هيثم فضل الله

الملخص

ملخص

أصبحت التقنيات القائمة على تقنية سلسلة الكتل، مثل العرض الأولي للعملة الرقمية المشفرة، قادرة اليوم على توفير الحلول المناسبة لتمويل المشاريع الصغيرة والمتوسطة. إن العرض الأولي للعملة الرقمية المشفرة هو إصدار لرموز تُباع للمستثمرين مقابل عملة مشفرة، مما يسمح بتمويل مشروع تجاري. تعرض الدراسة آلية عمل هذه الطريقة الجديدة والبديلة لتمويل الأعمال التجارية. وللوهلة الأولى، يبدو أن العرض الأولي للعملة الرقمية المشفرة يشبه إلى حد بعيد إجراء الاكتتاب الأولي؛ مما يثير التساؤل حول كيفية التنظيم القانوني لعمليات العرض الأولي للعملات. وللإجابة عن هذا التساؤل اعتمدنا المنهج الوصفي التحليلي.


وجدت الدراسة على المستوى القانوني ثلاث طرق لتنظيم العرض الأولي للعملة الرقمية المشفرة، مع الأخذ بعين الاعتبار أن الخيار الأمريكي هو الأكثر اهتمامًا؛ لأنه يمثل حلًا وسطًا بين الحظر والإصدار لقانون مستقل جديد يسمح بإصدار الرمز، مما يخول إدراج العرض الأولي للعملة الرقمية المشفرة في إطار قانوني قائم. توصي الدراسة هيئة قطر للأسواق المالية بتبني المقاربة الأميركية؛ بما يسمح بإدخال عمليات العرض الأولي للعملة الرقمية المشفرة في قطر، بشكل سلس، دون الحاجة إلى إصدار قانون جديد؛ مما يؤدي إلى الترويج للمشاريع الصغيرة والمتوسطة القطرية.

المقاييس

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الكلمات المفتاحية

سلسلة الكتل
العملة المشفرة
العملة الرمزية
المشاريع الصغيرة والمتوسطة الحجم
الأوراق المالية

المراجع
I- Legal books and reports
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Initial coin offerings (ICOs) for SME financing, OECD, 2019, pp. 1-72. Available at: https://www.oecd.org/finance/ICOs-for-SME-Financing.pdf (Last visit, 15 February 2022).
II - Legal articles
A- Legal articles in English
Alagos, P., "Qatar hosts global launch of world’s 1st Islamic digital e-token ‘iDinar’", 19 March 2019. Available at: https://www.gulf-times.com/story/626327/Qatar-hosts-global-launch-of-world-s-1st-Islamic-digital-e-token-iDinar (Last visit, 14 February 2022).
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Fitts, W., "Initial Coin Offerings: Getting Rid of the Venture Capitalist", The Tennessee Journal of Business Law, Vol. 20, n. 2, 2019, pp. 927-932.
Howell, S., Yermack, D., & Niessner, M., "Initial coin offerings: Financing growth with cryptocurrency token sales", pp. 1-66. Available at: https://www.researchgate.net/publication/344944152_Initial_Coin_Offerings_Financing_Growth_with_Cryptocurrency_Token_Sales (Last visit, 15 February 2022).
Mammadov, R., "White paper for the Qatari development bank - Improving the Impact of SME Lending to Establish a Vibrant National SME Sector", July 2011, pp. 1-10. Available at: https://www.researchgate.net/publication/308730700_White_Paper_on_Improving_the_Impact_of_SME_Lending_in_Qatar/link/5bd35e4a92851c6b2791f812/download (Last visit, 28 March 2022).
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B- Legal articles in French
François, B., "Les offres au public des jetons (Initial coin offerings - ICO) en droit français et en droit comparé", In Blockchain et droit des sociétés, Dalloz, 2019, pp. 61-75.
Guionnet-Moalic, C., & Dubois, M., "Le b.a.-ba sur l'ICO (initial coin offering) et sa fiscalité", La semaine juridique Générale, n. 43, 2019, pp. 1924-1925.
Houben, R., "Initial coin offerings (ICOs)", Revue de droit bancaire et financier, n. 4, 2019, pp. 1-3.
Laprade, F. M., "Premier encadrement des ICO en France: étude pratique", In Blockchain et droit des sociétés, Dalloz, 2019, pp. 77-83.
Legeais, D., Blockchain, Fascicule 534, Jurisclasseur Commercial, 2020.
Le Guen, J., "Tokenisation et crypto-actifs: Relaite plurielle et enjeux de qualification", Cahiers de droit de l'entreprise, n. 6, 2021, pp. 22-28.
Renoux, V., Bernard, S., "Crypto-monnaies et initial coin offerings: voyage en terre inconnue", Revue de droit fiscal, n.5, 2018, pp. 1-7.
Reygrobellet, A., "Projet de loi Pacte: les aspects intéressant le droit des affaires", La semaine juridique Notariale et immobilière, n. 27, 2018, pp. 597-598.
III - Judgments and decisions
328 U.S. 293 (1946).
كيفية الاقتباس
فضل الله ه. . (2023). الإطار التقني والقانوني للعروض الأولية للعملة الرقمية المشفرة. المجلة الدولية للقانون, 12(1). https://doi.org/10.29117/irl.2023.0261
القسم
الأبحاث باللغة الإنجليزية