Monaco has submitted a draft bill to replace its 2022 crypto rules, aligning its regulatory environment with the MiCA framework and Financial Action Task Force standards.
Key Takeaways
Monaco submitted Bill No. 1131 on Aug. 6 to replace Law No. 1.528 and reform crypto rules.The CCAF will enforce MiCA and FATF standards following Monaco’s 2024 grey-listing.National Council approval of Bill No. 1131 will trigger secondary technical rules for providers.The new legislation more clearly defines which crypto‑asset services may legally operate in Monaco and introduces stricter operational requirements covering corporate governance, prudential safeguards and professional‑conduct standards. Under the proposed rules, providers must obtain prior authorization from the CCAF.
If approved by the National Council, the statutory framework will be followed by secondary implementing regulations detailing practical and technical requirements for businesses.
Inclusion on the European Commission’s high‑risk list can lead to transaction delays and higher costs. Over time, the designation may result in sovereign and corporate credit rating downgrades, raising borrowing costs for local institutions on international capital markets.
