Monaco has a dedicated DLT framework (Law No. 1.383, 2018) and a DASP licensing regime (Law No. 1.491, 2020) overseen by the Autorité Monégasque de Sécurité Financière (AMSF), Commission de Contrôle des Activités Financières (CCAF), and Service d'Information et de Contrôle sur les Circuits Financiers (SICCFIN). Journal de Monaco No. 8421 (Law 1.383), Journal de Monaco No. 8592 (Law 1.491) Licensing requires €125,000 minimum capital, fit-and-proper directors, and full AML/CFT compliance aligned with FATF standards and EU MiCA/TFRs. Journal de Monaco No. 8421 (Law 1.383), Journal de Monaco No. 8592 (Law 1.491)

As of Q2 2025, the AMAF public register shows zero licensed DASPs; the licensing door is open but stringent, with no entities having completed the full authorization process to date. AMAF Registre public des DASP autorisés

Monaco is a Moneyval member (since 2003) and underwent its 5th round mutual evaluation in 2022; it transposes EU AML Directives and applies FATF standards via Laws 1.383/1.491 and implementing Sovereign Ordinances. Moneyval 5th Round Report on Monaco (2022)

Tax regime: zero capital gains tax for resident individuals on crypto disposals; corporate income tax 25% for companies deriving >25% revenue outside Monaco (reduced rates possible); VAT exemption for crypto-to-fiat exchange per EU CJEU Hedqvist (C-264/14); token offering VAT analysis required case-by-case. Code de l'Impôt sur les Bénéfices, Direction des Services Fiscaux guidance

Autorité Monégasque de Sécurité Financière (AMSF): Principal supervisor for DASPs under Law 1.491; responsible for licensing, ongoing supervision, prudential oversight, and enforcement. Law 1.491 Arts. 3–4; Sovereign Ordinance No. 9.062 (2021) implementing Law 1.491 Replaced the former CCAF's licensing role for DASPs. Law 1.491 Arts. 3–4

Commission de Contrôle des Activités Financières (CCAF): Retains mandate for investment services, collective investment schemes, and traditional financial intermediaries; coordinates with AMSF on perimeter issues. Law 1.338 (2007) Art. 1; Law 1.491 Art. 2

Service d'Information et de Contrôle sur les Circuits Financiers (SICCFIN): Monaco's Financial Intelligence Unit (FIU); receives STRs from DASPs and all obliged entities under Law 1.383 Title III; member of Egmont Group. Law 1.383 Arts. 15–18; Sovereign Ordinance No. 8.828 (2019) on SICCFIN organization

Law No. 1.383 (2018) — DLT/Token Offerings: Defines "token," "DLT," "token offering," "DASP"; establishes registration regime for token offerors (white paper filing with AMSF) and AML obligations for all DASPs. Journal de Monaco No. 8421, 20 July 2018

Law No. 1.491 (2020) — DASP Licensing: Creates mandatory licensing for four DASP activity classes: (1) exchange virtual asset/fiat, (2) exchange virtual asset/virtual asset, (3) custody/administration, (4) transfer/execution/portfolio management/advisory. Journal de Monaco No. 8592, 17 July 2020

EU MiCA/TFR Transposition: Sovereign Ordinance No. 9.412 (2024) and AMSF Circular No. 2024-01 align Monaco with EU MiCA (Regulation 2023/1114) and Transfer of Funds Regulation (2023/1113) for CASP equivalence; transition period ends 30 Dec 2024. Journal de Monaco No. 8785; AMSF Circular 2024-01

DASP License Classes (Law 1.491 Art. 3): Class 1 — Exchange virtual asset/fiat; Class 2 — Exchange virtual asset/virtual asset; Class 3 — Custody/administration of virtual assets; Class 4 — Transfer, execution, portfolio management, advisory. Law 1.491 Art. 3 A single license may cover multiple classes. Law 1.491 Art. 3

Minimum Capital (Law 1.491 Art. 5): €125,000 fully paid-up share capital at application; comparable to EU MiCA Class 2 CASP requirement (€125k–€150k). Law 1.491 Art. 5 Additional own-funds requirements based on risk exposure (Art. 6). Law 1.491 Art. 6

Application Process: Submit to AMSF: (i) completed application form, (ii) business plan & 3-year financial forecasts, (iii) governance/organizational chart, (iv) fit-and-proper declarations for directors/key function holders (clean criminal record, relevant experience), (v) AML/CFT procedures manual, (vi) IT security & business continuity plans, (vii) proof of capital deposit. Sovereign Ordinance 9.062 Arts. 4–7; AMSF Guide DASP 2021

