Monaco proposes MiCA-style crypto licensing regime

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.

The bill has not yet been adopted and may be amended during consideration by the National Council. Further implementing measures would also be required before the new framework could become fully operational.

The reform comes as Monaco works to strengthen its anti-money laundering regime. The principality remains under increased FATF monitoring, although the organisation concluded in June that Monaco had substantially completed its action plan and qualified for an on-site assessment.

Why does it matter?

A MiCA-style licensing system could bring Monaco’s crypto rules closer to those used in neighbouring European markets while strengthening governance and financial crime controls. However, the final obligations for crypto companies will depend on the bill’s adoption and the secondary rules required to implement it.

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