iExec receives French SEC approval for its Enterprise Marketplace Token Swap Offering

This article was first published on iExec - Medium

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 ...

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