ALGORITHMIC SOCIETY AND THE SEMIOTICS OF INITIAL COIN OFFERS (ICO): TRANSFORMATIONS IN THE (CRYPTO)MARKET

Abstract

This study is based on the assumption that digital transformation and the advancement of (crypto)realities are (re)designing economic and social structures, generating a new semiotics in economic and financial dynamics, especially in the context of "Initial Coin Offerings" (ICOs). The analysis focuses on the transformations of the (crypto)market, highlighting how the meanings associated with economic tokenization and blockchain-based technologies reconfigure practices, values, and regulations. The general objective is to investigate how Brazil, through the Securities and Exchange Commission (CVM) and the Central Bank (BCB), adapts its guidelines to regulate the crypto asset market, balancing innovation, security and investor protection. As specific objectives, it seeks to: (i) identify the main national and international regulations related to cryptoassets; (ii) understand the impact of crypto-assets on the securities market; and (iii) explore the role of economic tokenization as a transformative force in the configuration of the digital market. The methodology used is qualitative and exploratory, based on the hypothetical-deductive method, allowing the formulation of hypotheses on how regulations impact the security of the digital market and the inclusion of investors. The problem-situation considers that the dematerialization of economic relations brings significant challenges to regulators, requiring an adaptable and effective normativity. The study points out that, given the complexity and risks of cryptoassets, the construction of regulatory policies needs to meet the demands for innovation, financial stability, and consumer protection, without ignoring the semiotic transformations of the market in the face of the algorithmic society.