ICO Calendar – Best Crypto ICOs to Watch in September 2025

Author: Otar Topuria, Fact-checked by: Julia Sakowich. Last Updated: 22/09/2025

Bitcoin Hyper tops our best crypto ICO watch list in September 2025. It remains speculative, but 650M+ tokens staked signal real interest in Bitcoin Layer 2 experiments. Two alternatives worth watching are Maxi Doge, a gym-and-leverage meme built for traders, and PEPENODE, a mine-to-earn play for virtual crypto miners.

This guide tracks our ICO Calendar picks using a transparent methodology that explains how we score projects, considering project fundamentals, presale traction, on-chain data, and verified community data.

Best Active and Upcoming ICOs to Join in September 2025

1. Bitcoin Hyper (HYPER) – Fastest bitcoin meme coin ICO
2. Maxi Doge (MAXI) – Absurdist dog meme coin ICO
3. PEPENODE (PEPENODE) – Mine-to-Earn staking and meme ICO
4. Snorter Bot (SNORT) – Leading meme coin ICO
5. Best Wallet (BEST) – Best ecosystem token ICO
6. SUBBD (SUBBD) – Most disruptive ICO
7. SpacePay (SPY) – ICO bringing Web3 payments to the real world
8. Cogni AI (COGNI) – The AI token ICO built for daily use

In-Depth Reviews: Best Crypto ICOs to Watch

Want to learn more about the top crypto ICOs happening now? We’ll explore each in detail so you can decide which ones to invest in.

1. Bitcoin Hyper (HYPER) – Fastest Bitcoin Meme Coin ICO

Bitcoin Hyper is a Bitcoin Layer 2 meme coin that enhances transaction speed, reduces fees, and facilitates decentralized applications (dApps) on Bitcoin, providing it with the execution layer. The HYPER token powers various functions within the ecosystem, including staking, governance, and payments.

Bitcoin Hyper Website. Source: Bitcoin Hyper

Bitcoin Hyper is built on the Solana Virtual Machine, and it is part of the $18B Layer 2 market. The protocol uses zero-knowledge (ZK) proofs for secure transactions that regularly commit to the Bitcoin mainnet.

Bitcoin Hyper ICO Key Facts

• Why it stands out: Delivers true BTC bridging with Solana VM performance.
• Who it’s for: Bitcoin users seeking faster, cheaper transfers and Solana-native DeFi participants.
• Community Growth: Early interest from both Solana and Bitcoin builder communities.
• Access & Availability: No VC round; BTC holders can bridge directly into the ecosystem post-launch.
• Risks and Considerations: Bitcoin Hyper is competing with existing Layer 2s, which tend to focus on either payments or smart contracts, whereas Hyper uses the SVM for both.

Visit Bitcoin Hyper

2. Maxi Doge (MAXI) – Absurdist Dog Meme Coin ICO

Maxi Doge is an ERC-20 dog-themed meme coin that merges pomposity with a self-deprecating quality, often found in crypto culture, which may make it one of the best crypto presales of 2025. MAXI holders can earn staking rewards and join contests for top ROI trades.

Maxi Doge presale homepage. Source: Maxi Doge

Dogecoin DOGE $0.23 24h volatility: 5.8% Market cap: $34.90 B Vol. 24h: $3.44 B has been reported to have a 93% chance of ETF approval, according to Santiment analyst Brian Q. This suggests that dog-themed meme coins may show strong performance in 2025. Maxi Doge attempts to build on this by offering a newer and edgier low-cap alternative in presale.

Maxi Doge ICO Key Facts

• Why it stands out: Dog-based memecoin with an absurdist sense of humor, challenging Dogecoin, dogwifhat, and Bonk.
• Who it’s for: Degens and traders, Doge fans, investors who want to be part of an alpha trading group, and high-risk traders.
• Community Growth: New coin with $2.5M raised.
• Access & Availability: Public ICO via the Ethereum and BNB blockchains. No VC or private funding rounds.
• Risks and Considerations: Meme coins produce outsized gains when they are successful, but many do not make it to notable success.

