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

Year 2021, Volume: 23 Issue: 2, 222 - 253, 30.06.2021

Turgay Yavuzarslan , Ganite Kurt

https://doi.org/10.31460/mbdd.783669

Abstract

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.

Keywords

Initial Coin Offering, Business Finance, Blokchain

KRİPTO VARLIK ARZIYLA (ICO) İŞLETME FİNANSMANI VE RİSKLERİNİN DEĞERLENDİRİLMESİ

Abstract

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.

Keywords

Kripto Varlık Arzı, İşletme Finansmanı, Blokzincir Teknolojisi

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