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

从上图中，可以看到，流失的wliX额主要跑到了中国电信的碗里fdLH其市占率从2008年的4.51%不断提升至2012年的14.47%，2017年底，市占率达到17.7%，仅比中国联通低了不到3个百分点。