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Financial Crimes in the Digital Age: Monaco’s New Legal Framework
In a move to combat financial crimes in the digital age, Monaco has introduced a new legal framework with Law 1.528, effective July 7, 2022.
Definition of Key Terms
The legislation defines key terms such as:
- Metaverse: [insert definition]
- Crypto assets: [insert definition]
- Initial Coin Offerings (ICOs): [insert definition]
Regulatory Framework for Digital Assets
Law 1.528 introduces conditions for the provision of services on digital assets and clarifies the regulatory framework for ICOs.
Prior Approval Requirements
Certain activities related to crypto assets require prior approval from the State Minister, including:
- Issuance of crypto assets
- Deposit or administration of crypto assets
- Operating a negotiation platform displaying sale and purchase interests in crypto assets
- Transferring digital assets with other digital assets or legal tender
The approval process is subject to specific conditions, such as:
- Registration of the service provider in Monaco
- Good reputation of the service provider’s managers
- Implementation of anti-money laundering (AML) and counter-terrorism financing (CTF) procedures
CCAF Approval Requirements
Other activities related to crypto assets require prior approval from the Commission de Contrôle des Activités Financières (CCAF), including:
- Investments in crypto assets
- Execution of orders on crypto assets
- Reception-transmission of orders on crypto assets
- Advice on crypto assets
Financial providers already authorized by the CCAF to perform such activities may be exempt from obtaining a prior approval, subject to providing prior information to the regulator.
ICOs in Monaco
The law clarifies the legal regime governing ICOs in Monaco, defining an ICO as:
“An offering of tokens consisting in a proposal to subscribe such tokens by any means whatsoever.”
Private ICOs involving tokens are subject to a prior administrative approval issued by the State Minister, provided that they meet certain criteria, such as targeting qualified investors only or offering tokens with a nominal value of at least €100,000 per token.
Public ICOs and Non-Fungible Tokens
Law 1.528 provides that public ICOs cannot involve financial tokens and that non-fungible tokens cannot be offered. The issuer must determine the nature of the token and its related rights, as well as the nature of the issuance (public or private) and the nominal value of a token.
Assistance from Gordon S. Blair Law Offices
Gordon S. Blair Law Offices, a leading firm in Monaco specializing in crypto assets, is well-positioned to assist various actors involved in the sector, including those relocating or establishing themselves in the principality. The firm also provides guidance to banking and financial entities operating in this space.
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