Factors Influencing the Choice of Country for Blockchain Token Sales: Identifying the Factors Influencing the Decision of Country Location for Setting Up Token Sale Activities

Abstrakt

The rise of cryptocurrencies (e.g. Bitcoin, Litecoin, Ethereum, etc.) and Initial Coin Offerings (ICOs), which are initiatives for the funding of new business ventures around the world have led to a rising interest in this particular subject from practical, legal, economic, financial and entrepreneurial perspectives. However, due to the radical innovativeness of these particular innovations, there is much that has not been uncovered by the existing studies. In this regard, the purpose of this research is to examine the reason why ICO projects locate in one country over another. Since, a majority of the technological aspect of the ICOs is online, it would be interesting to know the extent to which location factors, and which factors, play a role in affecting or improving the market conditions and either facilitating or inhibiting the progress of ICO-based firms. Therefore, the theoretical background will be leveraged, along with primary findings collected using qualitative research-based semi-structured interviews for highlighting the location-based factors, which motivate or prevent entrepreneurs and businesses from setting up their operations in a particular geographical location. Data collected from 13 interviewees will be analyzed in the light of the existing theories on firm locations in order to examine the level of adherence of ICO-based firms to location factors specified for traditional firms. The findings from this research will have considerable implications for researchers, entrepreneurs and policy-makers in the future, which can potentially enable them to provide certain policy and regulation-based initiatives that can facilitate the setting-up and development of ICO-based businesses and startups .