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Monaco advances its digital finance strategy

Monaco advances its digital finance strategy

By Cassandra Tanti - October 2, 2020

The Principality is moving full steam ahead with its digital investment plan, passing into law a security tokens framework and establishing a dedicated commission.

The STO (Security Token Offering) bill, voted in by the National Council in June, was given Sovereign Ordinance on 18th September, defining the conditions for the application of law n° 1.491.

The text provides a secure framework for private or public companies looking to finance their economic projects by raising funds using Blockchain-type technology.

The law stipulates that legal entities, who will issue tokens on decentralised digital platforms such as Blockchain, must be authorised by the government and rubber stamped by the Minister of State in the form of a label, after consultation with a commission.

That commission, which has been constituted purely for this purpose, met for the first time on Wednesday 30thSeptember at the Ministry of State, in the presence of Minister of the Economy and Finance Jean Castellini, Interministerial Delegate in charge of the Digital Transition Frédéric Genta, and Pierre Silhol, Technical Advisor and representative of the Minister of State.

“The Commission will examine, in particular, whether sufficient information for subscribers is envisaged by the company issuing the tokens and whether the fundraising presents all the required guarantees, in particular with regard to the proposed technology, and the methods of collecting and using the funds raised,” said the government in a statement. “It will also be required to formulate an advisory opinion in the context of possible administrative sanctions, including the suspension or revocation of the authorisation granted.”

Would you like to understand more about Monaco’s digital finance plan? Read our articles here:

Securing Monaco’s future in digital finance

Monaco makes milestone MoU with tokenisation platform

 

Photo © Direction de la communication – Stéphane Danna

 

 

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