Using blockchain technology to finance the economy
The first meeting of the commission established by Article 2 of Act No. 1.491, dated 23 June 2020, on token offerings was held at the Ministry of State on Wednesday 30 September. It was attended by Jean Castellini, Minister of Finance and Economy, Frédéric Genta, Country Chief Digital Officer, and Pierre Silhol, Technical Advisor representing H.E. the Minister of State.
This first meeting follows the entry into force of the relevant Sovereign Ordinance (Sovereign Ordinance No. 8.258, dated 18 September 2020). The aim of this legislation is to offer a secure framework for businesses who want to finance their economic projects by raising funds through the use of blockchain-type technology.
Among other things, the law stipulates that token issues using any type of digital registration on a distributed ledger, such as blockchain, are subject to mandatory administrative authorisation. This authorisation is issued by the Ministry of State in the form of a certificate, following consultation with a specially established commission.
In particular, the commission will review whether the company issuing the tokens plans to provide subscribers with sufficient information and if the fundraising effort offers all of the required guarantees, including with respect to the technology that is to be used, and the arrangements for collecting and using the funds raised. It will also issue an advisory opinion in the event of possible administrative penalties, including the suspension or withdrawal of the authorisation granted.
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