ABSTRACT Clear legal content of white papers provides certainty, stability and trust in the relations between all the participants in initial coins offering (ICO) procedures and contributes to the successful introduction of blockchain technologies in business. A white paper defines the relationship and interaction between a regulated social reality and program code, which is by itself not susceptible to legal regulation. This article investigates the legal conditions of the white papers that describe the projects of ICO. The author provides a legal analysis of numerous white papers published during ICO implementation around the world. Based on extensive data on implemented ICO projects, the correlation between the legal content of a white paper and the amount of funds collected as a result of the ICO is considered. Having analysed the determinants of the white paper legal content, the author suggests the legal provisions that any ICO white paper should have.

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ICO（首次代币发行）白皮书的法律内容

摘要 白皮书清晰的法律内容为初始硬币发行 (ICO) 程序中所有参与者之间的关系提供了确定性、稳定性和信任性，并有助于将区块链技术成功引入商业领域。白皮书定义了受监管的社会现实和程序代码之间的关系和相互作用，程序代码本身不受法律监管的影响。本文调查了描述 ICO 项目的白皮书的法律条件。作者对全球 ICO 实施期间发布的大量白皮书进行了法律分析。基于已实施 ICO 项目的大量数据，我们考虑了白皮书的法律内容与 ICO 筹集的资金数量之间的相关性。