarihi: 18.07.2020)
  • Securities and Exchange Comission. Cyber Enforcement Action, https://www.sec.gov/spotlight/cybersecurity-enforcement-actions (Erişim Tarihi: 18.07.2020)
  • Serçemeli, M. 2018. “Kripto Para Birimlerinin Muhasebeleştirilmesi ve Vergilendirilmesi”, Journal of Financial Politic and Economic Reviews / Finans Politik & Ekonomik Yorumlar, 55(639), 33–65.
  • Sermaye Piyasası Kurulu. 2018. https://spk.gov.tr/Bulten/Goster?year=2018&no=42 (Erişim Tarihi: 18.07.2020)
  • Sikora Jr., Stephen P.W., Yatter, D.K. ve Culhaci, N. 2019. SEC Charges “ICO Superstore” as Unregistered Broker-Dealer. Journal of Investment Compliance, 20(1), 40–43.
  • Spinedi, G., Rigotti, G., Canetta, L., Camoesa, L.G. ve Redaelli, C. 2019. Guideline for Enterprise to a Value Plan Through Blockchain and ICO. 2019 IEEE International Conference on Engineering, Technology and Innovation (ICE/ITMC), Engineering, Technology and Innovation (ICE/ITMC), 2019 IEEE International Conference On, 1–8.
  • Tetik, N. ve Öner, A . 2020. “Ülkemiz Girişimcileri İçin Yeni Bir Yatırım Desteği Modeli: Initial Coin Offering (ICO)”. Muhasebe ve Finans İncelemeleri Dergisi, 3(1) ,14 – 27.
  • Tiwari, M., Gepp, A., ve Kumar, K. 2019. “The Future of Raising Finance - A New Opportunity to Commit Fraud: A Review of Initial Coin Offering (ICOs) Scams”, Crime, Law and Social Change: An Interdisciplinary Journal, 73, 417-441.
  • Türkiye Cumhuriyet Merkez Bankası. Elektronik Para Kuruluşları, https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Temel+Faaliyetler/Odeme+Hizmetleri/Elektronik+Para+Kuruluslari (Erişim Tarihi: 17.07.2020)
  • Twitter. Financial Products and Services, https://business.twitter.com/en/help/ads-policies/ads-content-policies/financial-services.html (Erişim Tarihi: 17.07.2020)
  • Westpac. 2019. Blockchain-based Platform to Transform The Bank Guarantee Process, https://www.westpac.com.au/about-westpac/media/media-releases/2019/4-july/ (Erişim Tarihi: 17.07.2020)
  • Yamada, K. 2017. South Korea to Ban ICO Fundraising, Following China, https://asia.nikkei.com/Business/Finance/South-Korea-to-ban-ICO-fundraising-following-China (Erişim Tarihi: 15.07.2020)
  • Zhang, S., Aerts, W., Lu, L., ve Pan, H. 2019. “Readability of Token Whitepaper and ICO First-day Return”, Economics Letters, 180, 58–61.
  • Zhang, S., Zhang, D., Zheng, J., ve Aerts, W. 2020. “Does Policy Uncertainty of the Blockchain Dampen ICO Markets?” Accounting And Finance. https://doi.org/10.1111/acfi.12639

KRİPTO VARLIK ARZIYLA (ICO) İŞLETME FİNANSMANI VE RİSKLERİNİN DEĞERLENDİRİLMESİ

Yıl 2021, , 222 - 253, 30.06.2021
https://doi.org/10.31460/mbdd.783669

Öz

Blokzincir sistemi üzerinde aracısız olarak değer transferi yapılmasına imkan sağlayan kripto varlıklar günümüzde yeni girişimlerin finansmanı için kullanılmaya başlanmıştır. İşletmeler mevcut bir blokzincir sisteminden yararlanarak veya kendi blokzincir sistemlerini oluşturarak yeni kripto varlıkları satışa sunmak suretiyle girişimlerini finanse edebilirler. Çalışmamızda nitel analiz yöntemi kullanılarak kripto varlık arzıyla işletme finansmanı modeli detaylı olarak tanıtılmış, girişimciler, yatırımcılar ve düzenleyiciler açısından mevcut fayda ve riskleri değerlendirilmiştir. Kripto varlık arzının girişimcilere dünyanın farklı bölgelerindeki yatırımcılardan fon sağlama potansiyelinin olduğu, girişimcilerin söz konusu yatırımlardan yüksek getiriler elde edilebileceği buna karşılık yüksek risk aldıkları, farklı ülkelerdeki düzenleyicilerin kripto varlık arzına farklı yaklaşımlar geliştirdiği sonucuna ulaşılmıştır. Türkiye’nin de gerekli yasal düzenlemeleri gerçekleştirerek bu alanda güvenilir bir finansal çevre oluşturması tavsiye edilmiştir.

