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Carey Olsen and JTC have helped mobile communications provider Criptyque obtain a licence to operate its cryptocurrency exchange platform, PryvateX.
Having secured a Jersey Virtual Currency Exchange licence to operate, PryvateX will open for registration soon.
Carey Olsen partner Christopher Griffin (pictured), 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 its involvement by providing a range of compliance, administration and accounting services.
Pictured: JTC's Head of funds, Mark Grenyer.
Commenting on the upcoming launch, 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, added: "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."
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