The Principality of Monaco wants to become a funding nation for progress within STO’s own framework, Coindesk informs.
The extremely rich principality has decided to fund social impact projects through security tokens (STOs).
- The first step was the adoption of new legislation on initial coin offerings (ICO) and security token offerings (STO), which was approved by the National Council last week.
- The second step was taken by the Monaco Digital Affairs Office when it signed a memorandum of understanding (MoU) with the blockchain-startup Tokeny (Luxembourg).
Principality of Monaco Delegate for Digital Affairs Frédéric Genta said in a statement:
Monaco is moving towards its ambition to become a funding nation for progress with our STO framework,
Two key milestones were achieved: a dedicated STO law was voted by the National Council and we are welcoming Tokeny to the Principality to operate our STOs.
In this way, Monaco can use the extraordinary wealth that majority of the population has at its disposal
Tokeny Solutions CEO Luc Falempin said:
Monaco is not a financial place for the moment, so they took this opportunity with security tokens to prove in Europe they can do compliant, on-chain finance,
Most of the high-net-worth people in Monaco are buying real estate. The idea now is for investors and money in private banks in Monaco to invest in green projects.
Falempin thinks that Monaco has qualified investors similar to those accredited in the United States, and those who will be interested should count on a minimum investment of $ 100,000.
Monaco plans to choose between 5 and 15 projects a year in an effort to raise between $ 20 million and $ 200 million. Falempin added
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