Kaynakça

  • Adhami, S., Giudici, G., ve Martinazzi, S. 2018. “Why do Businesses Go Crypto? An Empirical Analysis of Initial Coin Offerings”, Journal of Economics and Business, 100, 64–75.
  • Adhami, S., ve Guegan, D. 2020. “Crypto Assets: The Role of ICO Tokens Within A Well-Diversified Portfolio”, Journal of Industrial and Business Economics: Economia e Politica Industriale, 47(2), 219-241.
  • Alun, J. 2019. HSBC Processes First Blockchain Letter of Credit Using Chinese Yuan, https://www.reuters.com/article/us-hsbc-hldg-blockchain/hsbc-processes-first-blockchain-letter-of-credit-using-chinese-yuan-idUSKCN1VN1QL (Erişim Tarihi: 18.07.2020)
  • AMF. 2019. The AMF Grants İts First Optional Approval to An İnital Coin Offering (ICO), https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases/amf-grants-its-first-optional-approval-inital-coin-offering-ico (Erişim Tarihi: 18.07.2020)
  • Australian Security and Investment Commission. 2020. Initial Coin Offerings and Crypto-assets, https://asic.gov.au/regulatory-resources/digital-transformation/initial-coin-offerings-and-crypto-assets/#part-c (Erişim Tarihi: 15.07.2020)
  • Barclays. 2016. Cash Cows - How Blockchain is Transforming Trade Finance, https://home.barclays/news/2016/11/how-blockchain-is-transforming-trade-finance/ (Erişim Tarihi: 17.07.2020)
  • BBC. 2017. China Bans Initial Coin Offerings Calling Them 'Illegal Fundraising', https://www.bbc.com/news/business-41157249 (Erişim Tarihi: 17.07.2020)
  • BBC. 2020. Twitter Hack: Exchange 'Blocked 1,000 Bitcoin Transactions', https://www.bbc.com/news/technology-53485170 (Erişim Tarihi: 18.07.2020)
  • Bitfinex. 2019. Initial Exchange Offering of LEO Tokens For Use on iFinex Trading Platforms, Products, and Services https://www.bitfinex.com/wp-2019-05.pdf (Erişim Tarihi: 17.07.2020)
  • Blémus, S., ve Guegan, D. 2019. Initial Crypto-asset Offerings (ICOs), Tokenization and Corporate Governance. https://halshs.archives-ouvertes.fr/halshs-02079171/document (Erişim Tarihi: 15.07.2020)
  • Boreiko, D. ve Sahdev, N. 2018. To ICO or not to ICO – Empirical analysis of Initial Coin Offerings and Token Sales, Innovation Finance & Accouting ejournal, 1-12, DOI:10.2139/SSRN.3209180.
  • Chen, Y., ve Bellavitis, C. 2020. “Blockchain Disruption And Decentralized Finance: The Rise Of Decentralized Business Models”, Journal of Business Venturing Insights, 13, 1-8.
  • Clayton, J. 2017. Statement on Cryptocurrencies and Initial Coin Offerings, https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11 (Erişim Tarihi: 18.07.2020)
  • Coinmarketcap. https://coinmarketcap.com/ (Erişim Tarihi: 16.07.2020)
  • Deutche Welle. 2018. Vietnam Crypto Scam Prompts Crackdown on Digital Currencies, https://www.dw.com/en/vietnam-crypto-scam-prompts-crackdown-on-digital-currencies/a-43358201 (Erişim Tarihi: 17.07.2020)
  • EOSIO. https://eos.io/ (Erişim Tarihi: 16.07.2020)
  • European Commisson, 2018. FinTech Action Plan: For a More Competitive and Innovative European Financial Sector, https://eur-lex.europa.eu/resource.html?uri=cellar:6793c578-22e6-11e8-ac73-01aa75ed71a1.0001.02/DOC_1&format=PDF (Erişim Tarihi: 18.07.2020)
  • Federal Financial Supervisory Authority. 2017. Initial Coin Offerings: High Risks for Consumers,
