Maddocks has been appointed as the Australian legal adviser of Grand Shores Technology and Hayek Technology for the establishment of their Australian blockchain and cryptocurrency operations.

Both companies are looking to expand into the Australian market by establishing Australian companies and investigating potential blockchain and cryptocurrency business opportunities in Australia.

Maddocks senior associate Michael Zheng attended a signing ceremony in Hangzhou marking the formal engagement of legal services by the two companies. The signing was witnessed by officials from the Australian Embassy in China, Austrade, the Victorian Government, the Zhejiang provincial government, the Hangzhou municipal government and the Zhejiang Provincial Fintech Association.

Michael said that the commitment by Grand Shores and Hayek to establish a presence in Australia is a strong indication of the favourable commercial and regulatory environment in Australia.

‘What we are seeing is great interest from companies in Asia to invest and develop their blockchain and cryptocurrency capabilities in Australia,’ Michael said.

‘Maddocks is honoured to represent Grand Shores and Hayek in Australia and we will work with the Australian regulators to deliver their projects.’

Grand Shores Technology Group Limited is a Hong Kong-based technology company which is publicly listed on the Hong Kong Stock Exchange. Grand Shores builds infrastructure for blockchain technologies and provides construction services for real estate projects.

Hayek Technology Pte Ltd is a Singapore-based technology company which operates a global digital assets trading platform.