Monaco proposes crypto regulation overhaul aligned with EU

Monaco’s Bill No. 1131 aims to align crypto rules with EU MiCA and FATF standards, centralizing licensing under the CCAF and strengthening compliance and oversight.

Monaco has introduced Bill No. 1131 to its National Council, aiming to overhaul its crypto asset regulatory framework by replacing the 2022 regime. The proposed legislation seeks to align Monaco’s rules with the European Union’s Markets in Crypto-Assets Regulation (MiCA) and Financial Action Task Force (FATF) standards. The bill establishes a centralized licensing and supervisory system under the Commission de Contrôle des Activités Financières (CCAF), requiring all crypto service providers to obtain pre-authorization before operating. The approval process will also involve the Autorité Monégasque de Sécurité Financière for financial and operational assessments, and the Agence Monégasque de Sécurité Numérique for cybersecurity protocols. If adopted, the bill will consolidate Monaco’s dual-track approval process into a unified regime, raise governance and compliance standards, and trigger the drafting of supporting technical rules. This move comes as Monaco remains on the FATF grey list and the EU’s list of high-risk jurisdictions for money laundering.