  • https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Fachartikel/2017/fa_bj_1711_ICO_en.html (Erişim Tarihi: 17.07.2020)
  • Fenu, G., Marchesi, L., Marchesi, M. ve Tonelli, R. 2018. The ICO Phenomenon and Its Relationships with Ethereum Smart Contract Environment. DOI: 10.1109/IWBOSE.2018.8327568
  • Fiedler, S., Gern, K.J., Kooths, S. ve Stolzenburg, U. 2017. Financial Innovation and Monetary Policy: Challenges and Prospects. European Parliament Directorate General For
  • Internal Policies Policy Department A: Economic And Scientific Policy. https://www.europarl.europa.eu/cmsdata/118906/KIEL_FINAL%20upload.pdf (Erişim Tarihi: 20.07.2020)
  • Filecoin. https://filecoin.io/ (Erişim Tarihi: 18.07.2020)
  • Financial Conduct Authority. 2017. Initial Coin Offerings, https://www.fca.org.uk/news/statements/initial-coin-offerings (Erişim Tarihi: 17.07.2020)
  • FINMA. 2018. FINMA Publishes ICO Guidelines, https://www.finma.ch/en/news/2018/02/20180216-mm-ico-wegleitung/ (Erişim Tarihi: 18.07.2020)
  • Fisch, C. 2019. “Initial Coin Offerings (ICOs) to Finance New Ventures”, Journal of Business Venturing, 34(1), 1–22.
  • Fortune. 2018. Bitcoin ‘Scam’ Triggers Police Search Across Europe, https://fortune.com/2018/02/15/austria-bitcoin-scam/ (Erişim Tarihi: 19.07.2020)
  • Fundingcircle. https://www.fundingcircle.com/uk/ (Erişim Tarihi: 17.07.2020)
  • FSB-Financial Stability Board. 2018. Crypto-Asset Markets- Potential Channels for Future Financial Stability Implications. https://www.fsb.org/wp-content/uploads/P101018.pdf (Erişim Tarihi: 17.07.2020)
  • Gerba, E. ve Rubio, M. 2019. Virtual Money: How Much do Cryptocurrencies Alter the Fundamental Functions of Money?, Study for the Committee on Economic and Monetary Affairs, Policy Department for Economic, Scientific and Quality of Life Policies, European Parliament, Luxembourg, https://www.europarl.europa.eu/RegData/etudes/IDAN/2019/642360/IPOL_IDA(2019)642360_EN.pdf (Erişim Tarihi: 16.07.2020)
  • Giudici, G., ve Adhami, S. 2019. “The Impact of Governance Signals on ICO Fundraising Success”, Journal of Industrial and Business Economics: Economia e Politica Industriale, 46(2), 283-312.
  • Google. 2018. Financial Services: New Restricted Financial Products Policy, https://support.google.com/adspolicy/answer/7648803?hl=en&ref_topic=29265 (Erişim Tarihi: 17.07.2020)
  • Gökten, S. ve Özdoğan, B. 2020. The Doors are Opening for the New Pedigree: A Futuristic View for the Effects of Blockchain Technology on Accounting Applications, Ümit
  • Hacıoğlu, Digital Business Strategies in Blockchain Ecosystems, 425-438, Cham: Springer.
  • Harper, C. 2020. Bitcoin Pizza Day: Why Bitcoiners Are Celebrating Today By Eating Pizza, https://www.forbes.com/sites/colinharper/2020/05/22/bitcoin-pizza-day-why-bitcoiners-are-celebrating-today-by-eating-pizza/#254704c4356a (Erişim Tarihi: 18.07.2020)
  • Hawke, D. 2019. “SEC Credits Self-Reporting and Cooperation in not İmposing Penalty on ICO Sponsor”, Journal of Investment Compliance, 20(2), 13–15.
  • Holoweiko, S. 2019. “What Is an ICO? Defining a Security on the Blockchain”, George Washington Law Review, 87(6), 1472–1517.
  • Icobench. https://icobench.com/ (Erişim Tarihi: 18.07.2020)
