Monaco Bill 1131 Aligns Crypto Rules with MiCA and FATF Standards

Monaco submits Bill No. 1131 to replace 2022 crypto law, enforcing MiCA/FATF compliance, stricter governance, and enhanced CCAF oversight to address gray-list risks.

Woofun AI reports that the Government of Monaco has submitted Bill No. 1131 to the National Assembly to replace Law No. 1.528 adopted in 2022. The legislation aims to align the regulatory framework for crypto assets with the European Union's Markets in Crypto-Assets Regulation (MiCA) and Financial Action Task Force (FATF) standards. The bill clarifies permissible crypto asset services while raising requirements for corporate governance, prudential safeguards, and professional conduct.

Service providers must obtain prior approval from the Commission for the Control of Financial Activities (CCAF), with licenses requiring joint review by the Autorité Monégasque de Sécurité Financière and the Agence Monégasque de Sécurité Numérique. The proposal also expands CCAF's supervisory and enforcement powers. If approved, Monaco will develop accompanying implementation rules. Since the summer of 2024, Monaco has been on FATF's gray list and included by the European Commission in the list of countries with high risks of money laundering.