15 August 2019

Carey Olsen and JTC support upcoming launch of Criptyque's Jersey cryptocurrency exchange

Carey Olsen, together with JTC, have assisted secure mobile communications provider Criptyque in obtaining a Jersey virtual currency exchange licence to operate its cryptocurrency exchange platform, PryvateX, opening for registration soon.

The team behind Criptyque continues to build a secure and private ecosystem and, in addition to PryvateX, offers a number of services to customers, from an encrypted messaging platform (voice, text and email) to an innovative hardened cryptocurrency wallet. Designed to work in tandem with PryvateX, Criptyque has also developed PryvateCoin (PVC) which will be available to facilitate trades on the exchange and keep fees down.

PryvateX distinguishes itself from its competitors by implementing a hybrid DEX/CEX system that provides the speed and ease of access of a centralised exchange with the peace of mind traditionally only associated with fully decentralised counterparts.

Carey Olsen partner Christopher Griffin, who leads the digital assets and blockchain team at Carey Olsen, provided legal and regulatory advice to Criptyque on the founding of PryvateX in Jersey, assisted by associate Daniel Burridge.

Reflecting on the growing fintech industry on the island, Mr Griffin said: "It was a privilege to work with the Criptyque team to help deliver another groundbreaking digital assets business out of Jersey. It is testament to the flexibility and modernity of the jurisdiction's robust regulatory framework that crypto startups continue to come to the island."

JTC's fintech team worked alongside Carey Olsen to provide entity set up and specialist structuring services ahead of the launch of PryvateX. Head of funds, Mark Grenyer, led the team, supported by George Kellogg, director of risk and compliance. Once the exchange is live, JTC will continue their involvement by providing a range of compliance, administration and accounting services.

Commenting on the forthcoming exchange, Mr Grenyer said: "JTC was delighted to work with the Criptyque team and Carey Olsen to support the launch of PryvateX from Jersey. We have invested in the necessary skills, expertise and technology to provide market-leading support to the growing fintech sector and are pleased to be part of such an innovative new offering."   

Jonathan Parker-Bray, chief executive of Criptyque, said: "We are thrilled that PryvateX, our hybrid, secure cryptocurrency exchange, has been granted its Virtual Currency Exchange registration by the JFSC, a world leading regulator. We are now in a position to provide ease of access to the market as well as peace of mind for more risk-adverse traders who may otherwise refrain from dealing in this new asset class."