  • Interbank Information Network. https://www.jpmorgan.com/onyx/liink (Erişim Tarihi: 17.07.2020)
  • Kahyaoğlu Bozkuş, S. 2019. An Analysis on the Implementation of New Approaches and Techniques in the Auditing of Business Processes Based on Blockchain Technologies, B. Darıcı & F. Ayhan, Cryptocurrencies in All Aspects (93-109), Bern: Peter Lang.
  • Kher, R., Terjesen, S., ve Liu, C. 2020. Blockchain, Bitcoin, and ICOs: a Review and Research Agenda. Small Business Economics. https://doi.org/10.1007/s11187-019-00286-y.
  • Kondova, G. ve Simonella, G. 2019. “Blockchain in Startup Financing: ICOs and STOs in Switzerland”, Journal of Strategic Innovation and Sustainability, 14(6), 43–48.
  • Leathern, R. 2018. New Ads Policy: Improving Integrity and Security of Financial Product and Services Ads, https://www.facebook.com/business/news/new-ads-policy-improving-integrity-and-security-of-financial-product-and-services-ads (Erişim Tarihi: 18.07.2020)
  • Lendingclub. https://www.lendingclub.com/ (Erişim Tarihi: 18.07.2020)
  • Lyandres, E., Palazzo, B. ve Rabetti D. 2019. Are Tokens Securities? An Anatomy of Initial Coin Offerings. SSRN Working Paper. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3287583 (Erişim Tarihi: 15.07.2020)
  • Martino, P., Bellavitis, C. ve DaSilva, C.M., 2019. Blockchain and Initial Coin Offerings (ICOs): A New Way of Crowdfunding. https://ssrn.com/abstract=3414238 (Erişim Tarihi: 16.07.2020)
  • Masiak, C., Block, J.H., Masiak, T., Neuenkirch, M. ve Pielen, K.N. 2019. “Initial Coin Offerings (ICOs): Market Cycles and Relationship with Bitcoin and Ether”, Small Business Economics, 1-19.
  • Mat Çeli̇k, G. ve Kanat, E . 2019. “Finans Sektöründe Girişimci ve Yenileşim Odaklılık”, Avrasya Sosyal ve Ekonomi Araştırmaları Dergisi, 6 (9) , 1-8.
  • McKinsey and Company 2015. Beyond the Hype: Blockchains in Capital Markets. McKinsey Working Papers on Corporate & Investment Banking No. 12, https://www.issanet.org/e/pdf/ISSA18_3_White_Paper_on_Blockchains_McKinsey.pdf (Erişim tarihi: 20.07.2020)
  • Monetary Authority of Singapore. 2017. MAS Clarifies Regulatory Position on The Offer of Digital Tokens in Singapore, https://www.mas.gov.sg/news/media-releases/2017/mas-clarifies-regulatory-position-on-the-offer-of-digital-tokens-in-singapore (Erişim Tarihi: 17.07.2020)
  • Morris, D.Z. 2019. Is OneCoin the Biggest Financial Fraud in History?, https://fortune.com/2019/11/06/is-onecoin-the-biggest-financial-fraud-in-history/ (Erişim Tarihi: 20.07.2020)
  • Nakamoto, S., 2008. Bitcoin: A Peer-to-peer Electronic Cash System. https://bitcoin.org/bitcoin.pdf (Erişim Tarihi: 15.07.2020)
  • Nolan, A.R.G., Edward T. D., Baker, M.B., ReVeal, J. ve Rinearson. J.E. 2018. “Initial Coin Offerings: Key US Legal Considerations for ICO Investors and Sponsors”, Journal of Investment Compliance, 19(1), 1–9.
  • OECD. 2019. Initial Coin Offerings (ICOs) for SME Financing, www.oecd.org/finance/initial-coin-offerings-for-sme-financing.htm (Erişim Tarihi: 16.07.2020)
  • Ofir, M., ve Sadeh, I. 2020. “ICO vs. IPO: Empirical Findings, Information Asymmetry, and The Appropriate Regulatory Framework”, Vanderbilt Journal of Transnational Law, 53(2), 525–613.
