MONACO EMBRACES CRYPTOCURRENCY IN 2022

A New Frontier for Blockchain Technology and Digital Currencies

As the year comes to a close, Monaco stands at the threshold of a major development in its approach to cryptocurrency. The principality has been exploring the potential of blockchain technology and digital currencies for several years now, and it seems that 2022 will be the year when it takes concrete steps towards embracing this new frontier.

The Rise of Cryptocurrencies

Since Bitcoin’s launch in 2009, the value of cryptocurrencies has skyrocketed from mere cents to thousands of euros. While some have called for its introduction in Monaco, others have expressed concerns about its potential impact on the financial system. However, with the government actively working to create a favorable environment for blockchain-based businesses, it seems that the tide is turning in favor of cryptocurrency.

Key Dates and Developments

• 2017: The National Council passes Law No. 237, which laid out the terms and conditions under which blockchain would be used, established a three-year trial period, and created the Monegasque Blockchain Authority (AMB).
• June 2019: Bill No. 995 is introduced to strengthen the 2017 law by allowing Initial Coin Offerings (ICOs), a type of token offering scheme.
• 2020: Bill No. 1482 is passed, which aimed to establish a climate of trust online and included provisions related to digital exchange security. Bill No. 1491 also passes, concerning Security Token Offerings (STOs).

A New Era for Cryptocurrency in Monaco

As we enter 2022, a new law regulating trading platforms, known as Digital Asset Service Providers (DASPs), is on the horizon. This law aims to strengthen security measures for traders and provide a clearer framework for cryptocurrency trading in Monaco.

Benefits of Embracing Cryptocurrency

• Favorable business environment: Monaco’s proactive government approach makes it an attractive destination for blockchain-based businesses.
• Significant promise for businesses and individuals: Experts believe that cryptocurrencies hold significant potential for growth and development.

Conclusion

As the principality takes steps towards embracing cryptocurrency, it will be exciting to see how this new frontier develops in the coming year. Will we soon be able to pay our lunch bills with cryptocurrencies? Only time will tell, but one thing is certain – Monaco is ready to take on this new challenge head-on.