Pravno-ekonomska primerjava začetne javne ponudbe delnic in kriptoimetij

Hrovat, Žiga (author), Simoneti, Marko (mentor)

V tem magistrskem diplomskem delu sem primerjal in ugotovil, da sta si postopka začetnih javnih ponudb delnic in kriptoimetij v marsičem podobna. Začetna javna ponudba delnic ni več rezervirana le za uveljavljene in uspešne družbe, kot tudi začetnih javnih ponudb kriptoimetij ne izvajajo le mlada, zagonska podjetja. Nadalje sem opazil, da sta si prospekt in bela knjiga v marsičem podobna, pri čemer so informacije glede bele knjige v določenih segmentih celo bolj zahtevne. Delnice in kriptoimetja nenazadnje ustvarjajo različne učinke pri lastništvu v podjetju, računovodskem vrednotenju in prikazovanju v finančnih izkazih ter ob prenehanju podjetja. EU si prizadeva ustvariti kapitalsko unijo, a menim, da ta ni bila izvedena do konca, saj države članice nimajo enotne interpretacije finančnih instrumentov. Posledično, ker nekatera kriptoimetja posnemajo lastnosti finančnih instrumentov, navedeno povzroča različne pristope držav članic pri obravnavi kriptoimetij. Ker resnične unije in enotnosti trga ni, Uredba MiCA ne bo mogla odpravila že ustvarjenih neučinkovitosti. Zato se postavljajo vprašanja, kako nasloviti in zapolniti zadevne sive cone v pristopih držav članic, da ne bo odvrnilo podjetij od izvedbe začetne javne ponudbe kriptoimetij in ustvarjanjem inovacij znotraj trga EU. Menim, da je EU hitela z regulacijo področja kriptoimetij zaradi strahu pred negativnim vplivom kriptoimetij na učinkovito vodenje monetarne politike, stabilnostjo (fiat) valut in tudi vzpostavitvijo vzporedne virtualne ekonomije. Določena kriptoimetja lahko istočasno namreč opravljajo tako funkcijo virtualne valute kot investicije. Na drugi strani pa delnice kvečjemu lahko opravljajo funkcijo investicije, niso pa dojete kot oblika katerekoli valute.

• Language: Slovenian
• Keywords: delnica, kriptoimetje, začetna javna ponudba delnic, IPO, začetna javna ponudba kriptoimetij, ICO, prospekt, bela knjiga, Uredba MiCA
• Work type: Master's thesis/paper
• Typology: 2.09 - Master's Thesis
• Organization: PF - Faculty of Law
• Year: 2023
• PID: 20.500.12556/RUL-145549
• COBISS.SI-ID: 150132227
• Publication date in RUL: 21.04.2023

HROVAT, Žiga, 2023, Pravno-ekonomska primerjava začetne javne ponudbe delnic in kriptoimetij [online]. Master’s thesis. [Accessed 24 April 2025]. Retrieved from: https://repozitorij.uni-lj.si/IzpisGradiva.php?lang=eng&id=145549

Secondary language

• Language: English
• Title: A legal-economic comparison of initial public offerings of shares and cryptocurrencies

Abstract

In this Master's thesis, I have compared and found that the processes of initial public offerings and initial coin offerings are similar in many aspects. Initial public offerings are no longer reserved for established and successful companies, nor are initial coin offerings only carried out by start-up companies. Furthermore, I have noticed that the prospectus and the white paper are similar in many aspects, with the white paper information being even more complex in certain segments. Shares and cryptocurrencies create different effects in terms of ownership in the company, accounting valuation and presentation in the financial statements, and on winding-up. The EU is working to create a capital markets union, but I believe that it has not been fully implemented because the Member States do not have a uniform interpretation of financial instruments. As a result, since some crypto-assets mimic the characteristics of financial instruments, this leads to different approaches by Member States in dealing with crypto-assets. In the absence of a true union and market unity, the MiCA Regulation will not be able to address the inefficiencies already created. This raises questions as to how to address and fill the relevant grey areas in Member States' approaches so as not to discourage firms from conducting initial coin offerings and creating innovation within the EU market. I believe that the EU has rushed to regulate crypto-assets due to the fear of the negative impact of cryptocurrencies on the effective conduct of monetary policy, the stability of (fiat) currencies, and also the creation of a parallel virtual economy. Certain cryptocurrencies can act as virtual currencies and investments at the same time. Shares, on the other hand, can at most perform the function of an investment but are not perceived as a form of any currency.

• Keywords: share, crypto-asset, initial public offering, IPO, initial coin offering, ICO, prospectus, white paper, Regulation MiCA