{"id":3751,"date":"2019-06-11T11:10:25","date_gmt":"2019-06-11T09:10:25","guid":{"rendered":"https:\/\/gbmlf.miam.dev\/?p=3751"},"modified":"2020-06-17T16:11:39","modified_gmt":"2020-06-17T14:11:39","slug":"draft-law-no-995-on-blockchain-technology","status":"publish","type":"post","link":"https:\/\/gbmlf.miam.dev\/en\/draft-law-no-995-on-blockchain-technology\/","title":{"rendered":"Draft Law No. 995 on blockchain technology"},"content":{"rendered":"

Update: See specific Legislation on initial coin offerings (ICO) and security token offerings (offres de jetons)<\/a><\/p>\n

Draft law No. 995 (17 articles), received by the National Council on 4 June 2019, is part of the “process of modernization and digital transition”<\/em> of the Principality (with: Draft law No. 992 on Digital Identity; Draft law No. 994 amending Law No. 1.183 on Digital Economy).<\/strong><\/p>\n

Without altering the spirit of the draft law No. 237 adopted by the National Council on 21 December 2017, aiming to accompany the rise of the blockchain technology, the Draft law No. 955 goes further by framing the Initial Coin Offerings (ICOs). The terms of application will be specified by Sovereign Order.<\/strong><\/p>\n

ICOs would be secured against the risks of money laundering and terrorist financing (compliance with the Law No. 1.362 of 3 August 2009 as amended). The conversion platforms (exchange of cryptocurrencies against legal currency), subject to the prior issue of a payment service provider license by the ACPR[i]<\/a>., are also covered.<\/p>\n

The planned mechanism aims “on the one hand, to protect investors who might wish to participate in such operations launched by companies based in Monaco by providing them with quality information, and on the other hand to promote the development of companies in this area<\/em>“.[ii]<\/a><\/p>\n

The Government places Draft law No. 995 in the “wake”<\/em> of the legislative and regulatory initiatives of some EU Member States (Italy[iii]<\/a>, Luxembourg[iv]<\/a>, Malta[v]<\/a>, France[vi]<\/a>) while exposing its willingness \u201cto go even further\u201d<\/em>.[vii]<\/a><\/p>\n

Chapter I \u2013 Definitions<\/strong><\/p>\n

Chapter II \u2013 Regime and evidence<\/strong><\/p>\n

Chapter II \u2013 Coin Offerings<\/strong><\/p>\n

Chapter IV \u2013 Supervisory – Regularity of the Coin Offerings<\/strong><\/p>\n

Chapter V \u2013 Penalties<\/strong><\/p>\n

Section I \u2013 Administrative penalties<\/p>\n

Section II \u2013 Criminal penalties<\/p>\n

Chapter VI \u2013 Miscellaneous and transitional provisions<\/strong><\/p>\n

 <\/p>\n

[i] Autorit\u00e9 de Contr\u00f4le Prudentiel et de R\u00e9solution (ACPR).<\/p>\n

[ii]<\/a> Explanatory Memorandum to the Draft Law No. 995.<\/p>\n

[iii]<\/a> \u00a0Legge (11 February 2019) di conversione del D.L. Semplificazioni (D.L. 135\/2018, 14\/12\/2018), recante disposizioni urgenti in materia di sostegno e semplificazione per le imprese e per la pubblica amministrazione (Art. 8 ter).<\/p>\n

[iv]<\/a> Law (1 March 2019) amending the law of 1 August 2001 concerning the circulation of securities and other financial instruments, modified (Section 18 bis).<\/p>\n

[v]<\/a> Virtual Financial Assets Act of 20\/07\/2018 to regulate the\u00a0 field\u00a0 of\u00a0 Initial\u00a0 Virtual\u00a0 Financial\u00a0 Asset Offerings\u00a0 and\u00a0 Virtual\u00a0 Financial\u00a0 Assets\u00a0 and\u00a0 to\u00a0 make\u00a0 provision\u00a0 for matters ancillary or incidental thereto or connected therewith (VFA Act).<\/p>\n

[vi]<\/a> Inter alia, Law No. 2019-486 (22 May 2019) on the growth and transformation of enterprises (\u00ab\u00a0Loi PACTE\u00a0\u00bb, ICOs: Art. 82, 85 \u00e0 87).<\/p>\n

[vii]<\/a> Explanatory Memorandum to the Draft Law No. 995.<\/p>\n

\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Update: See specific Legislation on initial coin offerings (ICO) and security token offerings (offres de jetons) Draft law No. 995 (17 articles), received by the National Council on 4 June […]<\/p>\n","protected":false},"author":3,"featured_media":3728,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"acf":[],"yoast_head":"\nDraft Law No. 995 on blockchain technology - Giaccardi & Brezzo Avocats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gbmlf.miam.dev\/en\/draft-law-no-995-on-blockchain-technology\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Draft Law No. 995 on blockchain technology - Giaccardi & Brezzo Avocats\" \/>\n<meta property=\"og:description\" content=\"Update: See specific Legislation on initial coin offerings (ICO) and security token offerings (offres de jetons) Draft law No. 995 (17 articles), received by the National Council on 4 June […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gbmlf.miam.dev\/en\/draft-law-no-995-on-blockchain-technology\/\" \/>\n<meta property=\"og:site_name\" content=\"Giaccardi & Brezzo Avocats\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-11T09:10:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-17T14:11:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gbmlf.miam.dev\/wp-content\/uploads\/2019\/06\/ICO-BLOCKCHAIN.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"880\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anne Roberts\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anne Roberts\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/gbmlf.miam.dev\/en\/draft-law-no-995-on-blockchain-technology\/\",\"url\":\"https:\/\/gbmlf.miam.dev\/en\/draft-law-no-995-on-blockchain-technology\/\",\"name\":\"Draft Law No. 995 on blockchain technology - 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