As we wrote before there are serious legal problems behind the Mona.co Visa card and cryptocurrency platform.
Few weeks ago we highlighted that since 2012 Monaco also protects its name as a brand, therefore it is not easy to use the word “Monaco” or “Monte-Carlo” in your company, brand or in your product name anymore.
First VISA came forward against the Mona.Co Visa card, now Monaco Brands issued an official statement.
They insist that the launch of this payment card infringes its rights and it has already initiated opposition proceedings.
As Monaco Wealth Management previously explained:
Since 2012 Monaco also protects its name as a brand, therefore it is not easy to use the word “Monaco” or “Monte-Carlo” in your company, brand or in your product name anymore. However it is obvious that Monaco and Monte-Carlo are names which have been a magnet for prestigious and luxury brands.
In 6 April 2012 a Monaco based limited company was created protecting the “Brands of the State of Monaco”, it is called Monaco Brands. They are safeguarding, promoting and defending the entire portfolio of brands they own or license.
Therefore once you use Monaco as a company or commercial name, or as a product name you breach international trade mark rights.
Now Monaco Brads issued its first official statement against the Mona.Co cryptocurrency payment:
MONACO BRANDS was informed of the launch of a payment card called “MONACO VISA®” by the company FORIS Limited.
The company FORIS Limited (previously called “MASTERFUND TECHNOLOGY LIMITED”) is a very new Hong Kong company, registered on 30 June 2016. It appears to operate the “MONACO VISA®” via the Swiss company “MONACO TECHNOLOGY GMBH”.
MONACO BRANDS recalls that the name “MONACO” is protected worldwide and indicates that it has not issued any authorisation to use the name “MONACO” to the companies FORIS LIMITED and MONACO TECHNOLOGY GMBH.
Furthermore, MONACO BRANDS stipulates that these two companies do not exercise any activity within the territory of the Principality of MONACO. The payment card “MONACO VISA®” therefore has no link to the territory of the Principality of MONACO.
MONACO BRANDS, whose role is to protect, increase the value of and defend all of the worldwide portfolio of the brands “MONACO” and “MONTE CARLO” associated with the Principality considers that the launch of this payment card infringes its rights.
It takes the actions of the companies FORIS LIMITED and MONACO TECHNOLOGY GMBH and intends to take all of the measures necessary to preserve the intellectual property rights which it owns. For this purpose, it has already initiated opposition proceedings against the applications to register the trademarks by FORIS LIMITED as part of this activity.