Monaco Taps EU Crypto Regulation for New Licensing Regime
Monaco is set to implement a new licensing and supervisory framework for crypto-asset service providers, building on the EU's Markets in Crypto-Assets Regulation (MiCA). The proposed overhaul would place Monaco's crypto sector under the unified CCAF-led framework. This move aims to strengthen governance and financial crime controls.
Bill No. 1131, submitted by Monaco's government to the National Council, proposes a new regime that draws on MiCA standards and those developed by the Financial Action Task Force (FATF). While Monaco is not an EU member, it has used the European framework as a regulatory reference point.
The proposed legislation would introduce requirements covering governance, prudential safeguards, and professional conduct. Providers would need prior authorisation from the Commission for the Control of Financial Activities, with decisions following assessments involving the Monegasque Financial Security Authority and the Monegasque Digital Security Agency.