Visit Maxi Doge

3. Pepenode (PEPENODE) – Virtual Mining Game with High Staking Rewards

PEPENODE is a presale that enables virtual mining. The GameFi concept allows users to buy node miners and upgrade them for higher staking APYs.

PEPENODE presale. Source: PEPENODE

Participants also have the option to stake with an APY of 970%. Purchases are available on Ethereum and BNB Chain. However, they should be aware that the ‘buy and stake’ option is only available for purchases made on Ethereum. Rewards will be vested over two years.

Top miners will receive airdrops in memecoins such as PEPE and FARTCOIN.

PEPENODE ICO Key Facts

• Why it stands out: GameFi presale with deflationary mechanism that rewards from the outset.
• Who it’s for: Individuals interested in GameFi, “Mine-to-Earn” concepts, Meme coin collectors.
• Community: The project offers a 2% referral bonus to promote growth.
• Access & Availability: Open ICO with no whitelist, no private/VC rounds, and no KYC required. Available on Ethereum and BNB Chain.
• Risks and Considerations: As Ethereum is a proof-of-stake blockchain, no real mining is possible. Rewards actually come from staking.

Visit PEPENODE

4. Snorter (SNORT) – Leading Meme Coin ICO

Snorter Bot is a meme coin project centered around a Telegram-native trading bot designed for Solana and Ethereum users. It will enable Telegram app users to access trading tools such as automated swaps, snipes, stop-losses, copy trades, and portfolio tracking.

Snorter Website. Source: Snorter

Powered by the multi-chain SNORT token (on both ETH & SOL), Snorter unlocks advanced features like MEV protection, instant token launch sniping, copy-trading tools, staking rewards, and cross-chain bridging via the Portal Bridge.

Snorter Bot ICO Key Facts

• Why it stands out: Combines Telegram-native trading with multi-chain token support and real-time execution.
• Who it’s for: Telegram-native traders, degen communities, Solana snipers, and users looking for simplified swaps.
• Community Growth: Over 9,000 Telegram users; viral campaign planned post-ICO with referral incentives.
• Access & Availability: Launching on both Ethereum and Solana, token distribution is 100% public with no VC or private rounds.
• Risks and Considerations: Snorter bot’s success may be tied to the performance of meme coins on Solana.

Visit Snorter

5. Best Wallet (BEST) – Wallet and Presale Launchpad ICO

Best Wallet is a developing crypto wallet platform that supports over 60 blockchains and includes core Web3 features such as the ability to buy crypto anonymously, stake tokens, trade, and take part in community governance. It also has its own launchpad for accessing early token offerings.

Best Wallet Website. Source: Best Wallet

Holders of the BEST token will get lower trading fees on Best DEX, better staking rates, and early access to token sales on the launchpad. The team also plans to connect BEST to upcoming features, like a crypto debit card with cashback and reduced transaction fees.

Best Wallet ICO Key Facts

• Why it stands out: Combines wallet, launchpad, DEX, and staking in one platform, offering up to 83% APY.
• Who it’s for: Web3 power users, ICO hunters, and anyone seeking to maximize passive earnings.
• Community Growth: Rapid growth among DeFi users; Telegram and X communities.
• Access & Availability: ICO open with staking-based rewards; BEST token required for access to key features.
• Risks and Considerations: The project has awarded a lot of tokens through quests. This is good for community growth, but may cause selling pressure when the tokens vest.

Visit Best Wallet

6. SUBBD – Most Disruptive ICO

SUBBD is an AI-powered platform aimed at creators working in the subscription content space, a market estimated at around $130B by 2032. The project plans to offer AI tools that help automate content production and support more direct interaction with fans. Fans can also use AI to generate and monetize their content based on their favorite influencer, with approval.

SUBBD Official Website. Source: SUBBD

The SUBBD token is used for payments between fans and creators, unlocks access to exclusive subscription content, and offers discounts and access to VIP features like live streams.

