Monaco Seeks Path Off FATF Grey List with MiCA-Based Crypto Regulations
Monaco is overhauling its regulatory framework for digital assets by introducing a new licensing regime modeled on the European Union's Markets in Crypto-Assets Regulation (MiCA). The principality has filed Bill No. 1131, which proposes to repeal the existing crypto law and concentrate authority over crypto-asset service providers under the Commission de Contrôle des Activités Financières (CCAF).
The current framework splits oversight along functional lines, with different authorities handling issuance and operational services, and crypto-linked investment services. The proposed bill would replace this structure with a unified licensing regime, requiring any company seeking to offer crypto-asset services in Monaco to obtain prior authorization from the CCAF.
The CCAF's mandate would be expanded to include ongoing supervisory and enforcement powers, allowing it to monitor licensed firms, impose sanctions, and intervene when compliance failures emerge. The government has framed the enhanced oversight as essential to reducing exposure to money laundering and other financial crimes.