Cash received on token sale/ICO

Question

We are a startup and planing to raise funds from an ICO (Initial Coin Offering) with our own crypto currency. Can we account for the money received as an income? What is the IFRS or US GAAP on this? ICOs or Token sales are not regulated by SEC in the US.

Answer 1

This is a gray area. ICO sales are not yet legally recognized by US SEC or GAAP. So you can not say it is an equity offering. I think at the moment you can call it as one of your income source.