SUBBD ICO Key Facts

• Why it stands out: Combines AI tools with token-based monetization for creators and fans.
• Who it’s for: Digital creators, fan-driven communities, and Web3 users.
• Community Growth: Building through early creator onboarding; strong alignment with AI influencer spaces.
• Access & Availability: Available through the SUBBD presale website.
• Risks and Considerations: The business model relies heavily on the traction created by the creators; however, SUBBD has onboarded creators with a large social following.

Visit SUBBD

7. SpacePay (SPY) – ICO Bringing Web3 Payments to the Real World

SpacePay is creating a crypto payments system designed for everyday use. The team says it’s already testing the service with over 250 traditional retailers, letting customers pay with Bitcoin or Ethereum by tapping their phone or scanning a QR code.

SpacePay Website. Source: SpacePay

SpacePay is compatible with major blockchains and features real-time conversion, powered by the SPY token, which handles settlement fees, rewards, and merchant rebates.

PayPal recently announced its entrance into the space, enabling merchants in the US to accept crypto payments, but is known for high fees. This may serve as a great way to draw attention to new, lower-fee products like SpacePay.

SpacePay ICO Key Facts

• Why it stands out: Live merchant pilots, multi-chain conversion engine, real-world payment UX.
• Who it’s for: Crypto holders seeking real-world spendability, merchants, and Web3 payment enthusiasts.
• Community Growth: Backed by real-life merchant partnerships and regional pilot campaigns.
• Access & Availability: Public ICO with ecosystem incentives for early users and merchants.
• Risks and Considerations: The project has not been audited and currently has no plans to do this before TGE

Visit SpacePay

8. Cogni AI (COGNI) – The AI Token ICO Built for Daily Use

Cogni AI is an AI agent that helps users track portfolios, optimize DeFi yields, manage wallets, and react to market shifts in real-time. Users can also create their own AI agents using the protocol.

Cogni AI Website. Source: Cogni AI

Built on the Polygon blockchain for fast and low-cost transactions, the platform uses COGNI to unlock premium tools, DAO voting, and early access to new features. Cogni also offers Cogni.fun, a way to launch tokens using AI prompts.

Cogni AI Key Facts

• Why Cogni AI ICO stands out: AI assistant with behavioral learning and real-time Web3 action prompts.
• Who it’s for: AI bulls, DeFi users, those looking to automate financial strategies.
• Community Growth: 17.8k X followers. Recently attended Blockchain Rio.
• Access & Availability: Public ICO with token-gated features; runs on low fees and rapid interaction speeds.
• Risks and Considerations: The AI agent space has many players already; however, in Q2 2025 AI attracted more investment than in 2024, according to Lexology.

Visit Cogni AI

Best Crypto ICOs Recap and Market Analysis

Stay on top of the fastest-moving ICOs with our weekly market recap. From top fundraising projects and new presale launches to viral community growth and exchange listing signals, here’s what’s shaping the crypto launch landscape right now.

Top Fundraising Rounds (Last 7 Days)

• Snorter Bot has raised $4.08M, and the price is about to go up to $0.1025.
• Best Wallet is up to 13,781 holders after a successful week of fundraising.

New Presale Launches

• PEPENODE is a virtual miner game in presale, with staking APYs at 970%.
• Maxi Doge raised over $350,000 in the first few days of launch, now at $2.5M with a hard cap of $15M.

Community Growth Highlights

• INPEPE saw a 300% spike in X engagement after onboarding TikTok and YouTube creators.
• SUBBD grew its waitlist and creator onboarding funnel after its demo release.

Exchange Listing Announcements

• Bitcoin Hyper and Snorter are rumored to be in pre-listing talks with Tier 1 exchanges.
• SpacePay confirmed that its pilot merchant program will be onboarded into a centralized exchange listing campaign, post-launch.

Major Milestones & Project Updates

• SpacePay crossed 250+ live merchant pilots, with a cross-chain POS payment engine live in beta.
• SUBBD completed the first AI creator test cycle with successful gated content trials.
• Cogni AI secured a micro-grant from the Polygon ecosystem and expanded wallet integrations.

