Initial coin offering is a new way of raising funds based on blockchain technology. It is intended for entities in various stages of development, but is usually decided by those who are just starting out with their business. The procedure of initial coin offering is not yet regulated in Slovenia. It is still at the level of guidelines, articles, writings of experts and enthusiasts. Despite their apparent equivalence to the initial public offering, the differences between them are obvious, so it does not represent a substitution, but represents a completely separate fundraising procedure.
Before issuing, the issuer must prepare a roadmap, arrange the publication of essential information, perform appropriate advertising, choose suitable jurisdiction and perform due diligence procedure. It must publish a white paper, that aims to present the entire project (service or product and digital token), and general terms and conditions which will form the basis for the contract for the purchase of digital tokens. Otherwise than the white paper, general terms are legally binding. After executing aforementioned steps, the final sale of the digital tokens takes place. It is recommendable to carry out a process of knowing your customer before executing each transaction. Following its release, a report on its implementation is usually published; interim reports on the status and development of the project are also useful.
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