The Monegasque government has put forward a new law to overhaul the rules governing crypto-asset service providers, bringing the Principality into line with the European Union’s MiCA regulation and with international standards on financial security.
Bill no. 1131, which sets out the regulation of crypto-asset service providers’ activities, was filed with the Conseil National on 6th August. It is intended to replace the regime created by Law no. 1.528 of 7th July 2022, which the government says has been overtaken by successive changes to the European legal framework.
Why the rules are changing
The move reflects how quickly the sector, and the law around it, has shifted. The bill draws on the EU’s Markets in Crypto-Assets regulation, known as MiCA, whose own rules for service providers came fully into force across the bloc in 2026, and it takes account of the standards set by the Financial Action Task Force (FATF), the global anti-money-laundering body. Against that backdrop, Monaco’s 2022 law had become outdated, and the government frames the reform as part of a wider effort to keep Monegasque law current while holding to what it calls the highest level of financial security and compliance.
What the bill would do
The text spells out precisely which crypto-asset services may be carried out in the Principality — a deliberate choice, the government says, aimed at protecting the integrity, stability and standing of Monaco’s financial centre while still allowing activities that fit its economy to develop.
It also sets the professional obligations that would apply to providers, covering governance, prudential rules and standards of conduct. Firms wanting to operate would first have to obtain authorisation from the Commission for the Control of Financial Activities (CCAF), granted after opinions from the Monegasque Financial Security Authority (AMSF) and the Monegasque Digital Security Agency (AMSN). The bill broadens the CCAF’s role and powers accordingly, so that it can police the new framework and guard against unlawful practices.
A framework tailored to Monaco
Taken together, the government presents the reform as an attempt to give firms looking to offer crypto-asset services in the Principality a clear, demanding and secure set of rules — one that meets international standards while reflecting the particular character of the Monegasque model, rather than importing the EU regime wholesale.
What happens next
The bill now passes to the Conseil National, and its wording may change as it moves through the legislative process. Should it be adopted, it would be fleshed out by further implementing texts setting out exactly how the new rules are to work in practice.
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Photo credit: Richard McCreery, Monaco Life