On 21 December, the National Council of the Principality of Monaco adopted a "blockchain" law proposal designed to encourage experimentation (particularly in the area of cryptographic currencies), "to develop a new sector of activity". in the Principality " and " to attract many companies that are today looking for a flexible, modern and pragmatic regulatory framework. "
The drafters of the text propose to lift, for a period of 3 years, "all the regulatory constraints" that could hinder the development of companies in the sector.
The proposal also announces the creation of the Monaco Blockchains Authority, which will be responsible for both enforcing legislation and regulations, informing the public and promoting blockchain experiments in the Principality. of Monaco - including in the field of cybermonnaies. In order to function, the State insures the AMB with an operating allowance inscribed in the State Budget. The Principality finally promises to provide companies with the material resources necessary for this experiment.
"Although the race is already underway by other states, we are still able to act as precursors and leaders, but on the condition of sharing together the statement and the will. "
The text :
N ° 237 - Bill of law relating to the blockchain of MT POYET, co-signed by JC. ALLAVENA, MT CROVETTO, Mrs. C. ROUGAIGNON-VERNIN and MC STEINER.
Article 1: Blockchains are shared, encrypted, consensus-based digital recording devices that enable secure authentication and certification of transactions.
Article 2: Smart contracts are algorithms with the ability to self-execute autonomously to move value or information across block strings. They constitute legal acts and produce effects of law. They obey, as reason, for their validity and their effects, the rules governing contracts.
Article 3: The algorithmic process is the operation by which one or more intelligent contracts, acting for a specific purpose for the benefit of one or more beneficiaries, issue or receive, transfer assets, goods, rights or security, or a set of assets, property, rights or security interests, present or future, to third parties.
Article 4: A cryptographic currency is a unit of electronic value usable on a chain of blocks, based on the principles of cryptography, which one can emit oneself or exchange and which makes it possible to settle transactions.
Article 5: Monegasque law is applicable to block chains, smart contracts, algorithmic companies and cryptographic currencies that produce effects on the territory of the Principality of Monaco. The effect is deemed to occur in the territory of the Principality of Monaco as soon as one of its constituent facts or one of its consequences has occurred in this territory.
The courts of the Principality of Monaco are competent in any fact or act any legal act under Monegasque law. The alien, even if he is not resident in the Principality of Monaco, may be summoned before the Monegasque courts, for the performance of the obligations contracted by him or the non-fulfillment of obligations established, on a chain of blocks, by the effect or intelligent contract, in the context of an algorithmic process or in relation to an algorithmic process, or because of the subscription or use of cryptographic money with any Monegasque people, carrying on an activity or having his domicile in the Principality of Monaco, including when these obligations were contracted with these same persons in a foreign country.
Anyone who is Monegasque or domiciled in the Principality can be brought before a court of Monaco, for obligations he or she has contracted in a foreign country on a block chain, through the effect or by means of a smart contract, within the framework of 'an algorithmic process or in relation to an algorithmic process, or because of the subscription or use of a cryptographic currency, even with a foreigner.
Article 6: The registration of a legal act in a chain of blocks is presumed to constitute a faithful, opposable and durable copy of the original, bearing a certain date.
Article 7: The Principality of Monaco encourages experimentation on block chains, smart contracts, algorithmic companies and cryptographic currencies so that promising innovations can be realized, tested on the market and have the possibility of to be widely adopted, both in Monaco and abroad.
As such, the Principality of Monaco organizes for this purpose the experimentation for a period of three years, by the companies that wish so to promote the development of all solutions based on block chains, smart contracts, algorithmic companies or cryptographic currencies. It thus makes available to these companies the material resources necessary for this experiment, ensuring during the above-mentioned period, the absence of regulatory constraints.
The results of this experiment are the subject of a publication.
Article 8: There is established a body under private law, called "Monaco Monetary Blockchains", abbreviated as AMB, responsible, in terms of block chains, smart contracts, algorithmic companies and cryptographic money to ensure, for the account of the State, to the application of the legislation and regulations in these matters, and, where necessary, to monitor and transmit to the competent authorities for the purpose of investigation and sanction, as the case may be, the failings it finds. It also ensures the information of the public and accompanies it, if necessary, through a mediation system that it sets up.
Article 9: The AMB is composed of representatives of the Government, representatives of companies, associations and unions involved in the digital field, as well as academic figures and recognized practitioners in this field, including the President of AMB. these are appointed by sovereign order.
The AMB has services headed by a Secretary General and placed under his authority. The Secretary General is responsible for the operation and coordination of these services.
The AMB may consult any person likely to enlighten its work or to assist it in the exercise of its missions.
Article 10: The AMB is responsible for promoting the Principality of Monaco in terms of block chains, smart contracts, algorithmic companies and cryptographic currencies. The AMB will be called upon to represent the Principality of Monaco with bodies and organizations of foreign or international nations in all or part of these same subjects accompanied by the appropriate state representatives.
In particular, the AMB will focus on applications that fall within the action program set out in Article 12.
Six months after the end of the three-year experiment referred to in Article 7, the AMB will present to the Minister of State and the National Council a progress report on the results of the experiment.
The AMB is in charge of drafting and submitting for the approval of the Minister of State a General Regulation which will frame its action.
Article 11: The State assures the AMB, by an operational endowment inscribed in the Budget of the State, the credits necessary for its operation and the accomplishment of its missions.
Article 12: The AMB strives to promote the experimentation of block chains, smart contracts, algorithmic companies and cryptographic currencies in particular in the following priority fields of activity:
- Creation of an incubator and a pole of dedicated university research;
- Self-consumption and trading of renewable energies and other resources;
- Labeling and food traceability;
- human and animal health;
- The preservation of animal species in danger;
- The environment ;
- The sport ;
- electronic communications;
- The smart city;
- the issuance of cryptographic money;
- Social Security ;
- Modernization of the state and taxation;
- Work ;
- Tourism ;
- Insurance and reinsurance;
- Market finance and corporate finance;
- international payments;
- the digital identity;
- Digital intelligence;
- Intellectual property ;
- The contribution to the international influence of Monaco.
Article 13: A Sovereign Order determines the conditions of application of this law.