Approval Timeline: AMSF acknowledges receipt within 15 business days; full assessment within 6 months (extendable by 3 months). Law 1.491 Art. 8; Sovereign Ordinance 9.062 Art. 8 CCAF consulted on perimeter issues. Law 1.491 Art. 2 Decision published in Journal de Monaco. Law 1.491 Art. 8

Ongoing Prudential Requirements: Annual audited accounts, quarterly capital adequacy reporting, internal audit, outsourcing register, complaint handling, professional indemnity insurance (min €1M), notification of material changes. Law 1.491 Arts. 10–14; AMSF Circular 2021-03

AMAF Public Register Status: As of 30 June 2025, AMAF register shows zero (0) licensed DASPs. AMAF Registre public des DASP autorisés No entities have completed full authorization. Several pre-applications submitted; none yet authorized. AMAF Registre public des DASP autorisés, consulted 30 June 2025

Law 1.383 Title III (Arts. 8–20) — AML/CFT Obligations for DASPs: Applies to all DASPs (licensed or registered token offerors) and extends to crypto-to-crypto exchanges and custodians. Law 1.383 Arts. 8–20

Risk-Based CDD (Art. 9): Identification/verification of customers and beneficial owners (≥25% control or effective control) before establishing relationship; enhanced CDD for non-face-to-face, cross-border, correspondent-like relationships, and high-risk jurisdictions. Law 1.383 Art. 9

Enhanced Measures (Art. 10): Mandatory enhanced due diligence for PEPs (domestic/foreign/international), family members/close associates; source-of-wealth/sof verification; senior management approval. Law 1.383 Art. 10

Suspicious Transaction Reporting (Art. 15): Immediate STR to SICCFIN without tipping-off; no de minimis threshold; protection for good-faith reporters. Law 1.383 Art. 15

Record Keeping (Art. 17): 5-year retention from end of relationship/transaction for CDD records, transaction data, internal reports; accessible to AMSF/SICCFIN on demand. Law 1.383 Art. 17

UBO Register (Art. 11): DASPs must maintain accurate beneficial ownership register; discrepancies reported to SICCFIN; aligned with EU AMLD5/6 beneficial ownership transparency. Law 1.383 Art. 11

PEP Screening (Art. 10): Automated screening against commercial/compliance databases at onboarding and ongoing monitoring; enhanced monitoring for matched PEPs. Law 1.383 Art. 10

Internal Controls (Art. 12): Designated AML compliance officer (resident in Monaco), independent audit function, group-wide policies, employee training, whistleblowing channel. Law 1.383 Art. 12

AMSF Sanctions Powers (Law 1.491 Arts. 18–22): Warning, injunction, periodic penalty payments (up to €50,000/day), suspension/limitation of activities, license withdrawal, publication of sanctions. Law 1.491 Arts. 18–22 Directors/managers personally liable for failures. Law 1.491 Arts. 18–22

SICCFIN Enforcement: Administrative fines up to €5M or 10% of annual turnover for AML failures (failure to report, tipping-off, inadequate CDD); criminal referral for willful violations. Law 1.383 Art. 20; Sovereign Ordinance 8.828

Published Enforcement (2022–2025): No public enforcement actions against DASPs to date (zero licensees). AMSF issued two public warnings (2023, 2024) against unregistered entities offering token sales to Monaco residents without white paper filing under Law 1.383 Art. 7. AMSF Communiqués 2023-02, 2024-01

Moneyval 2022 Assessment: Rated "Largely Compliant" on R.10 (CDD), "Partially Compliant" on R.15 (new technologies/VASPs) — noted absence of licensed VASPs limited effectiveness testing; recommended proactive supervision readiness. Moneyval 5th Round Report, §§ 142–155

Individual Residents: Zero capital gains tax on disposal of crypto-assets (private wealth management); no wealth tax; no inheritance/gift tax between spouses/lineal heirs (4%–16% otherwise). Code de l'Impôt sur le Revenu Art. 2; Direction des Services Fiscaux Circulaire 2021-03 Crypto income from professional trading taxed as BNC (non-commercial profits) at progressive rates (0%–25%). Code de l'Impôt sur le Revenu Art. 2

