iExec receives French SEC approval for its Enterprise Marketplace Token Swap Offering
14 October 2020. iExec obtained a Visa from the ‘Autorité des Marchés Financiers’ (the French equivalent of the SEC) for its new Enterprise Marketplace token swap offering, allowing enterprises to exchange cloud resources in a regulated and compliant environment. The enterprise adoption facilitated by the AMF visa will directly benefit the iExec RLC token economics.
What is the iExec Enterprise Marketplace?
Based on the Ethereum blockchain, the iExec Enterprise Marketplace will allow for the peer-to-peer exchange of three types of cloud resources: Computing power, Applications, and Datasets. Providers can decide the price at which they rent out their cloud resources and consumers pay for the resources they use with zero additional marketplace fees.
The need to create an Enterprise version of the iExec Marketplace comes from the difficulties faced by companies wanting to benefit from the innovation brought by blockchain and crypto assets while at the same time staying compliant with the stringent regulatory environment in place. Anti-money laundering (AML) and countering the financing of terrorism (CFT) laws require enterprises to verify the identity, suitability, and risks associated with each of its stakeholders. With the European Union’s 5th Anti-Money Laundering Directive, plus the full implementation of the Financial Action Task Force’s “travel rule” that is just around the corner, companies can’t take the risk to expose themselves to penalties from the regulatory authorities (i.e. fines, business restrictions, etc…).
Thanks to strict compliance procedures attached to the eRLC token (a wrapped RLC token), the iExec Enterprise Marketplace will provide all the needed guarantees for companies to transact using blockchain technology, while still maintaining perfect compliance.
Another key feature coming to the marketplace is the ability for companies to generate/get invoices according to the resources they provided/consumed, which is an accounting requisite of all companies when doing invoice reconciliation.
The eRLC token, an Enterprise version of the RLC token
The purpose of the ‘eRLC token’ (standing for ‘Enterprise RLC’) will be to enable the payment of the resources exchanged on the iExec Enterprise Marketplace while maintaining a strict level of compliance regarding Know-Your-Customer (KYC), Know-Your-Business (KYB), and Anti-Money-Laundering (AML) laws. These guarantees will offer a unique opportunity for enterprises to experiment with crypto assets within a regulated marketplace.
Terms of the eRLC token swap offering
From February 1st, 2021, after completing a KYC/KYB procedure on the iExec platform, and given that the subscriber acquires or already owns RLC tokens, he will be able to perform the swap between RLC and eRLC and start using the iExec Enterprise Marketplace.
The RLC tokens will be escrowed in a smart contract while the same amount of eRLC tokens will be issued to the subscriber (1 RLC = 1 eRLC). At any given time, eRLC holders can swap it back for RLC tokens. This gives enterprises and individual users the choice: whether to use the ‘enterprise-friendly’ version of the token, with its strict AML/CFT guarantees, or to stick with the original and public version of it. Either way, the tokenomics of the RLC token is reinforced, benefiting from the enterprise adoption.
Information Document
Find the Information Document detailing all the terms of the token public offering at https://iex.ec/enterprise-marketplace.
The AMF Visa approval
The eRLC token swap offering has obtained the AMF Visa N° ICO.20-508 (see AMF website), delivered by the Financial Markets Authority or ‘Autorité Des Marchés Financiers’ (AMF) in France.
“Very few initiatives from financial regulators around the world proved to be as relevant as the AMF visa when it comes to digital assets public offering. The AMF visa combines both high standards to protect investors, as well as a necessary level of freedom to allow for innovation. Enterprises involved in cloud computing care about regulation and being able to offer an AML/CFT compliant version of the RLC token will boost Enterprise adoption, while at the same time reinforcing the iExec ecosystem as a whole.” — Gilles Fedak, CEO @ iExec
“The Asian Enterprise market is among the world’s largest markets. China developed its own cryptocurrency (DCEP) and Chinese regulators now believe that the DCEP provides an opportunity to evolve into a leading global currency. However, there are very few regulated tokens in Asia. The compliant version of the RLC token will open up the door to the Asian market” — Haiwu HE CoFounder, Head of APAC @ iExec
About iExec
iExec has developed the first decentralized marketplace exchanging for cloud computing resources. Blockchain technology is used to organize a marketplace where users can monetize their computing power, applications, and datasets.
Its representative heads the ‘Trusted Compute Working’ group within the Ethereum Enterprise Alliance. It has partnered with Intel to release a ‘trusted compute’ solution for blockchain (TEE using Intel SGX) and is a member of the Confidential Computing Consortium (CCC) and the Google Confidential Computing program. Other iExec collaborators include Genesis Cloud, EDF electrical utility company, EEA, and Ubisoft.
Token Information
Token Swap Offering Information
General warning
Investment in an initial coin offering as defined in Article L. 552–3 of the Monetary and Financial Code entails risks of a partial or complete loss of the investment. No guarantee is given regarding the liquidity of the tokens acquired in the offering, the existence of a secondary market for said tokens, the value of the tokens acquired in the offering, and the exchange value of said tokens in legal currency. Tokens do not constitute financial instruments within the meaning of Article L. 211–1 of the Monetary and Financial Code and confer no other right than those described in the information document. In addition, the regulatory framework applicable to the offering and to the tokens as well as the tax regime applicable to the holding of tokens are not defined to date in certain jurisdictions. The approval issued by the AMF concerns only the offering covered by this information document. As from the end of the offering, the AMF will not monitor the issuer or its project. Any communications subsequent to the offering and relating thereto will not be reviewed by the AMF.
The subscriber is invited to read section 4 “risk factors” of the Information Document.
More information at https://iex.ec/enterprise-marketplace.
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