Is crypto legal in Monaco? Rules & regulation (2026)

Legal framework

Law No. 1.528 of 7 July 2022 on digital and crypto-asset service providers; dual-authority supervision by the Commission de Contrôle des Activités Financières (CCAF) and the State Minister

Status by sub-area

• Stablecoins

  Partial

  No dedicated stablecoin regime exists in Monaco. Stablecoin issuance could fall under the 'virtual financial assets' or 'financial tokens' categories of Law 1.528, but no specific reserve-backing, redemption rights, attestation, or capital rules for stablecoin issuers have been enacted. Monaco is not an EU member state and is not obliged to transpose MiCA's e-money token or asset-referenced token titles.

  Still pending: Dedicated stablecoin reserve, redemption, and capitalization rules not yet enacted under Law 1.528

• Exchanges / VASP

  In force

  Law No. 1.528 (2022) requires prior State Minister approval to operate a digital-asset trading or negotiation platform in Monaco, and prior CCAF authorisation for order-execution and advisory services. All licences are reserved exclusively for Monaco-incorporated entities; foreign firms are barred from unsolicited solicitation of Monegasque residents.

• Token Offerings

  Partial

  Law 1.528 classifies tokens (financial tokens, VFAs, usage tokens, NFTs) but the CCAF has explicitly warned that ICOs are not subject to specific regulation in Monaco and offer no investor guarantees. Tokens qualifying as financial tokens or VFAs may trigger CCAF oversight under existing financial-services law, but no dedicated ICO/STO prospectus or disclosure regime has been enacted.

  Still pending: ICO/STO prospectus and disclosure regime not yet established in Law 1.528 framework

• Custody

  In force

  Law 1.528 designates the custody of digital assets on behalf of clients as a regulated activity requiring prior State Minister approval. This covers third-party safekeeping of private keys and digital assets. Licences are reserved for Monaco-incorporated entities and carry AML/CFT and fit-and-proper conditions.

• DeFi

  None

  Monaco has enacted no DeFi-specific legislation or regulatory guidance. DeFi protocols, DEXs, and DAOs are not addressed in Law 1.528 or any subsequent ordinance. The general CCAF public caution on crypto risk nominally applies, but no enforcement posture toward decentralised protocols or front-ends has been articulated by any Monegasque authority.

  Still pending: No DeFi-specific regulatory framework enacted; protocols and DAOs remain unaddressed

• Tax

  In force

  Monaco levies no personal income tax or capital gains tax, giving most residents a 0% effective rate on all crypto disposals, staking rewards, airdrops, and mining income. The sole exception is French nationals resident in Monaco, who remain subject to French tax law — including a 30% flat tax (PFU) on crypto gains — under the France-Monaco bilateral treaty of 1963. Strict AML compliance at point of fiat conversion functions as a de-facto reporting obligation.

Key points: crypto & digital assets in Monaco

1. 01Primary law: No. 1.528 (2022)

   Law No. 1.528 of 7 July 2022 is the cornerstone statute; it amends earlier digital provisions and introduces a licensing regime for all service providers on digital assets and crypto-assets operating in the Principality.

   legimonaco.mc journaldemonaco.gouv.mc

2. 02Dual-authority licensing split

   Operating a digital-asset negotiation/trading platform requires prior State Minister approval; providing advisory or order-execution services on crypto-assets requires prior CCAF authorisation under Law 1.338 (2007) on financial activities. All licences are restricted to Monaco-registered companies.

   delforgelaw.com 99avocats.com

3. 03Four-category token taxonomy

   Law 1.528 defines financial tokens, virtual financial assets (VFAs), usage tokens, and NFTs. Financial tokens and VFAs attract the most stringent regulatory treatment, analogous to traditional financial instruments under existing financial-services law.

   legimonaco.mc insidetheblock.net

4. 04CCAF official caution on crypto and ICOs

   The CCAF has published a formal public warning stating that crypto-assets are not legal tender, carry risks of total loss, lack liquidity, and that ICOs 'are not subject to specific regulations and do not benefit from any guarantee' in Monaco.

   amaf.mc

5. 05AML/CFT and FATF-15 alignment

   CASPs must implement AML/CFT procedures meeting SICCFIN (Monaco's financial intelligence unit) standards; foreign entities are banned from unsolicited solicitation of Monegasque residents. The regime broadly aligns with FATF Recommendation 15 on virtual-asset service providers.

   delforgelaw.com amaf.mc

6. 060% personal tax on crypto (with French-national exception)

   Monaco's absence of personal income and capital gains tax extends to all crypto disposals and yields, giving most residents a 0% effective rate. French nationals resident in Monaco remain subject to France's 30% flat tax (PFU) on crypto gains under the 1963 bilateral tax treaty.

   monacopropertymag.com o2k.tech

Sources

1. 1.legimonaco.mc/tnc/loi/2022/07-07-1.528/
2. 2.journaldemonaco.gouv.mc/Journaux/2022/Journal-8600/Loi-n-1.528-du-7-juillet-2022-portant-modi
3. 3.amaf.mc/en/regulation/caution
4. 4.conseil-national.mc/2022/07/22/n1528-loi-du-7-juillet-2022-portant-modification-de-divers
5. 5.delforgelaw.com/new-monaco-regulatory-regime-for-crypto-assets-service-providers/
6. 6.99avocats.com/en/publications/law-no-1-528-of-7-july-2022-amending-various-digital-
7. 7.insidetheblock.net/2023/05/09/law-1528-digital-assets-monaco/
8. 8.monacopropertymag.com/monaco-crypto-tax-guide/
9. 9.o2k.tech/blog/cryptocurrencies-and-taxation-in-the-principality-of-monaco-bala