Mobile communications provider Criptyque has secured a virtual currency exchange licence in Jersey for its cryptocurrency platform PryvateX.
It is one of a series of services Criptyque offers to potential customers, alongside encrypted messaging platforms and cryptocurrency wallets. It has also developed PryvateCoin (PVC) to work in tandem with Pryvate X, which will reduce fee costs of exchanges on the platform.
The licence was obtained with the assistance of offshore law firm Carey Olsen and institutional wealth services provider JTC, and the platform will soon be opening for registration.
Christopher Griffin, a partner at Carey Olsen and leader of the digital assets and blockchain team, and his associate Daniel Burridge, provided legal and regulatory advice to Criptyque on the founding of PryvateX.
Meanwhile, JTC's fintech team worked alongside Carey Olsen to provide specialist structuring services ahead of the launch of PryvateX. Mark Grenyer, JTC’s head of funds, lead the team working on PryvateX, with the support of George Kellogg, director of risk and compliance.
When the exchange is live, JTC will continue to be involved by providing a range of compliance, administration and accounting services.
Mr Griffin praised the amenability of Jersey’s regulatory framework to the efforts of all the parties involved in creating the exchange platform.
He 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."
Jonathan Parker-Bray, chief executive of Criptyque, added that he was pleased PryvateX had been successfully registered in Jersey.
He said: "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."
