Carey Olsen and JTC have advised ARC Fiduciary on the launch of one of Jersey's first Initial Coin Offerings (ICO). Carey Olsen advised on the legal and regulatory aspects of the ICO, JTC provided administrative services.
The ICO will see the issue of the ARC Reserve Currency, which is expected to become a widely used asset-backed stablecoin virtual currency.
Carey Olsen Counsel Chris Griffin led the team advising ARC Fiduciary, and was assisted by Associate Joseph Barker-Willis. The law firm worked closely with the Jersey Financial Services Commission to achieve a workable regulatory solution for the ICO.
Stephen Findlay, co-founder of the ARC Reserve Currency, commented: "The asset management industry is only just beginning to embrace blockchain technology. One of the challenges the industry faces is to establish the correct regulatory approach for asset-backed cryptocurrencies – or crypto assets.
"In establishing ARC Reserve Currency (a crypto asset), we wanted to start to address this regulatory challenge and help to establish a positive framework and appropriate regulatory environment.
"There is still much to be done on a global scale to establish an appropriate regulatory framework, which can accommodate the borderless nature of crypto assets. Nonetheless, we would recommend the issuer of any potential crypto asset to consider starting their efforts in Jersey."