Monaco files bill to align crypto rules with EU MiCA
Monaco submitted Bill No. 1131 on Aug. 6 to replace its 2022 crypto law and align rules with the EU’s MiCA and FATF anti-money-laundering standards.
Bill No. 1131 was submitted to Monaco’s National Council on Aug. 6 to replace Law No. 1.528 and align the principality’s crypto rules with the European Union’s Markets in Crypto-Assets Regulation (MiCA) and Financial Action Task Force (FATF) standards.
The draft law narrows which crypto-asset services may operate in Monaco and adds new operational requirements. Providers would need prior authorization from the Commission de Contrôle des Activités Financières (CCAF). The bill introduces corporate governance rules, prudential safeguards and professional-conduct obligations for licensed firms.
Law No. 1.528, adopted in July 2022, divided crypto activity into two tracks: asset issuance and operational services required approval from the State Minister, while investment services involving crypto assets required authorization from the CCAF. The 2022 regime required applicants to incorporate a registered company in Monaco and prohibited unsolicited marketing to residents.
Under Bill No. 1131, the CCAF would receive broader supervisory and enforcement powers. Licensing decisions would follow joint reviews by the Autorité Monégasque de Sécurité Financière and the Agence Monégasque de Sécurité Numérique, according to the draft. If the National Council approves the bill, secondary implementing regulations would set out technical and practical requirements for businesses.
Government officials have described the changes as intended to strengthen regulatory compliance and reduce the risk of money laundering and other illicit financial activity.
Monaco was added to the European Commission’s list of high-risk countries for money laundering and to the FATF grey list in summer 2024. The EU high-risk designation can lead to transaction checks and higher costs for cross-border payments and financial services.
If enacted, the new regime would align Monaco’s approach to authorization, conduct and supervision with MiCA and require more detailed secondary rules that determine how exchanges, custody providers and other crypto-asset services operate day to day.
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