GNY Token by gny.io Limited has become one of the first initial coin offerings to receive consent from the Jersey Financial Services Commission (JFSC) since the publication of their guidance note.

The GNY Token is a cryptographic utility token that enables its holder to gain digital access rights to a decentralised machine learning predictive platform for the blockchain.

The GNY platform combines advanced machine learning with state-of-the-art algorithms to forecast user behaviour and to provide business, marketing and social impact solutions that are predictive, adaptive and responsive.

“The launch of the GNY Token as one of the first ICOs to utilise Jersey’s formalised ICO regime is another really exciting development for the Island in the cryptocurrency space, and Carey Olsen is delighted to once more be at the forefront of this evolution,” the law firm’s partner Chris Griffin said in a statement.

The Carey Olsen team advised Philean Trust Company Limited, gny.io Limited’s administrator in Jersey, on the token generation event and worked with the JFSC to obtain its consent to gny.io Limited’s ICO.

“It was important for us to not just work with a team who understood the formal guidelines established by the JFSC, but also how it dovetailed practically into our technology and our business,” Cosmas Wong, founder and chief executive of the GNY platform, added.

The JFSC released its final guidance note in relation to Initial Coin Offerings (ICOs) last July, following the wake of many high profile crypto ventures launching from Jersey, including several ICOs.

The guidance note also formalised the road map for approval previously developed by the JFSC in consultation with offshore law firm Carey Olsen which has advised on all Jersey ICOs to date.