We are delighted to see that two of our clients, Turncoin and INX, have agreed to work together in a synergistic arrangement where both parties stand to benefit not least from the significant exposure of the international news coverage.
Following on from our successful VASP registration for Turncoin Limited last year, we were delighted to see the team recently featured in Time.com in celebration of launching their Gross Revenue-Sharing Security Token on INX.One – a fully regulated platform for listing and trading security tokens and cryptocurrencies.
Turncoin Limited’s innovative Platform, VirtualStaX, gives fans digital access to their favourite talent through blockchain-verified digital trading cards which are brought and traded by fans through their VirtuaStaX app. In turn, talented artists, musicians, and others receive financial gain from popularity via the app.
The recent launch saw Turncoin’s primary capital raise target on the INX.One platform at $70 million, with the primary capital raise being available for 2,000 potential U.S. accredited investors, and all non-U.S. investors.
Hassans, in providing legal advice and support to Turncoin Limited with their VASP registration under the Proceeds of Crime Act 2015 (Relevant Financial Business) (Registration) Regulations 2021, were able to ensure the AML and SEC compliance essential for a security token offering. This is particularly important considering the significant level of success and visibility now achieved by the company.
In addition, Hassans were heavily involved with INX during the successful registration of their security token with the SEC. The INX Token was the first, and remains the only, security token to successfully register with the SEC following INX’s decision to enter the US market without making use of any of the exemptions available.
Arno Visser, Head of Legal at Turncoin, was quick to recognise the hard work put in by the team at Hassans: “We would not have been able to reach these heights without you and your team at Hassans. Thank you Aaron!”
Gibraltar and Hassans continue to lead the way in the crypto space, with stringent adherence to legal and regulatory requirements being essential in today’s global market.
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"It is always very rewarding to see our clients working together. Although the founders and their teams are clearly the reason for reaching such milestones and levels of success, we like to think that our high-quality advice, combined with Gibraltar's great crypto offering, has allowed these projects to lay down solid foundations (with an emphasis on AML compliance) on top of which they are building with confidence and assurance." - Aaron Payas, CFA