Bill No. 1131 would replace Monaco's 2022 crypto rules with CCAF-based licensing, adding governance, prudential and conduct requirements closer to EU MiCA standards.
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Monaco’s government wants to scrap its 2022 crypto rules and replace them with a licensing framework that puts crypto-asset service providers under closer supervision. Bill No. 1131, submitted to the National Council on Aug. 6, would require companies to get prior authorization from the Commission de Contrôle des Activités Financières before offering any regulated crypto services.
The proposal pushes the Principality closer to the European Union’s Markets in Crypto-Assets Regulation, even though Monaco is not an EU member. Two other agencies would weigh in on each application: the Autorité Monégasque de Sécurité Financière on financial-security issues, and the Agence Monégasque de Sécurité Numérique on cybersecurity.
Monaco’s existing regime dates to July 2022, when Law No. 1.528 split oversight between the Minister of State and the CCAF depending on what type of crypto service a company provided. The new bill consolidates that structure around a single authorization process and a defined list of regulated services. It also adds requirements on corporate governance, prudential safeguards and professional conduct.
The shift comes while Monaco remains under international monitoring for weak anti-money laundering controls. FATF placed the Principality on its grey list in June 2024. The European Commission followed in June 2025, designating Monaco a high-risk third country for money laundering and terrorist financing under the EU’s framework, effective Aug. 5, 2025.
Companies falling under the EU’s anti-money laundering rules must apply enhanced vigilance to transactions linked to high-risk jurisdictions. That can add time and cost for any financial institution dealing with Monegasque counterparties.
Monaco’s government tied the tighter authorization and supervision rules to its effort to strengthen compliance and reduce exposure to illicit finance. The CCAF would also get broader supervisory and enforcement powers under the bill, not just a gatekeeper role at the licensing stage.
The EU’s own transition under MiCA ended July 1. More than 3,000 crypto businesses had registered across Europe before the new regime, but only 194 had secured full authorization by May 2026, according to Hogan Lovells. The law firm estimated roughly 75% of the pre-MiCA provider base could lose its previous registration as transitional protections expired.
On July 3, the European Securities and Markets Authority’s register showed 300 approved firms, up from 194. Standard Chartered and FalconX were among those that received authorization with passporting rights across the bloc. ESMA has since moved to supervision: in July it started reviewing selected MiCA-authorized crypto custodians on custody controls, key management, incident response and third-party risks.
For Monaco, the National Council must approve the bill before the government issues secondary regulations with the practical and technical requirements companies will have to follow. The primary legislation sets the framework; the implementation details come separately.
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