According to the Oxford University School of Law, according to the paper "ICO's Regulatory and Market Challenges", the problems currently plaguing the ICO market are largely due to regulatory vacuums. The ICO market is a hacker target that completely violates the perceived security of blockchain protocols. Worryingly, the ICO market has shown many problems in traditional financial markets, which were observed during the 2007-2009 financial crisis. There are two complementary approaches to the efforts of ICO market agents to mitigate their problems. 1. Improve the transparency and strengthen the overall protection of IT systems by developing technical approaches to smart contract design solutions. 2. Strive to develop self-regulation and standards to address most of the issues of lack of transparency and appropriate accountability in the ICO process. Given that many economic issues in the ICO market are manifestations of information asymmetry, exchanges and rating agencies are entering the market to alleviate this problem. The paper concludes that this may be the right time to regulate the ICO market. Self-discipline clearly cannot solve market problems, and the ICO market has been plagued by these problems. The number of ICOs and the amount of funds raised for the first time in 2019 has decreased significantly. Market contraction will definitely affect the attitude of ICO market agents towards regulation, and even agents may be expected to welcome more stringent regulations. The paper predicts that in the near future, although the blockchain agreement may still be non-intermediary, decentralized and unregulated, this is not the case in the ICO market.