  • Ontario Securities Commisson (OSC). 2017. Cryptocurrency Offerings. https://www.osc.gov.on.ca/en/SecuritiesLaw_csa_20170824_cryptocurrency-offerings.htm (Erişim Tarihi: 17.07.2020)
  • Prosper. https://www.prosper.com/ (Erişim Tarihi: 18.07.2020)
  • Reiff, N. 2019. Decentralized Autonomous Organization (DAO) https://www.investopedia.com/tech/what-dao/ (Erişim Tarihi: 18.07.2020)
  • Resmi Gazete. 2019. Paya Dayalı Kitle Fonlaması Tebliği, https://www.resmigazete.gov.tr/eskiler/2019/10/20191003-5.htm (Erişim Tarihi: 17.07.2020)
  • Reuters. 2020. Telegram to Pay $18.5 Million, Return Investor Money to Settle SEC Charges, https://www.reuters.com/article/us-usa-sec-telegram/telegram-to-pay-18-5-million-return-investor-money-to-settle-sec-charges-idUSKBN23X2T5 (Erişim Tarihi: 18.07.2020)
  • Reuters. 2020. Messaging App Telegram Shuts Blockchain Project After Battle With SEC, https://www.reuters.com/article/crypto-currencies-telegram/messaging-app-telegram-shuts-blockchain-project-after-battle-with-sec-idUSL1N2CU20T (Erişim Tarihi: 17.07.2020)
  • Rui Chen, R., ve Chen, K. 2020. A 2020 Perspective on “Information Asymmetry in Initial Coin Offerings (ICOs): Investigating The Effects of Multiple Channel Signals.” Electronic Commerce Research and Applications, 40. https://doi.org/10.1016/j.elerap.2020.100936
  • Sablik, T. 2019. “Corporate Crypto Crowdfundıng: The Technology Behind Cryptocurrencies Shows Promise for Raising Capital but has Also Drawn Scrutiny From Regulators”, Econ Focus, 24(1), 14–17.
  • Saheli, R.C. 2017. China Bans Companies From Raising Money Through ICOs, Asks Local Regulators to İnspect 60 Major Platforms, https://www.cnbc.com/2017/09/04/chinese-icos-china-bans-fundraising-through-initial-coin-offerings-report-says.html (Erişim Tarihi: 18.07.2020)
  • Samieifar, S., ve Baur, D. G. 2020. “Read Me If You Can! An Analysis of ICO White Papers”, Finance Research Letters, 38, 1-6.
  • Schindler, J. 2017. FinTech and Financial Innovation: Drivers and Depth. Finance and Economics Discussion Series 2017-081. Washington: Board of Governors of the Federal Reserve System. DOI: 10.17016/FEDS.2017.081.
  • Schückes, M., ve Gutmann, T. 2020. Why do Startups Pursue Initial Coin Offerings (ICOs)? The Role of Economic Drivers and Social Identity on Funding Choice. Small Business Economics: An Entrepreneurship Journal. https://doi.org/10.1007/s11187-020-00337-9 (Erişim Tarihi: 16.07.2020)
  • Securities and Exchange Comission. 2017. SEC v. PlexCorps, Dominic LaCroix, and Sabrina Paradis-Royer Case No. 17-cv-7007 https://www.sec.gov/divisions/enforce/claims/plexcorps.htm (Erişim Tarihi: 18.07.2020)
  • Securities and Exchange Comission. 2017. SEC Exposes Two Initial Coin Offerings Purportedly Backed by Real Estate and Diamonds, https://www.sec.gov/news/press-release/2017-185-0 (Erişim Tarihi: 18.07.2020)
  • Securities and Exchange Comission. 2018. SEC Halts Fraudulent Scheme Involving Unregistered ICO, https://www.sec.gov/news/press-release/2018-53 (Erişim Tarihi: 18.07.2020)
  • Securities and Exchange Comission. 2018. SEC Obtains Emergency Order Halting Fraudulent Coin Offering Scheme https://www.sec.gov/news/press-release/2018-94 (Erişim Tarihi: 18.07.2020)
  • Securities and Exchange Comission. 2020. ICO Issuer Settles SEC Registration Charges, Agrees to Return Funds and Register Tokens As Securities, https://www.sec.gov/news/press-release/2020-37 (Erişim Tarihi: 18.07.2020)
