AX1 Launches New Crypto Mining Token
Originally published on: CoinSpeaker
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April 17, 2018
AX1 is a tech start-up company founded by an experienced team spanning multiple disciplines within the finance and technology sectors.
The intention was to open up the cryptocurrency market to investors with no technical knowledge as well as those already familiar with it. The directors were also insistent that the offering met the highest possible standards of anti-money laundering and compliance.
The company has secured the use of two entire floors in a modern data centre in Manchester, UK, and retains an option to construct additional purpose-built premises in the north of England for enterprise level mining operations.
AX1 has already raised sufficient funding to achieve its soft cap through a private pre-sale agreement. This funding will be used for the purchase of data rigs and associated core operations of AX1. All contributions raised through the ICO will therefore be used entirely for growth purposes rather than start-up costs.
The company has established a team of investment, legal, accounting and cryptocurrency professionals to advise the AX1 board on which cryptocurrencies to mine at any given time.
In order to provide AX1 ICO investors with an additional degree of protection and comfort, the issuer has chosen to use a Jersey company. Jersey’s sophisticated regulatory approach requires any ICO issuer to obtain a specific consent from the Jersey Companies Registry, part of the Jersey Financial Services Commission.
Whilst this consent does not give the ICO a ‘regulated’ status, it is bespoke to the ICO in question, and mandates an additional set of conditions designed to ensure continued high standards of governance, investor disclosure and AML/CFT compliance.
Stuart Anderson, CEO of AX1, said: “In this instance, the conditions attaching to the issuing company acknowledge that ICOs are a sensitive activity, and therefore require the adoption of systems, controls, policies and procedures to prevent many of the concerns and abuses associated with cryptocurrencies and ICOs, such as poor investor protection, superficial documentation, an absence of audit requirements, lack of transparency and the constant specter of money laundering and the financing of terrorism.”
On this final point, and after conducting a thorough due diligence process on a number of KYC/AML providers, AX1 chose to partner with Coinfirm due to its facilitative platform and its unparalleled AML/CFT credentials in the crypto-space.
Paweł Kuskowski, CEO and Co-Founder of Coinfirm, said: “Although the market is constantly progressing and changing, AML is a required focus and there is now need now for any ICO to be compliant and adoptable traditionally. At Coinfirm we’ve provided the standard for AML and source of funds risk and are happy to work with projects such as AX1 on further bringing that standard with them to the world.”
Neither the ICO nor the issuer of the ICO is regulated by the Jersey Financial Services Commission. ICOs are a highly speculative form of investment and are not subject to existing capital market regulations.Investors should be prepared for the possibility of losing their investment completely.