Abstract: Being the carrier and application product of block chain technology, ICO brings forth many new illegal and criminal activities while playing the role of modern business-driven economic model transformation. Traditional criminal law theories and criminal legislation take a "one-size-for-all" prohibition stance against ICO based on block chain technology, which will lead to an increasingly tense relationship between traditional criminal law theories, rules and novel network information technology. In the face of ICO behaviors based on block chain technology, traditional criminal law theories and legislation are particularly limited in terms of the legal status of virtual currency and the interpretation of the legal properties of ICO behaviors, and the boundary between ICO and other criminal behaviors. China's innovation regulation of criminal law for ICO behavior should further the regulation of collecting objects, take the crime of illegal business operation as the backstop clause of ICO behavior regulated by criminal law, and confirm the criminal law according to the specific situation, i.e. using fraudulent means to defraud public deposits or MLM, so as to improve the laws and regulations related to ICO.