Monaco Submits Bill No. 1131 to Align with MiCA and FATF Standards

On August 6, the government of Monaco submitted Bill No. 1131 to the National Council, aiming to replace Law No. 1.528 passed in 2022. The goal is to bring the regulatory framework for crypto assets closer to the European Union's Markets in Crypto-Assets Regulation (MiCA) and the Financial Action Task Force (FATF) standards. The bill 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 will also require joint review by the Autorité Monégasque de Sécurité Financière and the Agence Monégasque de Sécurité Numérique. Additionally, the bill expands the supervisory and enforcement powers of the CCAF. If approved by the National Council, Monaco will further develop supporting implementation regulations. Starting in the summer of 2024, Monaco will be placed on the FATF grey list and has already been included in the European Commission's list of high-risk countries for money laundering.

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