In August 2020 HM Government of Gibraltar welcomed the news in a statement that Gibraltar-domiciled company INX had become the first security token IPO cleared by the U.S. Securities and Exchange Commission (SEC). "Established in 2017, INX’s mission is to accelerate the proliferation of regulated digital asset opportunities to institutions, as well as retail investors, while developing its suite of bespoke INX Trading Solutions to enable single entry-point for their customers for the trading of cryptocurrencies, security tokens, and their derivatives. The team is comprised by a number of professionals from the regulated trading, capital markets, and blockchain spheres. "
From Gibraltar startup to becoming the first SEC approved Security Token Offering.
Experience as a founder up to INX (startups and fintech) - Shy Datika, INX CEO
Crypto, Gibraltar and the US - Alan Silbert Managing Director INX Gibraltar
Local legal team advisory, regulation and advantages - Andrew Montegriffo Senior Associate Hassans
Moderator and legal team advisor - Aaron Payas Partner Hassans
In a landmark achievement for INX, a Gibraltar-based token issuer, Aaron Payas & Andrew Montegriffo from local law form Hassans assisted in INX’s listing by the SEC in the US of the first SEC-approved security token. Aaron described the listing at the time by saying: “It is a matter of some pride for Hassans, INX and for Gibraltar that the first security token offering approved by the SEC for distribution to the US public isn’t even a US entity – it is a Gibraltar company, constituted and operating under the Laws of Gibraltar. This is an excellent development for the jurisdiction, the efforts of which in the DLT and wider fintech space are being validated by the successful filing of the INX security token – making a public offering of tokens in the US had long been the ambition of many projects in the industry, something that was thought by many to be impossible. We now know, as a firm, that it is not.”
in the media:
Gibraltar’s Minister for Digital and Financial Services, the Hon Albert Isola MP, commented on the INX offering:
“The news that the Gibraltar-domiciled INX platform has become the first SEC-cleared security token IPO is a hugely important moment for INX, but also for our jurisdiction’s burgeoning ecosystem. Here in Gibraltar, we continue to break new ground with regard to blockchain and crypto innovation, and INX has contributed significantly to this collective effort. I would like to congratulate the INX team who have worked relentlessly to reach today’s milestone.”
Shy Datika, founder and President of INX said their vision for INX and the INX Token required a solid foundation of regulatory clarity for security tokens and cryptocurrencies.
“Gibraltar’s regulators were ahead of other jurisdictions on forging a path in this respect, and so INX was glad to make it our home.”
Aaron Payas, Partner with Gibraltar based Hassans International Law Firm, added that it was a matter of pride for his firm that INX, an SEC-approved STO, is not a US entity but a Gibraltar company:
“This is an excellent development for the jurisdiction, the efforts of which in the DLT and wider fintech space are being validated by the successful filing of the INX security token – making a public offering of tokens in the US had long been the ambition of many projects in the industry, something that was thought by many to be impossible. We now know, as a firm, that it is not.”
Mr. Datika is the founder and president of INX. INX is a fully-regulated digital asset trading platform, for listing and trading cryptocurrencies, security tokens and their derivatives. INX was the first company in history to file an F1 prospectus with the SEC for a registered security token IPO. INX received the clearance for its offering in August 2020. Mr Datika has over 25 years of capital markets experience, trading and building networks and technology plays in the banking and financial industries. Datika has a significant role in the adoption of electronic trading in the global OTC Forex markets. He has significant experience working together with regulators in Israel, the EU and the US. Datika is also deeply active with different start-ups in the Fintech area, and acts as a director and market expert bringing in vast experience from the capital markets, front and back office banking solutions, trading and clearing, and online markets.
Alan Silbert is a Seasoned professional with more than 20 years of experience at top, regulated financial institutions now building a regulated cryptocurrency and security token trading platform at INX - https://www.inx.co/
Primary background in commercial banking - risk management, underwriting, negotiation, portfolio management, and closing of senior debt transactions. Led debt transactions up to $200 million. Worked with multiple regulatory bodies in the U.S. on banking, lending, cryptocurrency and security token issues. Founded and built startup company BitPremier from concept into the leading Bitcoin luxury marketplace. Extensive knowledge of Bitcoin and cryptocurrencies. 7 years of experience in cryptocurrencies.
Andrew Montegriffo is a Senior Associate in the Corporate and Commercial Department and forms part of the Gaming and FinTech teams at Hassans.
Andrew primarily works with clients in the sectors of online gaming, fintech and digital technologies. He advises on a wide range of legal issues including licensing, regulatory, financing, corporate structuring and general commercial matters. He has been heavily involved with the establishment and ongoing operation of multiple blue-chip gambling operators and DLT companies in Gibraltar.
In addition to advising stakeholders in the gambling and fintech industries, he works with a number of clients in the interactive entertainment sector including esports organisations, streamers and professional players.
After graduating from the University of Nottingham with an LLB (Hons) degree, he went on to obtain an LLM in Commercial Law before undertaking the Bar Professional Training Course. He has been called to the Bar of England & Wales and Gibraltar.
Andrew regularly contributes to legal journals and publications. He also teaches the Gaming Law module at the University of Gibraltar for the Professional Certificate of Competence in Gibraltar Law and speaks at industry conferences.
Bringing disruptive financial services closer to the mainstream with every transaction, Partner Aaron Payas’ practice enables his clients to leverage all the advantages Gibraltar offers as a proof of concept jurisdiction in financial services. Marrying a traditional practice in fund establishment with industry-leading work, he has been instrumental in many clients’ achievements in the DLT space.