Carey Olsen's corporate team in Jersey has acted on the launch of the GNY Token by gny.io – 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 provide business, marketing and social impact solutions that are predictive, adaptive and responsive.
The Carey Olsen team, led by Partner Chris Griffin (pictured) and including Associates Joseph Barker-Willis and Filip Kwilinski, advised Philean Trust Company, gny.io's administrator in Jersey, on the token generation event and worked closely with the JFSC to obtain the JFSC's consent to gny.io's ICO.
Chris Griffin said: "The launch of the GNY Token as one of the first ICOs to utilise Jersey's formalised ICO regime is another exciting development for the island in the cryptocurrency space.
"It's important to stress that JFSC consent does not give the GNY Token or gny.io 'regulated' status, but it does mandate a set of conditions designed to ensure that gny.io 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."