June 25, 2020 Monaco passes ICO and STO law aimed at supporting ESG projects.

Monaco, the southern European principality, has passed legislation concerning initial coin offerings (ICOs) and private security token offerings (STOs) while also signing a memorandum of understanding (MoU) with Tokeny, a startup focused on tokenization. An official from Monaco’s Office of Digital Affairs stated that both initiatives are aimed at increasing fundraising efforts within the city-state, while Tokeny’s CEO, Luc Falempin, commented that the developments are also in part motivated by a desire to increase funding for environmental projects.