Monaco submitted Bill No. 1131, aiming to align with MiCA and FATF standards

The Monaco government submitted Bill No. 1131 to the National Council, intending to replace Law No. 1.528 passed in 2022, and to align the regulatory framework for crypto assets more closely with the EU's Markets in Crypto-Assets Regulation (MiCA) and the Financial Action Task Force (FATF) standards.

The proposed regulation will clarify the crypto asset services that can be conducted in Monaco and enhance corporate governance, prudential safeguards, and professional conduct requirements. Service providers must obtain prior approval from the Commission de Contrôle des Activités Financières (CCAF), and the relevant licenses must also be jointly reviewed by the Autorité Monégasque de Sécurité Financière and the Agence Monégasque de Sécurité Numérique. The bill also expands the supervisory and enforcement powers of the CCAF. If approved by the National Council, Monaco will further develop supporting implementation rules; Monaco has been placed on the FATF grey list starting in the summer of 2024 and has been included in the European Commission's list of high-risk countries for money laundering.