Monaco's government submitted Bill No. 1131 to the National Council on Aug. 6, proposing a new crypto-asset framework that would replace key parts of Law No. 1.528, adopted in July 2022, and bring local rules closer to the European Union's MiCA regime and Financial Action Task Force standards. The draft would shift Monaco to a CCAF-led authorization model under which crypto-asset service providers must obtain prior approval from the Commission de Contrôle des Activités Financières, with applications also reviewed by the Autorité Monégasque de Sécurité Financière on financial-security issues and the Agence Monégasque de Sécurité Numérique on cybersecurity requirements. It sets out a clearer list of regulated crypto services and imposes stricter corporate governance, prudential safeguard and professional conduct obligations, while also expanding the CCAF's supervisory and enforcement powers after authorization. The overhaul would replace Monaco's existing two-track system, under which some digital-asset and crypto-asset activities required approval from the State Minister while crypto-related investment services fell under the CCAF. The proposal comes as Monaco remains on the FATF grey list and on the European Commission's high-risk list for money laundering, designations that can increase transaction costs, cause delays and add pressure on financing conditions.