Monaco Tries to Harmonize Crypto Regulations with EU MiCA

Monaco's government is attempting to align its regulations with those of the European Union. The Principality filed Bill No. 1131 in early August, aiming to repeal its 2022 crypto law and rebuild rules for crypto-asset service providers around the EU's Markets in Crypto-Assets Regulation (MiCA). This move would change licensing requirements for firms offering crypto services.

According to the proposal, the new regulations would harmonize with MiCA, which could improve legal clarity and encourage adoption by exchanges, custodians, and other crypto firms. The government hopes that this alignment will attract more businesses to the region.

The submission of Bill No. 1131 comes as the global regulatory landscape continues to evolve. Monaco's move is seen as a step towards increased cooperation between European countries and their approach to cryptocurrency regulation.