Monaco is leading an ambitious development strategy to promote blockchain technology-based businesses with the creation of an international incubator “Monaco Tech” co-financed by the renewed tycoon Xavier Niel. A draft law promoting the development of businesses in the blockchain and smart contract technology has been recently issued by the government and further actions have been planned.
In that context several businesses related to the real estate industry have already been started such as the creation of Monaco Estate Token. The Initial Coin Offering (ICO) of this company will be the first real estate backed ICO. The collected money will be invested in properties, which will then be rented. The use of the blockchain smart contract technology will allow token holders to receive a monthly profit share via Ethereum payments.