Initial Coin Offering (ICO) is an unregulated means of crowdfunding via the use of cryptocurrency, which can be a source of capital for startup companies. In an ICO a percentage of the newly issued cryptocurrency is sold to investors in exchange for legal tender or other cryptocurrencies such as Bitcoin or Ethereum. Consequences of a fast-growing market The ICO concept is arguably the aspect of the Blockchain industry that has experienced the highest growth in 2017. This year alone, over $1.3 bln has been raised in the ICO market. This figure almost doubles what has been raised in the traditional …