{"id":4879,"date":"2020-06-17T15:54:44","date_gmt":"2020-06-17T13:54:44","guid":{"rendered":"https:\/\/gbmlf.miam.dev\/?p=4879"},"modified":"2020-06-26T11:43:15","modified_gmt":"2020-06-26T09:43:15","slug":"monaco-adopts-legislation-on-initial-coin-offerings-ico-and-security-token-offerings-offres-de-jetons","status":"publish","type":"post","link":"https:\/\/gbmlf.miam.dev\/en\/monaco-adopts-legislation-on-initial-coin-offerings-ico-and-security-token-offerings-offres-de-jetons\/","title":{"rendered":"Monaco adopts Legislation on Initial Coin Offerings (ICO) and Security Token Offerings (STO) [OFFRES DE JETONS]"},"content":{"rendered":"<p>Legal News \u2502 26.06.2020 \u2502 IT \u2022 BLOCKCHAIN \u2022 VIRTUAL ASSETS \u2022 FINANCIAL<\/p>\n<p><strong><span style=\"color: #ff6600;\">A new method of financing for Monegasque companies<\/span><\/strong><\/p>\n<p><strong>Law No. 1.491 of 23 June 2020 relating to <\/strong><strong><em>&#8220;tokens offerings&#8221; <\/em>(literally,<em>&#8220;offres de jetons&#8221;) <\/em><\/strong><strong>(published in the <em>Journal de Monaco<\/em> of 26 June 2020), resulting from<\/strong><strong>\u00a0Draft Law No. 1009 of 10 March 2020, received by the Monegasque Parliament (<em>Conseil National<\/em>) on 27 March 2020 and voted on 16 June 2020, is part of the programme <a href=\"https:\/\/extendedmonaco.com\/\">Extended Monaco<\/a>.<\/strong><\/p>\n<p><strong>The law reproduces and adapts Chapters III to VI of <a href=\"https:\/\/gbmlf.miam.dev\/en\/draft-law-no-995-on-blockchain-technology\/\">Draft Law No. 995 on blockchain technology<\/a>.<\/strong><\/p>\n<p><strong><em>It \u201chas been constructed with a redefined scope and a refined ambition: that of being now specifically oriented towards corporate finance and being exclusively dedicated to fundraising using shared registry technology such as blockchain.&#8221; (Explanatory memorandum to Draft Law No.<\/em> 1009, p. 3).<\/strong><\/p>\n<p>In Monegasque law, &#8220;<em>offre de jetons\u201d<\/em> (literally \u201ctoken offers\u201d) is a global term used to designate forms of fundraising carried out by legal entities by means of a digital recording device on a shared register, such as a Blockchain. The investor receives <em>&#8220;jetons\u201d<\/em> (literally \u201ctokens&#8221;) in exchange for the funds, he\/she has invested.<\/p>\n<p>The term <em>\u201cjeton\u201d<\/em> is defined as <em>&#8220;an intangible asset representing in digital format, one or more rights, goods or services, which may be issued, registered, recorded, retained or transferred by means of a digital recording device on a shared registry and which, when issued or subscribed to, has the legal nature of the said right, good or service&#8221;<\/em>.<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a><\/p>\n<p><strong>Law No. 1.491 provides a framework for two types of fundraising: <\/strong><strong><u>private or public<\/u><\/strong><strong> Initial Coin Offerings (ICOs) <\/strong><strong>and <\/strong><strong><u>private<\/u><\/strong><strong> Security Token Offerings (STOs) <\/strong><strong>(modalities, control, sanctions, AML\/CFT obligations). \u00a0<\/strong><\/p>\n<p>ICO: \u00a0the investor receives \u201cutility tokens\u201d (translated into French as <em>\u2018jetons utilitaires\u2019<\/em>). They provide access to products and services.\u00a0<strong>ICOs are reserved for legal entities registered in Monaco<\/strong> (a company being formed in Monaco may nevertheless apply for the label).\u00a0 <strong>ICOs may be private or public<\/strong>, under the conditions laid down by sovereign ordinance. \u00a0<strong>\u00a0<\/strong><\/p>\n<p>STO: the investor receives \u201csecurity tokens\u201d (translated into French as <em>\u2018jetons titres\u2019<\/em>), which have the characteristics of a financial instrument. They confer one or more rights (right to shares in the capital of the issuing company, right to vote at a general meeting, right to dividends, etc.). <strong>STOs are reserved for joint stock companies registered in Monaco<\/strong> (a company being formed in Monaco may nevertheless apply for the label). <strong>Public STOs are prohibited.<\/strong><\/p>\n<p><strong>Any <em>\u201coffre de jetons\u201d<\/em> is subject to <\/strong><strong>prior administrative authorisation, in the form of a label issued by the Minister of State<\/strong><strong>, following the opinion of a dedicated Commission.\u00a0<\/strong>The control of their regularity is the responsibility of the agents of the <em>Direction de l\u2019Expansion \u00c9conomique<\/em>, who can ensure the assistance of all experts.<\/p>\n<p><strong>For related texts, see our following publications: <\/strong><\/p>\n<p><a href=\"https:\/\/gbmlf.miam.dev\/en\/draft-law-no-246-on-the-use-of-a-digital-recording-device-on-a-shared-registry-for-the-stocks-and-shares-of-non-listed-companies\/\">Draft law No. 246 on the use of a digital recording device on a shared registry for the stocks and shares of non-listed companies<\/a> (S.A.\/S.A.R.L.)<\/p>\n<p><a href=\"https:\/\/gbmlf.miam.dev\/en\/law-1482-for-a-digital-principality\/\">Law No. 1.482 of 17 December 2019 for a Digital Principality<\/a><\/p>\n<p><a href=\"https:\/\/gbmlf.miam.dev\/en\/law-1483-on-digital-identity\/\">Law No. 1.483 of 17 December 2019 on Digital Identity<\/a><\/p>\n<p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> Article 2 of \u00a0Law No 1.482 of 17 December 2019 for a Digital Principality.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Legal News \u2502 26.06.2020 \u2502 IT \u2022 BLOCKCHAIN \u2022 VIRTUAL ASSETS \u2022 FINANCIAL A new method of financing for Monegasque companies Law No. 1.491 of 23 June 2020 relating to [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":4864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Monaco adopts Legislation on Initial Coin Offerings (ICO) and Security Token Offerings (STO) [OFFRES DE JETONS] - Giaccardi &amp; 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