Monaco has submitted Bill No. 1131 to its National Council on August 6, proposing a new crypto-asset licensing framework that would replace parts of its 2022 legislation and align the principality more closely with the European Union’s MiCA model and FATF standards.
Under the proposed system, crypto-asset service providers would need prior authorization from the Commission de Contrôle des Activités Financières (CCAF). The CCAF would evaluate proposed services, governance arrangements, prudential safeguards, and professional conduct before granting regulatory approval. Applications would also be reviewed by the Autorité Monégasque de Sécurité Financière for financial-security matters and by the Agence Monégasque de Sécurité Numérique for cybersecurity controls.
The bill would replace Monaco’s existing two-track approval structure created by Law No. 1.528 in July 2022. That framework split oversight between ministerial approval for some providers and CCAF oversight for investment-related crypto services. Bill No. 1131 would simplify the structure by placing regulated crypto services under a clearer authorization system, while expanding the CCAF’s supervisory and enforcement powers after authorization.
The reform comes as Monaco faces stronger international scrutiny: FATF keeps the principality under increased monitoring, and the European Union classifies Monaco as a high-risk third country for anti-money laundering and terrorist financing controls. If the National Council approves the bill, implementing regulations would follow with further details on licensing procedures, supervision, and compliance obligations.
