ARTICLE · 18 JULY 2018

Carey Olsen Welcomes Jersey's 'Crypto-Friendly' ICO Guidance Note

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The guidance note follows in the wake of several high profile crypto ventures launching from Jersey, including several ICOs, and formalises the road map for approval previously developed by the JFSC...

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The Jersey Financial Services Commission (JFSC) has released 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 several ICOs, and formalises the road map for approval previously developed by the JFSC in consultation with law firm Carey Olsen which has advised on all Jersey ICOs to date.

In order to give prospective ICO investors a degree of disclosure and comfort – 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 certain requirements an ICO issuer must meet. These include appointing a Jersey resident director to the board of the ICO issuer, applying relevant AML/CFT requirements to either purchase tokens from or to sell tokens back to the issuer, an audit requirement on the ICO Issuer and ensuring that any marketing material

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