08 July 2019

Dentons in first tokenised SRO

Firm advises Tokenise to setup the world's first dedicated Self-Regulatory Organisation to exclusively focus on tokenised assets.

Dentons has advised Tokenise International limited, the Gilbraltar based company that services both Tokenise and DAXNET businesses, to setup the world’s first dedicated Self-Regulatory Organisation Exchange for tokenised securities.

Global standard

DAXNET has been granted a self-regulatory organisation (SRO) license by the Financial Services Commission (FSC), Barbados. DAXNET, powered by Tokenise, will set the global standard for security token issuance and intends to operate the world’s first dedicated, multi-jurisdictional global single order book. Tokenise will enable issuers to tokenise traditional and new asset classes utilising blockchain technology, providing streamlined processes and frictionless market access for issuers and investors.  These foundations create a full end-to-end solution for capital raising, enabling the primary issuance, secondary trading, clearing, settlement and registration of tokenised securities. Through this structure Tokenise aims to create a market and trading infrastructure that will provide wider access, unlock liquidity and deliver flexibility to investors keen to buy or sell tokenised assets - ultimately generating more investment opportunities and offering access to institutional and qualified investors around the world.

First step

Michael Kessler, ceo of Daxnet said “We are delighted to have been granted the SRO license. We see this as the first step in providing a capital markets solution for entities looking to raise capital through the primary listing and secondary trading of tokenised securities. As a result, this will enable both traditional investment vehicles, such as equities or bonds, and alternative offerings, such as fractional ownership of property, art or royalties and private equity, to be tokenised and traded and ultimately unlock access to greater liquidity.” The Dentons team was led by Dustin Delany, managing partner for the Caribbean Community (CARICOM) offices and spearheaded by Robert Simmons of the fintech team with support by Yoshodra Rampersaud and Kerri Anne Ellis of the Barbados office.