Corporate Entities: Standard corporate income tax (ISB) 25% on worldwide profits if >25% revenue derived outside Monaco; reduced rate 15% for first €38,120 of taxable profit; effective exemption if ≥75% revenue sourced in Monaco. Law 1.442 (2017) Art. 1; Code de l'Impôt sur les Bénéfices Arts. 1, 14 Crypto mining/staking treated as commercial activity. Code de l'Impôt sur les Bénéfices Arts. 1, 14

VAT: Crypto-to-fiat exchange exempt per EU CJEU Hedqvist (C-264/14) — Monaco follows EU VAT Directive via Franco-Monégasque customs union; token offerings analyzed case-by-case (utility vs. security vs. payment tokens); NFT sales generally taxable at 20% standard rate unless qualifying as art/culture (10%). Direction des Services Fiscaux Réponse 2022-07; EU VAT Directive Art. 135(1)(e)

Reporting: Annual declaration of crypto holdings >€50,000 for residents (form 2042-C); DAC8/CARF transposition pending (Sovereign Ordinance draft 2024) will impose automatic exchange of crypto-account data with EU/OECD partners from 2026. Journal de Monaco No. 8790 (draft)

Zero Licensed DASPs: Despite framework in force since 2020, no entity has obtained full DASP license; AMSF scrutiny is rigorous (fit-and-proper, IT security, AML robustness). AMAF Registre; Industry feedback 2024 Businesses must budget 12–18 months and €200k–€500k+ for legal/compliance/tech readiness. AMAF Registre

MiCA Transition Uncertainty: Monaco's MiCA-equivalence regime (Sovereign Ordinance 9.412) requires existing DASPs to apply for re-authorization by 30 Dec 2024; no grandfathering. AMSF Circular 2024-01 New applicants must meet full MiCA-equivalent standards immediately. AMSF Circular 2024-01

Banking Access: Monaco banks apply de-risking to crypto-related entities; few offer corporate accounts to DASP applicants pre-licensing. Industry surveys 2023–2024 Requires pre-engagement with SBM, CFM, or Julius Baer Monaco. Industry surveys 2023–2024

Token Offering Perimeter: Law 1.383 registration (white paper filing) ≠ DASP license. Law 1.383 Art. 7; Law 1.338 Art. 1 Utility token issuers not operating a platform may only need registration; security tokens fall under Law 1.338 (investment services) requiring separate CCAF authorization. Law 1.383 Art. 7; Law 1.338 Art. 1 Perimeter analysis critical. Law 1.383 Art. 7

International Tax Transparency: DAC8/CARF implementation will end anonymity for non-resident crypto holders using Monaco entities; beneficial ownership register accessible to competent authorities. OECD Crypto-Asset Reporting Framework 2022; EU Directive 2023/2226

Enforcement Readiness: AMSF/SICCFIN have powers but untested on live DASPs; first enforcement cases will set precedents. Moneyval 2022 Recommendation 12 Firms should expect intrusive on-site inspections within Year 1 of licensing. Moneyval 2022 Recommendation 12

Law No. 1.383 (2018) on DLT/Token Offerings — Journal de Monaco No. 8421, 20 July 2018

Law No. 1.491 (2020) on DASP Licensing — Journal de Monaco No. 8592, 17 July 2020

Sovereign Ordinance No. 9.062 (2021) implementing Law 1.491 — Journal de Monaco No. 8645

Sovereign Ordinance No. 9.412 (2024) on MiCA/TFR Transposition — Journal de Monaco No. 8785

AMSF Circular No. 2021-03 (Prudential Requirements for DASPs)

AMSF Circular No. 2024-01 (MiCA Transition)

AMSF Registre public des DASP autorisés (consulted 30 June 2025)

Moneyval 5th Round Mutual Evaluation Report on Monaco (2022)

Code de l'Impôt sur les Bénéfices (Corporate Tax)

Code de l'Impôt sur le Revenu (Individual Tax)

Direction des Services Fiscaux Circulaire 2021-03 (Crypto Tax Guidance)

Direction des Services Fiscaux Réponse 2022-07 (VAT on Crypto)

EU CJEU Hedqvist Case C-264/14 (VAT Exemption Crypto/Fiat)

AMSF Communiqués 2023-02, 2024-01 (Public Warnings)

Sovereign Ordinance No. 8.828 (2019) on SICCFIN Organization

Law No. 1.338 (2007) on Investment Services

OECD Crypto-Asset Reporting Framework (2022)