Monaco proposes MiCA-style crypto licensing regime

A proposed overhaul would place Monaco’s crypto sector under a unified CCAF-led licensing and supervision framework.

Monaco’s government has submitted Bill No. 1131 to the National Council, proposing a new licensing and supervisory framework for crypto-asset service providers.

The legislation would replace the regime introduced under Law No. 1.528 in 2022. It draws on the EU’s Markets in Crypto-Assets Regulation and standards developed by the Financial Action Task Force.

Monaco is not an EU member, and MiCA does not apply there directly. The government is instead using the European framework as a regulatory reference while adapting the proposed rules to the principality’s financial system.

Bill No. 1131 would establish a more clearly defined list of regulated crypto services and introduce requirements covering governance, prudential safeguards and professional conduct.

Providers would need prior authorisation from the Commission for the Control of Financial Activities. Decisions would follow assessments involving the Monegasque Financial Security Authority and the Monegasque Digital Security Agency.

The proposal would also broaden the Commission’s supervisory and enforcement powers, giving it greater responsibility for monitoring compliance and responding to unauthorised crypto activities.