<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0123-4366</journal-id>
<journal-title><![CDATA[Revista de Derecho Privado]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. Derecho Privado]]></abbrev-journal-title>
<issn>0123-4366</issn>
<publisher>
<publisher-name><![CDATA[Universidad Externado de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0123-43662020000100143</article-id>
<article-id pub-id-type="doi">10.18601/01234366.n38.06</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Surgimiento de las ICOS: implicaciones para el caso colombiano]]></article-title>
<article-title xml:lang="en"><![CDATA[The Dawn of the ICO: Implications for the Colombian Market]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[ECHAVARRÍA WARTENBERG]]></surname>
<given-names><![CDATA[DANIEL]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Pontificia Universidad Javeriana  ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<numero>38</numero>
<fpage>143</fpage>
<lpage>172</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0123-43662020000100143&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0123-43662020000100143&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0123-43662020000100143&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN. El surgimiento a nivel mundial de las ofertas de monedas virtuales (Initial Coin Offerings, ICOS), como una alternativa al mercado de valores, crea nuevos retos para los reguladores financieros. En este ensayo se estudia la problemática de la regulación de estas ofertas a la luz del ordenamiento jurídico colombiano, analizando alternativas de política pública para prevenir que los riesgos asociados a esta innovación se materialicen.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT. The development of Initial Coin Offerings (ICOS) as an alternative to the securities and capital markets creates new challenges for financial regulators. The essay analyses the Colombian securities and financial markets legal framework to emphasize the gaps in regulating this new form of capital raising. It reviews the different approaches the Colombian financial regulators could use in order to prevent risks associated with coin offerings.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[mercado de valores]]></kwd>
<kwd lng="es"><![CDATA[mercado de capitales]]></kwd>
<kwd lng="es"><![CDATA[monedas virtuales]]></kwd>
<kwd lng="es"><![CDATA[criptomonedas]]></kwd>
<kwd lng="es"><![CDATA[ofertas públicas]]></kwd>
<kwd lng="es"><![CDATA[bitcoin]]></kwd>
<kwd lng="es"><![CDATA[blockchain]]></kwd>
<kwd lng="es"><![CDATA[token]]></kwd>
<kwd lng="en"><![CDATA[Securities Market]]></kwd>
<kwd lng="en"><![CDATA[Financial Market]]></kwd>
<kwd lng="en"><![CDATA[Virtual Currencies]]></kwd>
<kwd lng="en"><![CDATA[Public Offerings]]></kwd>
<kwd lng="en"><![CDATA[Bitcoin]]></kwd>
<kwd lng="en"><![CDATA[Blockchain]]></kwd>
<kwd lng="en"><![CDATA[Token]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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