Abstract:
This thesis introduces a newly emerged funding method based on blockchain technology, namely, the Initial Coin Offering (ICO), and examines the impact of regulations on this funding method. Drawing on both financial and innovation theories, the thesis argues that regulations negatively impact the ICO market at a macro level in its early stage of development. Using a panel analysis of hand-collected cross-national data from 2013 to 2017, the findings of this thesis are consistent with the hypotheses. Overall, this thesis provides an important implication for both policymakers and regulators, indicating the need for a "balance" between investor protection and market development when regulating financial activities that are driven by emerging technology.