Introduction
It’s been impossible to avoid talk of cryptocurrencies over the past year. The highly volatile price of the most well-known cryptocurrency, bitcoin, has been a news story in itself. Even among the broader population of cryptocurrencies – increasingly recharacterised as ‘cryptoassets’ in the regulatory discourse, reflecting most regulators’ view that these are not strictly currencies – the popularity of similarly volatile tokens offered through initial coin offerings (ICOs) and security token offerings (STOs) has been keeping commentators, investors and regulators (not to mention lawyers) busy.
