REGULATION : Initial Coin Offerings (ICO) and Security Token Offerings (STO) [OFFRES DE JETONS]

Sovereign Order 8.258 of 18 September 2020 implementing Act 1.491 of 23 June 2020 (and Erratum) amended [1] :

> Definition of a private « offre de jetons » ;

> Commission in charge of examining the application for authorisation ;

> Issuance of prior administrative authorisation in the form of a label ;

> Conditions to be met by a digital platform for the issuance of the authorisation in the form of a label;

> Documents and information to be attached to the application for authorisation [Model of the investor information document (White paper) in Annex A];

> The terms and conditions under which the issuer intends to place the funds raised in escrow;

> Availability to the public/investors of the information document drawn up in connection with the token offer;

> Application for an Amending Authorisation;

> Publication of the list of ICO/STO;

> Information by the issuer of the results of the ICO/STO;

> Procedures for hearings during on-site inspections or at the invitation of the issuer.

[1] Published in the Journal De Monaco on 25th September 2020, Erratum published in the Journal De Monaco on 2nd October 2020. Amended by Sovereign Order No. 8.467 of 21 January 2021 published in the Journal de Monaco of 29 January 2021.