A new legislation, Bill 237, has been approved by Monaco’s elected National Council in order to promote the activity of blockchains in the Principality. The bill paves the way for a three-year experiment in which the State will not impose additional constraints on technical regulations.
To accompany this experimentation and to participate in the promotion of Monaco as an essential actor in blockchains, the bill’s text creates the Monegasque Authority of Blockchains (AMB), composed of experts and professionals involved in the digital field. This entity will be in charge of conducting the experiment and taking stock of it.
This assessment will, if successful, produce legal and regulatory provisions that are fully consistent with the projects Monaco wishes to pursue, namely to develop a new business sector in the Principality and attract many companies which are today looking for a flexible, modern and pragmatic regulatory framework.
By becoming a pioneering state in the global regulation of blockchains and inviting economic players to use this technology on its territory, Monaco could ensure real leadership in an economic activity that will be decisive in the coming years, the National Council said.