Before we discuss the legalities of blockchain ICOs, it's important to make clear that none of the authors of this book are lawyers and that nothing in this book can constitute or replace quality legal advice. The rules around blockchain technology vary radically between countries and continue to evolve rapidly. For any blockchain project, we suggest that you consult with a skilled local lawyer who has experience in the sector.

The creation of blockchain tokens resulted in an entirely new asset class, one that did not fit well into the existing categories of stock, currency, or equity. Moreover, because public blockchains are global, it is not clear how to apply local laws to the use of blockchains.