Monaco Aligns Crypto Licensing Framework with EU Standards
Monaco has introduced a comprehensive crypto licensing framework aligned with EU standards. The legislation aims to modernize portions of the 2022 regulatory structure by implementing enhanced authorization protocols, governance standards, and compliance frameworks.
The new framework establishes mandatory pre-authorization requirements for crypto-asset service providers through the Commission de Contrôle des Activités Financières (CCAF). This regulatory body would evaluate service offerings, organizational governance structures, prudential protection measures, and professional standards before issuing operational permits.
Monaco's proposed regulatory architecture mirrors the authorization structure implemented throughout the European Union under the MiCA regime. The MiCA regulation mandates that licensed crypto operators satisfy comprehensive requirements spanning organizational governance, consumer safeguards, prudential oversight, and ethical business practices.