Monaco moves to overhaul crypto rules with MiCA aligned framework

Monaco’s government has submitted a bill to replace its 2022 crypto regulatory regime with a new licensing framework that would place crypto-asset service providers under stricter authorization, governance and compliance requirements. Summary Monaco has proposed a new crypto licensing framework aligned more closely with MiCA and FATF standards. Crypto service providers would need prior CCAF authorization and face stricter governance, prudential and conduct requirements. The bill would replace Monaco’s 2022 crypto regime and expand the CCAF’s supervisory and enforcement powers. Monaco remains on the FATF grey list and the EU’s list of high risk jurisdictions for money laundering. The government’s Bill No. 1131 was formally submitted to Monaco’s National Council on Aug. 6, setting out a new framework designed to bring the Principality’s crypto rules closer to the European Union’s Markets in Crypto-Assets Regulation and standards developed by the Financial Action Task Force. If adopted, the legislation would replace key parts of the system introduced under Law No. 1.528 in July 2022, while giving Monaco’s financial regulator a larger role in approving and supervising companies offerin...