Top Performing Past ICOs Tracker

Understanding what made previous ICOs succeed helps sharpen your investing edge. Below is a curated snapshot of the factors behind recent top-performing ICOs and the core factors that drove their growth.

What Drives High-Performing ICOs?

Reviewing the top-performing ICOs of 2025 so far reveals several consistent patterns that separate high-ROI launches from the rest. While individual projects may differ in theme or tech, successful ICOs tend to share a handful of strategic advantages:

• Clear, Memorable Positioning
  ICOs that carve out a distinct identity, whether through meme appeal, utility, or branding, tend to attract stronger early interest. A compelling hook, even without a complex roadmap, can create immediate narrative attention and viral spread.
• Community Before Capital
  High performers usually grow organic Telegram and X communities before or during the ICO, rather than after. Investors are increasingly sensitive to signs of manufactured hype; early community strength is one way to test project credibility.
• Simplicity in Tokenomics
  Flat presale structures, capped supplies, and no confusing vesting schemes often correlate with better early performance. Transparent distribution models reduce fear of insider dumping and build investor trust, especially among meme and retail participants.
• Narrative Alignment with Market Trends
  ICOs that ride macro narratives like Bitcoin scaling, AI utility, Meme coins, Telegram-native tools, PayFi solutions, and creator monetization can benefit from built-in momentum. When a token becomes a proxy for a trend, its upside grows beyond the project itself.
• Post-Launch Utility or Activity
  Tokens that offer some form of staking, gated access, bot usage, or Layer 2 interaction typically maintain better engagement and lower sell pressure. Even minimal functionality can anchor price action after the initial hype.

What Is an ICO?

An ICO, or initial coin offering, is a type of token sale in which a crypto project offers its new coin directly to public investors. It’s also known as a crypto presale. ICOs are one of the most common methods for new projects to distribute their tokens to investors.

In an ICO, anyone with a crypto wallet can purchase a project’s new token. All they have to do is connect to the ICO and swap an established token for the project token. Typically, this reserves their coins, and investors receive them after a token generation event (TGE), which is the actual process by which the new token is created on the blockchain. In 2025, many ICOs allow for staking from the moment of purchase, although the tokens will still be received at TGE.

ICOs are significant in the crypto market because they put new cryptocurrencies into the hands of investors. This is important for decentralization, especially if tokens are used to validate transactions or govern a decentralized autonomous organization (DAO). The more investors holding a token, the more decentralized the validation and voting power. Greater levels of decentralization can also help the price performance.

ICOs are also important because they represent a way for new projects to raise investment. Investors in an ICO offer cash or established cryptocurrencies (often Ethereum, Bitcoin, BNB, Tether, or another major token) in exchange for the project token. The project can use the tokens it receives to pay for development, marketing, and other startup costs.

Many crypto exchanges also monitor ICOs to determine which tokens to list. Projects that raise a significant amount of money during their ICOs or attract a large number of investors are more likely to be listed on major centralized exchanges.

Historical Context

ICOs have been popular for many years, dating back to the launch of Ethereum in 2014. When the Ethereum ICO began, investors could trade 1 BTC for 2,000 ETH. The ICO sold more than 60 million ETH at an average price of $0.31 and raised more than 31,500 BTC (worth around $18.3 million at the time).

This success foreshadowed the ICO boom that came in 2017, as new tokens built on the Ethereum blockchain began to launch in droves. More than 800 crypto projects held ICOs and raised more than $10 billion. Some of the best crypto started as ICO tokens in 2017.

In the wake of the ICO boom, new token offerings have continued at a rapid pace. The number of crypto ICOs and their value have risen with each successive crypto bull market, although ICOs have also declined in number and value during bear markets.

ICOs vs IEOs, IDOs, and STOs

ICOs are just one of several ways that new crypto projects can release their tokens. Other options include IEOs, IDOs, and STOs:

• Initial Exchange Offering (IEO): In an IEO, a project distributes tokens directly to a centralized crypto exchange. The exchange pays the project a fixed price for the tokens, raising money for the project. The exchange then makes money by offering the tokens to its customers at a slightly higher initial price.

