While a tiny nation, endorsement and usage from the Government of Monaco is a huge step for Tokeny; It validates the work they have been doing, and the potential of what they are yet to achieve.
As it stands, the agreement between Monaco and Tokeny exists as a memorandum of understanding (MOU). While not a binding contract, the MOU essentially means that formal documents have been signed by each of the parties, indicating their intent to work together.
Upon announcing this new development, representatives from each, Tokeny and the Principality of Monaco, took the time to comment.
Luc Falempin, CEO of Tokeny Solutions, stated,
“The lack of high quality tokenized assets has been a stumbling block in the tokenization industry. 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.”
Frédéric Genta, Delegate for Digital of affairs Chief Digital Officer of the Principality of Monaco, stated,
“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.”
More than Promise
News of this newly established MOU goes beyond just promise, though. Tokeny has announced that they already have companies lined up, waiting to capitalize on their services and friendly regulations.
The first example of which, is IceBreaker. This production company hopes to leverage the benefits of hosting an STO, in order to fund and monetize content such as films and exhibits. IceBreaker is spearheaded by, Acadamy award winning filmmaker, Luc Jacquet.
He commented on plans at IceBreaker, stating,
“IceBreaker intends to leverage blockchain technology to facilitate the financing of meaningful content production while retaining all associated rights enabling new monetization opportunities via films, exhibitions, etc. March of the Penguins and the subsequent Antarctica exhibition have demonstrated that the model can be a profitable one making it appealing to investors while preserving the freedom to express my creativity and promoting the virtuous value of the projects I carry”.
With a population of roughly 40,000, and a geographical footprint of just <1sq mile, Monaco holds the title of the second smallest country on Earth. Despite this, it remains one of the wealthiest nations, as well, with over 30% of the population being millionaires.
Founded in 2017, Tokeny is based out of Luxembourg. Above all, the team at Tokeny has been working to develop, and spur adoption of, a suite of services tailored towards the digital securities sector.
CEO, Luc Falempin, currently oversees company operations.
Speaking with Luc
If interested in learning more about Tokeny, and what the company has to offer, make sure to peruse our past interview with CEO, Luc Falempin. In this discussion Luc Falempin touches on his personal discovery of blockchain, and what makes Tokeny special.