Monaco government proposes new rules for crypto-asset providers
Monaco has proposed new rules for crypto-asset providers aimed at strengthening regulation, oversight and safeguards while aligning more closely with EU standards.
Monaco’s government has submitted a bill to modernise the Principality’s legal framework for crypto-asset service providers, citing the rapid development of the sector and changes to international regulations.
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Bill No. 1131 was submitted to the National Council on August 6.
It would replace rules introduced in 2022 and bring Monaco’s framework closer to the European Union’s Markets in Crypto-Assets Regulation (MiCA), while taking account of Financial Action Task Force (FATF) standards.
The proposed legislation would define which crypto-asset services can be offered in Monaco and establish requirements covering governance, prudential safeguards and professional conduct.
Providers would need prior authorisation from Monaco’s financial regulator, the Commission de Contrôle des Activités Financières (CCAF), following reviews by the Autorité Monégasque de Sécurité Financière and the Agence Monégasque de Sécurité Numérique.
The bill would also expand the CCAF’s supervisory powers, with the government saying the changes are intended to strengthen compliance and help prevent illicit activity.
If approved by the National Council, the new framework would be supplemented by implementing regulations setting out how the rules will operate in practice.