• Initial DEX Offering (IDO): An IDO works the same way as an IEO, except the exchange involved is a decentralized exchange (DEX) instead of a centralized exchange.

• Security Token Offering (STO): An STO offers investors a blockchain-based token that represents real ownership in a digital or real-world asset. It is very similar to an ICO, except that the token involved is considered a security and is subject to securities regulations.

Reasons Why ICOs Are Popular

Since projects have several options for releasing tokens, why do so many choose ICOs? ICOs offer several key advantages:

• Fundraising: Projects with savvy marketing teams can often raise more money through ICOs than through IEOs or IDOs. They have more flexibility to raise the price of their token as the presale progresses or to offer other incentives to investors, such as staking benefits or early access to project utilities. Projects are also only limited in their ICO fundraising by the number of tokens they can offer for sale, whereas in an IEO or IDO, they are limited by the number of tokens an exchange will buy.

• Community-building: ICOs enable crypto projects to build a direct connection with their investors. They receive information about users’ wallet addresses and can survey them about how they found the project or why they joined.

• Investor loyalty: ICOs also engender loyalty among investors. Investors are more likely to hold onto a token and stick with it through volatility if they have “found” a project and invested in it directly. Investors who buy a token through their crypto exchange are less likely to feel direct loyalty to the project itself.

How Do ICOs Work?

ICOs all work in the same way: they enable investors to swap established tokens or fiat for a project’s new token. They also follow the same basic three-phase structure.

• Token sale: Tokens are offered for sale to investors. Some ICOs are split into a presale, in which tokens are available only to a limited group, like team members and venture capital firms, followed by a main sale that’s open to the public.
• Distribution: Anyone who purchased tokens can claim their tokens and add them to their crypto wallet. In some cases, tokens are distributed directly to investors’ wallets through an airdrop.
• Listing: Tokens list on a DEX or centralized exchange for trading. Anyone can buy tokens once they are listed. ICO investors can typically sell at this time, although some projects have lock-up periods (vesting) that prevent them from selling a portion of the tokens right away.

An ICO’s token sale phase can be further subdivided into stages, which last for several days or until a certain fundraising milestone has been reached. The price of the project’s token typically increases in each successive stage of the sale.

Smart contracts play a crucial role in ICOs, especially since investors typically pay for tokens during the sale phase but don’t receive them until the distribution phase. Smart contracts ensure that when distribution happens, investors can claim their tokens simply by connecting their crypto wallet to the project site, or via an airdrop. The smart contracts’ underlying ICOs are visible to investors and are often audited by third-party security firms to ensure the process is truly automated and trustless. For example, Certik has approved Bitcoin Hyper’s smart contract.

How to Buy Exclusive Crypto ICOs Early

Now that you know the basics of how ICOs work, let’s walk through the steps involved to join a crypto presale.

Step 1: Research the Project & Whitepaper

To get started, it’s important to carefully research any ICO you’re interested in joining. While there are many legitimate ICOs, this space is also a common target for scammers. Additionally, not every ICO will be a success; some tokens can see their value decline rapidly after launch. It’s important to make sure the ICO has a good chance at success.

To conduct research, dive into the project’s materials. This can include the whitepaper, project roadmap, tokenomics, and social media channels. Explore what crypto analysts have said about a project and try to learn more about the project team members, especially if they are doxxed. It’s also a good idea to look at similar crypto projects and their recent performance.

The more information you can analyze, the better positioned you will be to make a decision about joining the ICO.

Step 2: Create a Compatible Wallet

Next, you must create a crypto wallet that’s compatible with the ICO. Your wallet needs to be able to connect to the project site and hold the project tokens. Most presales work with any ERC-20 compatible wallet, but it’s important to double-check.

We recommend using Best Wallet as one of the best decentralized crypto wallets. It’s free, secure, and supports thousands of tokens across 60+ blockchains. You can create a new wallet anonymously in a few minutes. Best Wallet is available for iOS and Android.

