Law as a determining factor for the development of the crypto industry

Abstract

 The growing sector of business related to the turnover of digital financial assets, utilitarian digital rights and cryptocurrencies leads to the fact that in most countries of the world administrative, financial, legal and other measures are taken aimed at protecting investors, countering fraud, collecting taxes and other tasks. However, until now, in the scientific legal literature, insufficient attention is paid to considering the degree of influence of certain measures on the development of the crypto industry as a whole. In this regard, the author of the article conducted a study of the influence of legal factors on the number of active ICO (Initial Coin Offering) companies in some jurisdictions. For the purpose of the study, methods of data collection and analysis were used to  obtain information about the number of active ICO projects at a particular time in different states, comparative legal methods, as well as visualization of the results obtained through the construction of time series graphs. The constructed graphs reflect the change in the number of ICO projects in some states before and after the appearance of legal acts regulating various areas of ICO companies ‘ activities. Also, the main characteristics of legal acts that have most influenced the change in the number of new ICO projects in different jurisdictions were described. The result of the work was the visualization of the relationship between the legal regulation of the turnover of digital financial assets, utilitarian digital rights, cryptocurrencies and the number of new ICO projects. The author also provides a justification for the position of the  significant influence of law on the trends of further development of the crypto industry in specific jurisdictions.