Carey Olsen has advised digital assets trading firm Elwood Capital Management on its successful Investment Business licence application to the Jersey Financial Services Commission.
This marks the first time such a licence has been granted to a native digital asset business in Jersey.
The new licence allows Elwood to trade security tokens and crypto derivatives for its institutional clients, and builds on Elwood’s previous AML/CFT registration with the Jersey Financial Services Commission (JFSC) as a virtual asset service provider.
The Carey Olsen team advising was led by partner and Jersey head of digital assets Chris Griffin (pictured), with assistance from senior associate Holly Brown and associate Tshogofatso Dhlamini.
Chris Griffin commented: “It’s a great outcome; Elwood’s IB licence demonstrates that the JFSC is willing to license institutional grade managers in the digital assets space, and to do so within Jersey’s existing and flexible regulatory framework without the need for reams of new digital asset laws and regulations.”
Oliver Butlin, director and global head of trading at Elwood said: “We are fortunate to have a dynamic and thought leading team at Elwood, with the support of Carey Olsen and their strong knowledge base, we are grateful for their counsel in obtaining the first digitally native Investment Business license for a Jersey regulated business.”
