Monaco is a small principality on the South of France. There are legal acts regulating cryptocurrencies accepted on the state level. This jurisdiction is known as a tax haven in Europe.
Country overview
#69
MonacoCountry stats
Rating Points
155
This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.
Crypto Penetration
5.1%
Estimated percentage of crypto users out of the country's total population based on public data.
Legal Entities
0
Number of crypto companies registered in the country based on regulator data if available or other types of public data.
Regulation Points
120
An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.
Amount of crypto users
1 590
Total amount of crypto users out of the country's total population based on public data.
Taxation points
30
This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.
Market volume points
0
A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.
Status of crypto
Legally allowed
General status of cryptocurrency regulation in this jurisdiction.
Crypto payments
Legally allowed
The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.
Security Level
Safe place
The overall level of security in a given country based on open data.
Crypto Salaries
Ban
The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.
Business Climate
No info
Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.
Stablecoin Regulation
Basic
This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.
Bad Factors
FATF grey list
This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.
Types of licenses
Crypto-to-crypto
This license type allows VASP to provide legal exchange from one cryptocurrency to another.
Crypto-to-fiat
This type of license regulates the exchange from cryptocurrency to fiat.
Wallet/Custody
This country has a legal licensing procedure for companies that store cryptocurrency - - crypto wallet providers and custodians.
Cryptofund
This indicator means that investment funds, trusts, and crypto funds can get regulator approval to provide their activity in the country.
ICO/STO
This indicator describes legal procedures for token sales and security token issuance. This country has a clear regulation framework and licensing procedures for entities that provide this activity.
Good
Medium
Bad
Monaco has a safe place at the security level according to our rating. Jurisdiction has 75.3 points (from 100) for safety level in Numbeo crime rating (1). Homicide level (2) is 0 per 100,000 inhabitants a year.
The Commission de Contrôle des Activités Financières (CCAF) has issued a warning, that crypto-assets (such as Bitcoin, Ethereum, Ripple, Monoeci, etc.), commonly referred to as "virtual currencies" or "cryptocurrencies" do not qualify as currencies and are not subject to a specific regulation. Based on that document crypto assets are not (3) legal tender and are not a means of exchange whose value is guaranteed by a Central Bank.
Forbidden (see point above).
The new law specifies (6) what type of services and crypto assets undertaken in Monaco are considered regulated activities subject to specific regulatory requirements. Among such services are the exchange of virtual assets against other virtual assets, the operation of a negotiation platform for virtual assets, etc.
The new Law (7) sets a requirement to apply for a prior license to conduct such regulated activities in Monaco. The Ministry of State and a dedicated Commission will ensure that several requirements regarding the applicant company, its management, and shareholders are satisfied. Among such requirements are the following: a Monaco-registered entity, appropriate skill, and honorability of management and shareholders, compliance with Monaco AML obligations, adequate computing equipment security and back-up, etc.
Monegasque nationals and foreign nationals residing in Monaco are not subject (8) to personal income tax. French nationals residing in Monaco are, however, subject to French income tax (under Article 7-1 of the French-Monegasque bilateral convention of 18 May 1963). There is no tax (10) on investment income, capital gains or dividends in Monaco.
1)👉🏻Crime Index by Country 2023 Mid-Year
2)👉🏻List of countries by intentional homicide rate
3)👉🏻 Caution. AMAF
4)👉🏻Blockchain: Monaco adopts a legal framework for crypto assets. Article
5)👉🏻A legal framework for token offers. Article
6)👉🏻New Monaco Regulatory Regime for Crypto Assets Service Providers. Article
8)👉🏻PERSONAL TAXATION. Article
9)👉🏻Monaco — Orbitax Corporate Tax Rates. Article
10)👉🏻Relocation to the Principality of Monaco. PDF file