Monaco Overhauls Crypto Regulations Amid Rapid Sector Growth
The Monegasque government has introduced a new law to regulate crypto-asset service providers in the Principality. Bill no. 1131, filed with the Conseil National on August 6th, aims to overhaul the rules governing this sector and bring Monaco's regulations into line with international standards.
The move reflects the rapidly evolving nature of the sector, which has undergone significant changes since Monaco enacted its previous law in July 2022. The new bill draws on the EU's Markets in Crypto-Assets regulation (MiCA) and takes account of the Financial Action Task Force (FATF) standards.
The proposed law sets out precisely which crypto-asset services may be carried out in Monaco, while also establishing professional obligations for providers covering governance, prudential rules, and conduct. Firms seeking to operate would require authorisation from the Commission for the Control of Financial Activities (CCAF), granted after opinions from the Monegasque Financial Security Authority (AMSF) and the Monegasque Digital Security Agency (AMSN).
The government presents this reform as an attempt to provide firms with a clear, demanding, and secure set of rules that meet international standards while reflecting Monaco's unique model.