Jersey Publishes ICO Guidance Note

The Jersey Financial Services Commission has published its final guidance note in relation to Initial Coin Offerings (ICOs). The guidance note follows in the wake of several high profile crypto ventures launching from Jersey, including the launch of several ICOs. The guidance note formalises the road map for approval previously developed by the JFSC in consultation with Carey Olsen who have advised on all Jersey ICOs to date.

The guidance note adopts a pragmatic approach, focusing on consumer protection and anti-money laundering and having regard to the fact that ICO promoters want to use Jersey because of the Island's reputation as a well-regulated and reputable jurisdiction.

In order to give prospective ICO investors a degree of disclosure and comfort that may not be available in many other jurisdictions - and being mindful of the guiding principle pursuant to which the JFSC discharges its functions as the Island's financial services regulator – the JFSC sets out