Monaco tightens the grip on crypto and prepares a new framework inspired by MiCA

The government of Monaco presented bill no. 1131 to the National Council on August 6. This reform aims to replace the framework adopted in 2022 and bring the Principality closer to European standards. At the heart of the text, MiCA accompanies a revision of the obligations imposed on crypto-asset service providers. The project also strengthens controls and compliance requirements in response to the expectations of the FATF and the European Commission.

In brief

Monaco wants to align its regulation with MiCA

Bill no. 1131 provides a new legal basis for service providers related to crypto-assets. Monaco thus wishes to bring its system closer to the European MiCA regulation and the standards of the Financial Action Task Force, FATF. The text explicitly replaces law no. 1.528, adopted in July 2022. This initial regulation separated activities by their nature and imposed several levels of authorization.