Step 3: Transfer Funds

Your wallet will need to be funded with ETH, USDT, or another token accepted by the ICO for payment. If you already hold these tokens in another crypto wallet, you can transfer them to the wallet you set up in Step 2. Blockchain transfers incur a gas fee but take place instantly.

If you don’t already own the required cryptocurrency, you can purchase it with fiat on a centralized crypto exchange such as Binance or Coinbase. You’ll need to create an exchange account, go through the ID verification process, deposit funds, and then purchase the tokens you need. After purchasing tokens, you can make a withdrawal to transfer them to your crypto wallet.

Some presales let you buy tokens directly with fiat, but will still require a decentralized wallet to determine where to send your tokens at TGE / or what wallet address is allowed to claim.

Step 4: Access the ICO Platform or Launchpad

Now navigate to the ICO platform, which may be the project’s website or a crypto launchpad that the project is working with. Ensure you have the correct website, and not a scam copycat. Click ‘Connect Wallet’ or a similar prompt and choose your wallet from the menu that appears. Follow the prompts from your wallet to authorize the connection.

Step 5: Complete KYC

Some crypto ICOs require you to complete Know Your Customer (KYC) checks before you can make a purchase. This process includes providing details like your name and birthdate, uploading a photo of your ID, and providing proof of address.

Many ICOs don’t require KYC, so you may be able to skip this step.

Step 6: Purchase Tokens

Now you can purchase tokens. Enter the amount you want to invest in ETH, USDT, or whatever token you’re paying with. The ICO site should display the equivalent number of project tokens you’ll receive in return.

Confirm the transaction to complete your purchase.

Step 7: Store Tokens Securely

Some ICOs will send tokens to your wallet immediately after you make a purchase. In these cases, you can store your tokens in the wallet you used to join the ICO or transfer them to another wallet for safe storage. Consider moving your tokens to a cold storage or hardware wallet if you have one, since this is the most effective way to keep them safe.

Most ICOs will not distribute tokens right away, but rather will hold a distribution event or token claim once the presale ends. At this time, you must return to the ICO platform and reconnect your wallet to add your tokens to your wallet. Once your tokens are in your wallet, you can transfer them to another wallet for storage if needed.

Tips for Maximizing Presale Access

Investors who are first to an ICO can lock in the lowest token prices and the highest staking rewards. So, for maximum potential returns (but also higher risk), it’s important to get early access to new ICOs.

There are a few ways to do this. Some projects offer a whitelist you can join, which is similar to a waitlist for a new ICO. If you’re on the whitelist, you’ll have exclusive access to buy tokens before anyone who isn’t on the list.

Other projects require involvement in the community. This is especially common for established projects that already have a strong following, but are releasing a token for the first time. These projects often provide early presale access to existing community members, such as those who own NFTs or have other proof of membership.

Launchpads, like the one within the Best Wallet app, sometimes offer early ICO funding rounds, only available for their token holders.

Finally, be on the lookout for airdrops, which can be a way to get tokens without having to purchase them. Airdrops often require investors to complete tasks, like sharing information about a project on social media. Completing more tasks may qualify you to receive more tokens when the airdrop happens.

How to Identify Legit ICOs

There are hundreds of legit ICOs in the cryptocurrency market every month. Still, investors must be vigilant for scams and inauthentic projects that aim to defraud unsuspecting investors. Unfortunately, crypto scams and rug pulls have been highly effective at stealing money from ICO investors, taking more than $500 million from investors in 2025.

So, it’s important to know how to identify legitimate ICOs. We’ll explain how.

How to Invest in ICOs Safely?

The best way to invest in ICOs safely is by doing thorough research. You need to know as much as possible about a project and make sure that everything checks out.

Key elements to investigate include:

• KYC compliance: Do projects require KYC checks before you can invest? Many projects don’t, if they only accept crypto payments, but projects that accept fiat are required to comply with KYC regulations.

• Smart contract audit: Has the project’s smart contract been audited by a trusted third-party security firm like Coinsult or SolidProof? These audits ensure that a project’s smart contract is legitimate and that tokens will be delivered at the end of the ICO.

