REGULATING INITIAL COIN OFFERINGS? A TAXONOMY OF CRYPTO-ASSETS

In 2017, the price of bitcoin skyrocketed and many investors wanted to participate in the crypto-hype. Hence, a lot of companies took the new opportunity to obtain financing by issuing crypto-assets in initial coin offerings instead of going the heavily regulated way through venture capital or initial public offerings. Besides valuable projects, many projects fail or turn out to be a scam. Retail investors are not aware of the potentially high risks of ICO investments. Regulators of most jurisdictions have not yet proposed new rules, but monitor the new phenomenon to gain insights. Many regulators stick to regulation in place and pursue case-by-case assessments in order to apply existing rules. This paper develops a taxonomy of crypto-assets based on academic literature and empirical data. The taxonomy covers embodied investor rights, security-like characteristics, and crypto-specific features being able to support regulators with their case-by-case assessment. The taxonomy helps regulators to classify crypto-assets allowing them to decide which characteristics are subject to regulation and whether new rules are necessary to ensure market integrity and investor protection. Further, the taxonomy is also designed to support issuers with the design of new crypto-assets helping them to understand which characteristics might be subject to regulation

The role of intrinsic and extrinsic motivations in sharing economy post-adoption

Oliveira, T., Barbeitos, I., & Calado, A. (2022). The role of intrinsic and extrinsic motivations in sharing economy post-adoption. Information Technology and People, 35(1), 165-203. https://doi.org/10.1108/ITP-01-2020-0007Purpose: The purpose of this paper is to examine use and sharing economy (SE) continuance intention, and the mediation effects of use between individuals' motivations and SE continuance intention. A theoretical model is developed to explain use and SE continuance intention as intrinsic and extrinsic motivated behaviour, as proposed by self-determination theory. Factors are derived from SE context and supported by published research on SE. Design/methodology/approach: The partial least squares path modelling (PLS-PM) technique is used to test the model in a quantitative study involving 256 users of SE services. Findings: Findings suggest that use and SE continuance can be explained by concurrent intrinsic and extrinsic motivations. Moreover, high environmental concerns may restrain the use of SE services. Findings show that continuance intention is influenced by current use of SE services. Moreover, the study emphasizes the mediation effect of use between intrinsic and extrinsic motivation and SE continuance intention. Research limitations/implications: The analysis of use behaviour should be complemented with other measures of use and with data provided by qualitative methods of research. Further research should also consider the effect of different control variables and mediation effects. Practical implications: Brand managers and companies providing services through digital platforms should address individuals' needs in order to stimulate voluntary engagement in persistent SE practices. Social implications: This study informs the consumer in general so that the SE can develop its potential alongside an economy based on the ownership of private property. Originality/value: This study extends findings on continuance intention research by offering internal motivation factors as predictors of post-adoption behaviour and emphasizes the role of use on SE continuance intention.authorsversionpublishe