16 April 2018

Carey Olsen advises AX1 on the launch of crypto mining ICO

Carey Olsen has advised AX1 Limited on the initial coin offering (ICO) of its AX1 Token. The ICO proceeds will be invested by AX1 Limited's subsidiary into a cryptocurrency mining operation based in the United Kingdom.

Partner Chris Griffin led the Carey Olsen team advising AX1 Limited and was assisted by associate Joseph Barker-Willis. Carey Olsen once again worked closely with the Jersey Financial Services Commission (JFSC) to shepherd the ICO through JFSC approval.

Stuart Anderson, CEO of AX1, said: "Many ordinary investors were watching perplexed from the sidelines last year when they saw such activity with Bitcoin and other currencies. We believed the cryptocurrency market could offer a much better – and potentially more fruitful – way for those people to get involved who did not necessarily have the same level of technical knowledge that most crypto investors had.

"The AX1 ICO represents months of hard work, so we are delighted to be launching. We look forward to welcoming a new breed of investors to the cryptocurrency world.

"We chose to launch the AX1 ICO using a Jersey company because of the sophisticated regulatory approach of the jurisdiction."

Mr Griffin commented: "AX1's launch once again demonstrates Jersey is the go-to place for ICO promoters seeking a reputable jurisdiction from which to launch.

"Anyone issuing an ICO through a Jersey company will require a specific consent from the Jersey Companies Registry, part of the Jersey Financial Services Commission. Whilst this consent does not give the ICO a ‘regulated’ status, it is bespoke to the ICO in question, and mandates an additional set of conditions designed to ensure continued high standards of governance, investor disclosure and AML/CFT compliance."