Does policy uncertainty of the blockchain dampen ICO markets?

Shuyu Zhang, Dunli Zhang, Jianming Zheng*, Walter Aerts

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review

9 Citations (Scopus)


Policy uncertainty created by regulatory authorities regarding the blockchain matters for the initial coin offering (ICO) market. Using an ICO dataset from four major cryptocurrency exchanges, we find that higher policy uncertainty regarding the blockchain leads to a lower return and a lower trading volume of an ICO on its first trading day. Although ICOs are decentralised by design and less vulnerable to direct regulatory intervention, we conclude that blockchain policy uncertainty constitutes an important component of the information environment of ICO ventures.
Original languageEnglish
Pages (from-to)1625-1637
JournalAccounting and Finance
Issue numberS1
Publication statusPublished - Apr 2021


  • Policy uncertainty
  • Blockchain
  • Initial coin offering
  • Cryptocurrency
  • RISK


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