The Cayman Islands is facing somewhat of a dilemma. Although its regulatory regime is not tailored to cryptocurrencies, token offerings or distributed ledger technology, Cayman became home to the world’s largest initial coin offering this year.

In an initial coin offering, or ICO, start-ups sell cryptocurrency to early investors in a project. The process provides companies with an alternative, less onerous capital raising method than the more rigorous and costly public or private offering of shares.

To fund its blockchain platform EOSIO, Cayman start-up Block.one raised $4 billion in June after a six-month coin offering. The sum exceeded the biggest initial public stock offerings on global stock markets.

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