In brief
- Blockchain startup Tokeny sign a MoU with the government of Monaco, becoming their de facto tokenization platform.
- The collaboration will grant Monaco's seal of approval to quality companies.
- IceBreaker, the production company of Oscar-winning documentary filmmaker Luc Jacquet, is the first project to take advantage of the initiative.
Blockchain startup Tokeny solutions is set to become the government of Monaco’s de facto blockchain-based tokenization platform.
A memorandum of understanding signed between the pair aims to foster greater compliance and quality to tokenized financial instruments in the country. Monaco will encourage project development by granting an official seal of approval—a mandatory label issued by the ministry of state to qualifying projects.
"Monaco is moving towards its ambition to become a funding nation for progress with our STO framework," explained Frédéric Genta, Delegate for Digital of affairs chief digital officer of the Principality of Monaco. "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."
What Is Tokenization?
Traditional asset management is a laborious process. It often requires the involvement of numerous middlemen, including various state bodies and regulators. Assets such as stocks, bonds, property, or even land can often be prohibitively expensive and time-consuming to manage, putting them beyond the reach of the vast majority of the world’s population. What’s more, traditional asset management typically involves complex legal agreements and lots of paperwork, which makes it all very difficult...
The first project to be onboarded to the initiative is Icebreaker, a production company of producer Sophokles Tasioulis and Oscar-winning documentary filmmaker Luc Jacquet—whose repertoire includes the blockbuster documentary "March of the Penguins."
The initiative will allow projects such as IceBreaker a route to funding while preserving all associated rights.
"The lack of high quality tokenized assets has been a stumbling block in the tokenization industry," says Luc Falempin, CEO of Tokeny Solutions.
"With the mandatory label, projects selected by the Principality of Monaco will be easily recognized by investors as serious and quality investment opportunities. Then, the rights of investors will be guaranteed by their onchain identity. For the issuer, AML and KYC will be automatically enforced in any transfer," he added.
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Alan Carr has never cared much for cats. But in a strange quirk of fate, he’s found himself the proud owner of 926 CryptoKitties. For the past two years, he’s obsessed over the digital collectibles, culminating in him landing a job as a product designer at Axiom Zen, the company behind CryptoKitties in March 2018. “This is my Ikigai,” Carr told Decrypt, referencing a Japanese concept which roughly means one’s passion in life. “This is the intersection of something I’m interested in, something I...
The partnership comes soon after the principality passed a bill sanctioning security token offerings (STO). Alongside the bill, Monaco intends to issue a regulatory framework further aiding the tokenization sector.
