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FollowingThe Monaco government plans to abolish the original encryption regulations and fully align with the EU MiCA framework.
The Monaco government is trying to abolish the country's encryption asset law promulgated in 2022 and re-establish regulatory rules for encryption asset service providers around the EU Cryptographic Asset Markets Regulation (MiCA). In early August this year, the government submitted Bill 1131. If the bill is approved, companies that provide encryption services will face new licensing requirements and regulators will gain broader authority.
Has Monaco's encryption regulations been updated?
Bill No. 1131 submitted by the Monaco government will repeal relevant laws introduced in 2022. The original law divided crypto and digital asset-related businesses into two categories: issuance and operation services approved by the Secretary of State, and crypto-related investment services authorized by the Financial Activities Regulatory Commission.
Under the 2022 law, service providers must register their companies locally in Monaco, and foreign companies are prohibited from conducting cold marketing to residents. The new bill requires that any company wishing to provide crypto asset services must first obtain approval from the Financial Activities Regulatory Commission. Prior to this, the company will also be subject to review by the Monaco Financial Security Authority and the Monaco Digital Security Authority respectively.
The bill clearly lists the encryption services that Monaco is allowed to provide and sets clear rules for how companies operate, manage risks and maintain professional integrity. At the same time, the bill gives the Financial Activities Regulatory Commission greater supervision and penalty powers, which the government says will help curb money laundering and other financial crimes.
Why did Monaco choose to connect with MiCA?
Research by the blockchain intelligence agency TRM Laboratory found that companies that are not authorized by MiCA are much more likely to have a high or severe risk rating. Monaco has been included in the Financial Action Task Force's grey list since the summer of 2024 and was listed as a high-risk money-laundering jurisdiction by the European Commission more than a year ago.
Monaco joined MiCA in the hope of getting rid of these lists. Because being included in such a list may delay international transactions, increase compliance costs, and even increase borrowing costs for local companies. However, of the 1343 encryption service providers operating in the European Economic Area, only 281 have so far been authorized by MiCA.
