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Monaco Tightens Grip on Cryptocurrency with New Anti-Money Laundering Regulations
Conference Highlights Monaco’s Crypto Asset Framework
The Department of Justice in Monaco recently hosted a high-profile conference on cryptocurrency regulations, attracting over 180 attendees from authorities, regulators, and judicial representatives. The event featured a presentation by Vincent de Bonnafos, head of the Regulatory Team at [Firm Name], who shed light on Monaco’s laws and regulations governing crypto assets and related services.
Comprehensive Framework for Crypto Asset Service Providers
According to de Bonnafos, Monaco has established a comprehensive framework for crypto asset service providers, which includes key anti-money laundering (AML) obligations. These requirements include:
- Knowing Your Client (KYC): Verifying the identity of clients
- Source of Wealth Checks: Identifying the origin of wealth
- Data Sharing under the “Travel Rule” Principle: Exchanging information with other parties involved in transactions
- Detecting Unusual Transactions: Identifying suspicious activity
- Declaring Suspicious Activities: Reporting potential money laundering or terrorist financing
Recent Legislation and Regulatory Regime
De Bonnafos also highlighted the importance of recent legislation, including:
- Law 1.362 on AML: Strengthening anti-money laundering regulations
- Law 1.383 on Digital Activities: Regulating digital activities in Monaco
- Law 1.528: Introducing a regulatory regime for crypto asset service providers, requiring prior authorization and compliance with organizational and conduct of business rules
Case Law and Intellectual Property Rights
The conference also touched on case law related to intellectual property rights issues surrounding non-fungible tokens (NFTs) and potential restrictions on sponsorship agreements involving cryptocurrency brands.
Positive Feedback and Future Developments
The event received positive coverage from La Gazette de Monaco, with comments from Sylvie Petit-Leclair emphasizing the importance of improving financial crime repression. The full program for the conference is available online.
About Vincent de Bonnafos
Vincent de Bonnafos has earned recognition as a leading expert in new technologies and regulatory matters, having been named Lawyer of the Year by several legal directories. For more information, contact Vincent at vincent.debonnafos@delforgelaw.com.