An ICO, like an equity initial public offer (IPO), is an issuance of digital tokens that can be converted into crypto currencies and are mostly used to raise funds by start-up firms dealing in block chain technology andvirtual currencies like bitcoins and ethereum. Unlike an IPO, which is governed by SEBI regulations, there is no regulatory body for ICOs in India. Start-ups like Zebpay, Unocoin, Coinsecure, Searchtrade, Belfrics and Bitxoxo are some of the well- known players in the bitcoin and blockchain segment in India. China recently banned such offerings after its central bank said that ICOs are “illegal public finance” mechanism used for issue of securities and money laundering.