• Tokenomics: Are the project’s tokenomics reasonable? Projects should allocate tokens for development, exchange listing, and other key initiatives. Also, be cautious of large project team token allocations, as these could be sold suddenly and significantly impact the price of a token.

• Project whitepaper: A project’s whitepaper explains what it’s all about, including its tokenomics, roadmap, expected audience, and other key details. This should be a well-thought-out document that reflects the same information as other project documentation.

• Development team: The team behind a project should be fully doxxed, except in the case of meme coins, where teams often remain anonymous. Research the developers to see their past projects and whether they have a good reputation.
• Legal compliance: Projects should always comply with legal requirements, which can vary depending on the country where the team is based. If a project appears to skirt the law, that’s a significant red flag.

How to Spot an ICO Is a Scam?

When researching a project, it’s important to watch out for any red flags or suspicious activity that could indicate the ICO is a scam. Potential flags include:

• Promises of riches: While many projects, and especially meme coins, aim to generate returns for investors, they should never explicitly guarantee riches or specific levels of profit. No ICO is guaranteed to go up, so this type of language is at best misleading and at worst indicative of a scam.
• Poor track record: Watch out for developers or team members who have been involved with scams or rug pulls in the past. There is a strong likelihood that they may execute a similar scam again.
• Unrealistic project details: Scam projects often have unrealistic details or mismatched project details across different resources. For example, the project’s tokenomics may not add up, or the project may promise different goals in the whitepaper and on the website.
• Unusual payment platforms: Only invest in ICOs that use legitimate, well-known payment platforms. Never send crypto or fiat directly to a wallet address without going through a smart contract.
• Lack of smart contract audits: An audited smart contract isn’t a guarantee that an ICO is legitimate, but nearly all legitimate projects go through audits. Avoid projects that haven’t undergone a third-party audit.
• Copycat websites: Scammers sometimes mimic genuine ICOs and copy their websites to trick people into sending funds or draining their wallets. This happens with ICO social media accounts, too. Always check that you are on the official website.

Are ICOs Legal? The Global Regulatory View

ICOs are generally legal, although there are various rules and nuances across different jurisdictions and for other types of tokens. Let’s take a closer look at the regulatory landscape.

Legality of ICOs in the US

In the US, ICOs are legal as long as the underlying tokens are not considered to be securities.

Historically, the Securities and Exchange Commission (SEC) broadly defined most crypto tokens as unregistered securities.

However, under the current administration, this has changed significantly. The CLARITY Act, which passed the House of Representatives, indicates that as long as a cryptocurrency is sufficiently decentralized, it will not be classified as a security.

This is a big change from the previous reliance on the Howey Test. The passage of this act brings a clear legal pathway for crypto to be classified as non-securities, bringing a new level of legality and certainty to the US market.

Legality of ICOs in the EU

In the EU, most ICOs are legal as long as they comply with the Markets in Crypto-Assets Regulation (MiCA) legislation. MiCA was passed on December 30th. It establishes a clear and unified framework for crypto-asset markets across all EU member states.

According to MiCA, ICO projects must publish a detailed white paper with clear risk disclosure.

Legality of ICOs in the UK

The United Kingdom has its own regulatory approach, as it is not part of the EU. The Financial Conduct Authority (FCA) has a framework that classifies cryptoassets and applies rules based on the characteristics of the cryptocurrencies.

Currently, most ICOs aren’t regulated by the FCA, but are subject to strict Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) requirements.

Most ICOs state that they are not available for UK members. However, things may change in the future, as the UK government is bringing in new regulations to align the crypto sector with TradFi, aiming to protect consumers while encouraging innovation.

Legality of ICOs in Asia

There is no single regulatory framework for crypto ICOs in Asia. Each country has its own process, and they vary considerably. These are some of the largest countries in terms of population and/or crypto adoption, along with their regulations.

