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Monaco Plans To Fund Social Projects With STO

26 June 2020 17:30, UTC
Monaco Plans To Fund Social Projects With STO
By Anna Martynova

Monaco's Office of Digital Affairs has announced that the government has signed MoUs with Luxembourg-based Tokeny Solutions startup. The Principality has chosen Tokeny Solutions as a tokenization partner - last week the National Council voted to issue the STO law. The collaboration aims to support environmental and social policy (ESG) projects, which are expected to be approved by the government, and selected projects will be funded through STO.

It is expected that this step will lead to increased financial activity in a wealthy state, where every third resident is a millionaire. Frédéric GENTA, Head of Digital Development of the Principality, said that Monaco should build and implement its ambitions through the STO system. Genta also added that the STO law and collaboration with Tokeny are important milestones in supporting this process.

It is known that the principality plans to further elaborate on the regulation of STO in order to facilitate the work of companies such as Tokeny in Monaco. The government will select and approve projects in all detail, ensuring compliance with the KYC and AML procedures in order to provide investors with reliability and security in the observance of their rights. However, investors, in their turn, will also be subject to certain requirements.

Image courtesy of Departures



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