23 June 2017

King & Wood Mallesons advises on Hong Kong’s first international cryptographic token sale

King & Wood Mallesons (KWM) has advised the Open ANX Foundation Limited as Hong Kong and PRC counsel on its initial cryptographic token sale, which launched on 22 June 2017. The first of its kind in Hong Kong, the sale raised the equivalent of approximately USD15 million within its first 12 hours (out of the overall target of USD22.5 million).

The Open ANX Foundation was established under the direction of ANX International - an industry-leading, Hong Kong-based financial technology firm that is one of the world’s leading blockchain development firms.

Along with the development of OAX, a bespoke cryptographic token, the Open ANX Foundation will oversee the initial development of an open source, decentralised digital asset exchange, the openANX Platform, on the Ethereum blockchain. Open ANX Foundation aims to bring together centralised exchanges and other market participants to create a liquid, transparent and reliable cryptocurrency ecosystem.

"The KWM team far surpassed expectations," said David Tee, Secretary of the Foundation and one of the founders of the project. "They quickly grasped a deep understanding of the openANX initiative and were able to provide critical guidance on the myriad intricacies involved - not only for the project, but also for the token sale process as well. KWM’s involvement and commitment were key in getting this fundraising done."

Commenting on the deal, lead KWM Hong Kong partner Urszula McCormack said, "We were delighted to assist Open ANX Foundation on the token sale. The professionalism of the Open ANX Foundation team and its advisors, and their exceptional degree of collaboration against a very tight deadline, ensured the smooth execution of the sale." She added, "This is a ground-breaking initiative for the Hong Kong fintech industry. It also demonstrates growing confidence in Ethereum-based solutions, a maturing of the cryptocurrency market and strong demand for genuinely innovative technology projects."

Urszula McCormack was supported by Senior Associate Lauren Dray and team members Jack Nelson and Marina Lauer. KWM’s Shanghai team, led by Partner Stanley Zhou and supported by Counsel Janet Gu, advised on the PRC regulatory aspects.

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