FinancialmarketlawandregulationarenotapplicabletoallICOs.DependingonthemannerinwhichICOsaredesigned,theymaynotinallcasesbesubjecttoregulatoryrequirements.Circumstancesmustbeconsideredonacase-by-casebasis.AssetoutinFINMAGuidance04/2017,thereareseveralareasinwhichICOsarepotentiallyimpactedbyfinancialmarketregulation.Atpresent,thereisnoICO-specificregulation,noristhererelevantcaselaworconsistentlegaldoctrine.

回顾完美日韩三大通信强国打atoZ豪分田地往事，我们可以发现ssSW携号转网的确可以加大运营商Q8Tq间的竞争，不同程度弱化老大sN68市场地位，但绝谈不上颠覆市2LZk格局——目前还没有任何一个ARN1营商仅仅能够因此而从老二成5Es5晋级成老大2oEC