Monaco's Bill 1131 creates a single CCAF license for crypto firms, aligning with MiCA rules. The FATF grey-list status adds urgency to the reform. Council debate pending.
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Monaco submitted a crypto licensing bill to its National Council on August 6. Bill No. 1131 would replace the principality's current two-track authorization system with a single license overseen by the Commission de Contrôle des Activités Financières (CCAF).
The legislation requires crypto-asset service providers to get pre-authorization from the CCAF. The agency evaluates the firm's services, governance structure, prudential protections, and professional standards before issuing a permit. Two other bodies feed into the process: the Autorité Monégasque de Sécurité Financière checks financial security, and the Agence Monégasque de Sécurité Numérique reviews cybersecurity infrastructure.
Monaco's existing rules, set in July 2022 under Law No. 1.528, split approval channels by service type. Some firms needed direct ministerial authorization; investment-oriented crypto businesses fell under CCAF. Bill 1131 consolidates that into one path.
The bill also expands the CCAF's oversight beyond the licensing stage. The agency gains authority for ongoing supervision and enforcement, shifting focus from entry controls to continuous monitoring. Government officials said the change raises compliance standards and reduces exposure to money laundering.
Monaco is aligning its rules with the European Union's Markets in Crypto-Assets regulation, even though it sits outside EU jurisdiction. The MiCA regime requires licensed operators to meet standards on governance, consumer protection, prudential oversight, and business conduct. Monaco would enforce comparable national rules through its own law.
The push comes as the Financial Action Task Force keeps Monaco on its grey list of jurisdictions under enhanced monitoring. The European Union also lists Monaco as a high-risk jurisdiction for money laundering and terrorist financing.
After the National Council approves the bill, the government will publish detailed implementation regulations. Those rules will clarify licensing procedures, supervision, compliance requirements, and operational standards. No date has been set for the council's debate.
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