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contrats à terme non livrables, qui permettent aux clients de se Selon Broc Pierce, président de la Bitcoin oundation, « Monaco
prononcer sur le prix futur du Bitcoin.. ue pense vous de cette devrait adopter le bitcoin à l’image d’El Savaldor » déclaration au
évolution? Ritossa famil office . u’en pense vous
Ce type de services requiert des systèmes informatiques très pointus e ne compare pas Monaco et le Salvador (sourire). En cette période
et des protocoles de contrôle des risques. de crise, la valeur refuge a été le dollar, qui s’est extr mement renforcé.
Ce n’est pas le cas des cryptomonnaies, certaines n’ont pas survécu…
Comment contr le vous l’origine des fonds en cr ptomonnaies Le peu de clients qui investissent dans les cryptos sont très sélectifs et
de vos clients? investissent moins de 5%… e ne pense pas que ce qui s’est passé ces
C’est beaucoup de travail. n travaille main dans la main avec le SICC I . dernières semaines va augmenter la part d’investissement dans les cryptos.

AMAF: “I don’t believe that customers are fond of

cryptocurrency” Interview by Milena Radoman

According to Gérald Mathieu, in charge of promoting Monaco’s financial marketplace at the
Monégasque Association of Financial Activities (AMAF), investments by Monaco clients in crypto
are marginal. Banks and management companies are, nevertheless, being forced to adapt.

What is your view of the evolution of the possible to get through difficult periods. Are market players reluctant towards crypto-
Monégasque banking sector in recent years? currencies and crypto assets?
The attractiveness of the banking sector has There was a time when it was said that people Market players are globally very dynamic on
grown in recent years. It is reflected in the recent deposited their money in Monaco but had it several subjects. They watch cryptocurrencies
arrival of very good international players such managed in Switzerland or elsewhere. Does carefully and are cautious in a good way. We
as Pictet and Goldman Sachs. This is good for that still apply? must put the client and the regulations at the
the market as a whole and for customers in It is much less true today. There are no official centre of our interests.
particular. It also meets regulatory needs and figures via the Banque de France but if, in an
is good for the onshorisation movement: these establishment like Barclays, some clients deposit Some banks are investing in them. For example,
big names needed to be in Monaco to manage the vast majority of their assets and others much since March 2021, Goldman Sachs has been
their clients, rather than doing it from elsewhere. less, it is also for the sake of risk diversification. offering Bitcoin Futures and Non-Deliverable
The marketplace’s appeal goes hand-in-hand with Major international clients diversify their personal Futures contracts, which allow clients to predict
the policy of attracting new residents, with a profile and professional assets and they do the same the future price of Bitcoin. What do you think
of young, working entrepreneurs and wealthy with banks, which is commonplace. of this development?
people. If the big names come and stay in Monaco, This type of service requires very advanced IT
it is because of the quality of the Principality’s You mention diversifying risk. Are clients in systems and risk control protocols.
clients, who require a private banking and asset Monaco fond of cryptocurrencies?
management service. We have nothing to be o, I don’t think they are. Do they invest part of How do you control the origin of your clients’
ashamed of compared to markets like Singapore their assets in cryptocurrency out of curiosity cryptocurrency funds?
and Dubai. Monaco offers a quality regulatory es, but it’s still very minimal. owever, It’s a lot of work. We work hand-in-hand with
environment, banks with adapted systems and some of our clients have made a fortune in SICCFI .
platforms and a level of sophistication that is cryptocurrencies, by investing or because of
sometimes even better than other places! their activity. This forces banks and management According to Brock Pierce, President of the
companies to adapt, to understand how they Bitcoin Foundation, “Monaco should adopt
Has the market been impacted by volatility have built their fortunes, the origin of the funds Bitcoin like El Salvador,” (statement to the
this year? and to equip themselves with appropriate internal Ritossa Family Office). What do you think of that?
At the end of September, the marketplace’s systems to manage risks properly. I don’t compare Monaco and E Salvador he
assets totalled €147 billion. We were inevitably smiles . In this period of crisis, the safe haven
impacted by the markets, which lost 20% this Are traditional finance and cryptocurrencies has been the dollar, which has strengthened
year, but the market’s assets are well diversified sworn enemies? enormously. This is not the case with
between cash, equities, bonds and alternative Cryptocurrencies are a risk to be managed just cryptocurrencies, as some have not survived.
management. There will be a minor impact. like any other in finance! On the risk scale, the level The few clients who invest in cryptos are very
Our business is a cyclical business, so I’m not is high, specially in terms of money laundering; selective and invest less than 5%. I don’t think
worried. Our market is buoyant, stable and well- but be careful not to confuse everything, as there what has happened in the last few weeks is going
structured at the same time, which makes it are hundreds of cryptocurrencies. to increase the share of investment in cryptos.

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