Overview
- Monaco’s government formally submitted Bill No. 1131 to the National Council on Aug. 6 to replace the 2022 two-track crypto law with a single licensing framework.
- The proposal would require prior authorization from the Commission de Contrôle des Activités Financières (CCAF) for all regulated crypto‑asset service providers and define a clear list of covered services.
- License applications would be reviewed by the Autorité Monégasque de Sécurité Financière for financial‑security issues and by the Agence Monégasque de Sécurité Numérique for cybersecurity before the CCAF decides.
- The bill expands the CCAF’s ongoing supervisory and enforcement powers and adds governance, prudential and conduct requirements that mirror central elements of the EU MiCA model.
- If the National Council approves the law, Monaco will need secondary implementing regulations to set technical licensing, prudential and operational rules and businesses should expect higher compliance costs and stricter entry checks.