Monaco's new crypto bill would replace the 2022 licensing regime with CCAF approval, moving the principality toward EU MiCA rules and away from FATF grey-list risks.
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Monaco's government presented bill no. 1131 to the National Council on Aug. 6. The text would scrap the crypto-authorization regime adopted in 2022 and bring the principality closer to the EU's Markets in Crypto-Assets regulation and the standards of the Financial Action Task Force.
The bill explicitly replaces law no. 1.528 from July 2022. That law separated crypto activities by nature and imposed several levels of authorization. Issuance and operational services needed approval from the minister of state. Investment services involving crypto-assets fell under the Financial Activities Control Commission. License applicants had to establish a company registered in Monaco, and foreign firms were barred from soliciting residents through unsolicited ads.
Services that can legally be performed in the principality are spelled out in more detail in the new text. It strengthens requirements on governance and prudential protections, and sets rules on professional ethics. Providers would need prior authorization from the Financial Activities Control Commission, or CCAF. Earlier split approvals give way to a single gatekeeper, a structure that mirrors the licensing model MiCA creates for crypto firms elsewhere in the EU.
Local press reported that license issuance would hinge on a joint review by the Monegasque Financial Security Authority and the Monegasque Digital Security Agency. Supervision and control powers for the CCAF would also expand. Authorities present the tightening as a way to improve rule compliance and prevent money laundering. Officials said the approach should clarify responsibilities and strengthen transaction traceability.
Monaco was added to the European Commission's high-risk money laundering list more than a year ago, and it has been on the FATF grey list since summer 2024. Those designations can delay transactions and push up costs. In the longer term, they could affect sovereign and corporate credit ratings, lifting borrowing costs for local institutions on international markets.
Monaco's push toward international standards in financial activity controls includes this reform, part of a wider regulatory trend across European crypto markets. If the National Council adopts the bill, implementing regulations will specify the practical and technical requirements for crypto companies, with MiCA as the benchmark.
The bill now moves through the National Council. No vote date has been set.
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