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From 5G to the sovereign cloud and the Extended Monaco project, Monaco’s digital transition is well underway. The The Principality now has its eyes on the blockchain. But how to implement this novelty technology, considered by some to be the safest data storage technology in the world?
There was a time when people thought it was useless, but now even skeptics have joined the camp. So what exactly is blockchain? In short, blockchain is a completely transparent and secure data storage and sharing technology. For Monaco to become a leader in the field, the country must pave the way for the democratization of the blockchain. “Blockchain will open up new methods of financing, thus attracting new companies”, says David de Pariente, partner of the law firm Gordon S. Blair, adding “the Principality must seize this unique opportunity and be ahead of its competitors”.
Getting to grasp a new economic system
Just as the Internet has turned industries upside down and transformed the way we travel the world, blockchain should also make us rethink our systems and habits. Lawyer Thomas Brezzo is a member of the Munich National Council and president of the Legislative Commission. He believes the time has come to stop being afraid of the blockchain. “Technology has often been described as a ‘threat’ to the legal profession when it would actually simplify legal procedures, while being very cheap. We can mention for example a smart contract, which is executed automatically. However, even as technology becomes more and more present and there is widespread adoption of the blockchain, the legal profession will never be in danger. We will need the law to regulate the new economic system created by the blockchain and there will always be legislative issues to resolve, “he adds.
Blockchain and law
Blockchain is legally recognized by law No. 1.482 for a digital Principality, approved on December 17, 2019. The law was a first step to outline a judicial framework and allow the development of other projects, says Thomas Brezzo: “Law No. 1,491 of June 23, 2020 relating to token offerings introduced a legal framework into Monegasque law that allows fundraising through digital technology, such as blockchain, “he says.
Welcoming investors, but not at any cost
As more and more countries encourage companies to come and invest within their borders, Monaco has moved away from the trend. The Principality refuses to welcome investors at any price. To settle in Monaco, investors and companies will have to meet specific criteria and propose a project consistent with the Monaco brand.
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