• China: ICOs in China have been banned since 2017.
• Hong Kong: ICOs are legal but must comply with the Securities and Futures Commission (SFC).
• South Korea: All domestic ICOs were banned, but the 2024 Virtual Asset User Protection Act (VAUPA) suggests that this may soon change.
• Singapore and Malaysia: ICOs are legal, but are regulated as securities. New offerings must have approval from the Securities Commission Malaysia or the Monetary Authority of Singapore (MAS).
• Japan: Crypto ICOs are legal, but tokens are subject to regulation under the Financial Services Agency (FSA).
• India: Crypto is unregulated in India, so people are able to participate in ICOs.
• Vietnam: While there are no specific laws on ICOs in Vietnam, the recent Law on Digital Technology Industry makes crypto a legal type of property and lays the groundwork for a detailed regulatory framework for ICOs.

What Returns Can I Make Investing in ICOs?

Most investors are interested in joining ICOs because of their potential for high returns compared to investing in established cryptocurrencies. So, what kind of returns can you actually make?

Historical Success and ROI Examples

An analysis of more than 1,600 ICOs from 2017–2022 provides an in-depth look at the historical performance of new tokens. According to that analysis, the vast majority of tokens provided a positive return on investment (ROI) at their all-time high. However, while a subset of tokens provided gains from 100% to 10,000%, most successful tokens offered a return of 10% to 70% at their all-time high.

Importantly, not all investors will have the opportunity to sell at the all-time high. And if you miss this opportunity, the data suggests that fewer ICOs produce returns. Nearly all of the ICOs had a negative ROI at the time of the analysis, although it’s worth noting this was up to five years after the token’s launch. Several tokens offered long-term returns of 1,000% or more; however, returns exceeding 100% were relatively rare.

More recent examples have demonstrated that ICOs continue to exhibit explosive potential after their launch. Here is how three tokens performed at different intervals after launch.

This shows that while life-changing gains are possible, returns of a few hundred percent from launch are more likely for most ICOs. However, these gains often take place very quickly, often within a few days of launch, so investors can earn much higher annualized gains compared to investing in established cryptocurrencies.

Wall Street Pepe was a successful presale that is now live on CEXs and DEXs, up 384% from its all-time low. The team continues to do marketing pushes and is expanding onto the Solana blockchain, showing that in the long term, presales and memes with a roadmap, community, and a good team can continue delivering returns to investors.

Risk vs Reward Analysis

One way to estimate the potential ROI from a crypto ICO is to conduct a risk vs. reward analysis.

This analysis should take into account not just a project’s potential for long-term growth, but also trading metrics like volatility and liquidity. It should also consider market sentiment, since this can significantly impact how an ICO token performs in the days immediately after launch, when its growth potential is highest.

Since ICO tokens have not yet traded on public markets, investors should consider similar tokens that are already trading on exchanges. Investors can also look at trends in the broader market to identify bullish periods when ICOs are more likely to be successful.

How Often Do New Crypto ICOs Take Place?

New crypto ICOs occur frequently. There are usually several ICOs going on during any given week in the crypto market, and new ICOs launch several times a week.

That said, ICOs aren’t as common as new direct-to-exchange launches like IDOs. That’s because meme coins are the most common type of new crypto launch, and the majority of them go straight to listing on decentralized exchanges. There can be hundreds or even thousands of new IDOs every day, although most of these tokens attract less attention and investment than new ICOs.

Market Cycle Insight

Importantly, new crypto ICOs don’t take place at a constant, steady pace. Instead, the frequency of new token sales rises and falls with the fortunes of the crypto market.

When the crypto market is going through a bull run, ICOs are more frequent, and they tend to raise more money ahead of launch. When the crypto market is bearish, ICOs are less frequent. Presale stages also tend to last longer, and projects raise less investment overall before they are listed.

Frequency of Launches by Category

Another factor to consider is that ICO frequency and fundraising can vary significantly across different sectors of the crypto market over time. Typically, trending sectors tend to see a higher number of token launches (as ICOs, IDOs, and IEOs) and larger raises from investors.

Examples of hot categories that have seen surges in ICO activity in the past include DeFi, NFTs, and metaverse tokens. Most recently, the AI agent token category experienced a massive boom in ICOs.

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