Tokeny Solutions, a digital asset platform providing primary issuance of security tokens, has signed a Memorandum of Understanding (MoU) with the Principality of Monaco. The Luxembourg based Fintech is expected to provide support for the issuance of various tokenized financial instruments.
According to a statement on the Tokeny site, the initiative will support Monaco with its forthcoming regulatory framework to become the world’s first state utilizing the benefits of decentralized finance (DeFi). Reportedly, Monaco’s goal is to become a “Funding Nation for progress,” a global market where projects are developed and financed.
Issuers selected by the Monaco authorities will require a mandatory label that is designed to be recognized as a quality offering and investment opportunity. The rights of investors will be guaranteed by their on-chain identity with AML and KYC automatically enforced, explained Luc Falempin, CEO of Tokeny Solutions.
Tokeny Board Member Pierre-Edouard Borderie, Representative of Euronext, a Tokeny investor, stated:
“As a strategic investor in Tokeny Solutions, we are pleased that the Principality of Monaco has appointed the company as the tokenization platform of government-approved innovative projects. We are in particular proud that this project embeds clear ESG components and enables sustainable finance. This demonstrates the credibility of Tokeny Solutions’ team and technology. We look forward to seeing the success of sustainable projects endorsed by the Principality of Monaco and structured through the expertise and platform of Tokeny Solutions.”
Tokeny explained that the Principality of Monaco has passed a bill along with a favorable regulatory framework to encourage projects to tokenize securities. The complete regulatory framework is expected to come into force shortly.
“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,” said Frédéric Genta Delegate for Digital of Affairs of the Principality of Monaco.
A production company from Oscar-winning documentary filmmaker Luc Jacquet (“March of the Penguins”) will be first to be onboarded by the initiative, according to Tokeny.
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