03 September 2018

Carey Olsen advises on latest Jersey ICO launch by gny.io Limited

Carey Olsen's corporate team in Jersey has acted on the launch of the GNY Token by gny.io Limited – one of the first initial coin offerings (ICOs) to receive consent from the Jersey Financial Services Commission (JFSC) since the publication of the JFSC's ICO Guidance Note.

The GNY Token is a cryptographic utility token that enables its holder to gain digital access rights to a decentralised machine learning predictive platform for the blockchain. The GNY platform combines cutting edge machine learning with state-of-the-art algorithms to forecast user behaviour and to provide business, marketing and social impact solutions that are predictive, adaptive and responsive.

The Carey Olsen team, which was led by partner Chris Griffin and included associates Joseph Barker-Willis and Filip Kwilinski, advised Philean Trust Company Limited, gny.io Limited's administrator in Jersey, on the token generation event and worked closely with the JFSC to obtain the JFSC's consent to gny.io Limited's ICO.

Cosmas Wong, founder and CEO of the GNY platform, said: "It was important for us to not just work with a team who understood the formal guidelines established by the JFSC, but also how it dovetailed practically into our technology and our business. It was a pleasure working with Chris and the rest of the Carey Olsen team, who understood both."

Mr Griffin said: "The launch of the GNY Token as one of the first ICOs to utilise Jersey's formalised ICO regime is another really exciting development for the Island in the cryptocurrency space, and Carey Olsen is delighted to once more be at the forefront of this evolution.

"It's important to stress that JFSC consent does not give the GNY Token or gny.io Limited 'regulated' status, but it does mandate a set of conditions designed to ensure that gny.io Limited meets specific standards in terms of governance, investor disclosure and AML/CFT compliance. These conditions should give token purchasers a degree of reassurance that may not be available in other jurisdictions."