Brought to you by: Monaco Life
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:
Photo © Direction de la communication – Stéphane Danna
The Italian government has made it obligatory for all workers to carry a health pass, showing proof of vaccination, a negative test or recent recovery from infection.
The all-women rally car race Rallye Aïcha des Gazelles du Maroc is featuring two local racers driving their electric car in support of Monaco Liver Disorder association.
The Monaco Economic Board is preparing an important economic mission to Russia in June 2022 following an official visit earlier this September.
Monaco’s Committee for the Promotion and Protection of Women's Rights has launched a new chapter of its equality campaign, this time focusing on sports and leisure activities.