Regulator: Ministre d’État (Minister of State) and Commission de Contrôle des Activités Financières (CCAF)
Law 1.528 (July 7, 2022) establishes Monaco's comprehensive framework for crypto assets and stablecoin issuance. The regulation is fully live and operational. Key requirement: stablecoin issuers must obtain prior approval from the State Minister before commencing operations. All issuers must comply with strict AML/CFT procedures, demonstrate management competency, and implement proper record-keeping and transaction monitoring systems. Law 1.528 operates alongside related provisions in Law 1.338 (financial activities) and Law 1.491 (ICO regulations). However, Monaco is actively overhauling its framework to address noted deficiencies and plans to introduce a new comprehensive crypto regulation by the end of 2026, aiming to align with international best practices.
Applicable Laws:
Law 1.528 - https://journaldemonaco.gouv.mc/Journaux/2022/Journal-8600/Loi-n-1.528-du-7-juillet-2022-portant-modification-de-diverses-dispositions-en-matiere-de-numerique-et-reglementation-des-activites-des-prestataires-de-services-sur-actifs-numeriques-ou-sur-crypto-actifs