  • Securities and Exchange Comission. 2020. Unregistered $25.5 Million ICO Issuer to Return Money for Distribution to Investors. https://www.sec.gov/news/press-release/2020-124 (Erişim Tarihi: 18.07.2020)
  • Securities and Exchange Comission. Cyber Enforcement Action, https://www.sec.gov/spotlight/cybersecurity-enforcement-actions (Erişim Tarihi: 18.07.2020)
  • Serçemeli, M. 2018. “Kripto Para Birimlerinin Muhasebeleştirilmesi ve Vergilendirilmesi”, Journal of Financial Politic and Economic Reviews / Finans Politik & Ekonomik Yorumlar, 55(639), 33–65.
  • Sermaye Piyasası Kurulu. 2018. https://spk.gov.tr/Bulten/Goster?year=2018&no=42 (Erişim Tarihi: 18.07.2020)
  • Sikora Jr., Stephen P.W., Yatter, D.K. ve Culhaci, N. 2019. SEC Charges “ICO Superstore” as Unregistered Broker-Dealer. Journal of Investment Compliance, 20(1), 40–43.
  • Spinedi, G., Rigotti, G., Canetta, L., Camoesa, L.G. ve Redaelli, C. 2019. Guideline for Enterprise to a Value Plan Through Blockchain and ICO. 2019 IEEE International Conference on Engineering, Technology and Innovation (ICE/ITMC), Engineering, Technology and Innovation (ICE/ITMC), 2019 IEEE International Conference On, 1–8.
  • Tetik, N. ve Öner, A . 2020. “Ülkemiz Girişimcileri İçin Yeni Bir Yatırım Desteği Modeli: Initial Coin Offering (ICO)”. Muhasebe ve Finans İncelemeleri Dergisi, 3(1) ,14 – 27.
  • Tiwari, M., Gepp, A., ve Kumar, K. 2019. “The Future of Raising Finance - A New Opportunity to Commit Fraud: A Review of Initial Coin Offering (ICOs) Scams”, Crime, Law and Social Change: An Interdisciplinary Journal, 73, 417-441.
  • Türkiye Cumhuriyet Merkez Bankası. Elektronik Para Kuruluşları, https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Temel+Faaliyetler/Odeme+Hizmetleri/Elektronik+Para+Kuruluslari (Erişim Tarihi: 17.07.2020)
  • Twitter. Financial Products and Services, https://business.twitter.com/en/help/ads-policies/ads-content-policies/financial-services.html (Erişim Tarihi: 17.07.2020)
  • Westpac. 2019. Blockchain-based Platform to Transform The Bank Guarantee Process, https://www.westpac.com.au/about-westpac/media/media-releases/2019/4-july/ (Erişim Tarihi: 17.07.2020)
  • Yamada, K. 2017. South Korea to Ban ICO Fundraising, Following China, https://asia.nikkei.com/Business/Finance/South-Korea-to-ban-ICO-fundraising-following-China (Erişim Tarihi: 15.07.2020)
  • Zhang, S., Aerts, W., Lu, L., ve Pan, H. 2019. “Readability of Token Whitepaper and ICO First-day Return”, Economics Letters, 180, 58–61.
  • Zhang, S., Zhang, D., Zheng, J., ve Aerts, W. 2020. “Does Policy Uncertainty of the Blockchain Dampen ICO Markets?” Accounting And Finance. https://doi.org/10.1111/acfi.12639
Toplam 86 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm ANABÖLÜM
Yazarlar

Turgay Yavuzarslan 0000-0002-0481-1279

Ganite Kurt 0000-0001-6438-2501

Yayımlanma Tarihi 30 Haziran 2021
Gönderilme Tarihi 24 Ağustos 2020
Yayımlandığı Sayı Yıl 2021

Kaynak Göster

APA Yavuzarslan, T., & Kurt, G. (2021). KRİPTO VARLIK ARZIYLA (ICO) İŞLETME FİNANSMANI VE RİSKLERİNİN DEĞERLENDİRİLMESİ. Muhasebe Bilim Dünyası Dergisi, 23(2), 222-253. https://doi.org/10.31460/mbdd.783669