MONA CO
Monaco has historically been cautious with cryptocurrency, but recent regulatory changes now allow banks and financial institutions to offer Bitcoin custody services under strict conditions . Below we explore traditional private banks in Monaco that provide crypto custody, as well as specialized firms catering to Bitcoin storage in compliance with local laws. We also highlight typical account requirements, custody fees, and extra crypto services available.
Traditional Banks Offering Crypto Custody in Monaco
Monaco’s private banking sector is beginning to integrate cryptocurrency services following the enactment of Law 1.528 in 2022, which introduced a licensing regime for digital asset services . Prior to this, local banks did not custody crypto and would refer clients to external platforms . Now, a few established banks have started offering Bitcoin custody (usually for high-net-worth clients):
Julius Baer Monaco
Julius Baer, a leading private bank in Monaco, offers clients the ability to securely hold Bitcoin and other digital assets. Rather than storing crypto itself, Julius Baer partners with AMINA (formerly SEBA) Bank AG – one of the first Swiss-regulated crypto banks – as a sub-custodian . This means clients’ Bitcoins are held in institutional-grade “hot” and “cold” wallets at a licensed crypto custodian, while Julius Baer oversees the service. To access this, you must be a private banking client (Julius Baer typically requires a substantial initial deposit – often €500,000 or more – to open an account in Monaco ).
Once on-boarded, clients get secure, regulated custody of their crypto and can manage it alongside traditional assets. Julius Baer’s offering includes direct trading of select cryptocurrencies and integration with its wealth management platform . Notably, the bank allows incoming and outgoing crypto transfers (so you can deposit existing Bitcoin or withdraw to an external wallet) under strict compliance checks and proof-of-ownership procedures . Crypto holdings appear on regular account statements, and the bank even lets clients use Bitcoin as collateral for loans or credit lines in some cases . Fees: Julius Baer doesn’t publicly list crypto custody fees, but these are likely embedded in its custody/management fees. As an example, private banks often charge a yearly custody fee (e.g. a fraction of assets held) – crypto would fall under that framework, potentially at a slightly higher rate given added security and insurance costs. Overall, Julius Baer Monaco provides a one-stop solution for wealthy clients to invest in and hold Bitcoin within a fully regulated private bank setting.
Société Générale Private Banking (Monaco)
Société Générale (SG), which has a private banking arm in Monaco, also stepped into crypto custody via its parent company’s digital asset unit. In July 2023, SG’s fintech subsidiary Forge became the first firm in France to obtain a full crypto license – allowing it to offer crypto custody, trading, and sales services . Leveraging this capability, Société Générale Private Banking in Monaco can provide Bitcoin custody to its clients within a regulated framework. Essentially, SG Monaco acts as the client interface while the technical custody is handled by SG-Forge (which uses institutional-grade custody technology, e.g. partnering with METACO for secure storage solutions) .
To open a crypto account with SG in Monaco, one would typically need to meet private bank criteria (often €300k+ in assets – Monaco banks generally require €300k–€1M initial deposit for new clients, with €500k as a common baseline for residency-linked accounts ). Once onboard, a client can have Bitcoin and Ethereum (and potentially other major coins) held under SG’s custody license. The custody fees are not published, but likely align with wealth management fees or a specific custody fee for digital assets. Because SG-Forge is a licensed provider, clients benefit from strong compliance and asset security. Additional crypto services offered include brokerage/trading (executing buy/sell orders) and even digital asset issuance – for example, SG-Forge has issued its own Euro-pegged stablecoin and tokenized bonds, which indicates the bank’s capability in the broader crypto space. All these services are provided under strict oversight by regulators to ensure compliance with Monaco’s laws and international standards. In summary, Société Générale’s Monaco clients can access cutting-edge crypto custody through a trusted banking brand, with the convenience of having crypto holdings managed alongside traditional portfolios .
Other Private Banks in Monaco
Many of Monaco’s other top banks are exploring crypto custody as well, though full services are rolling out gradually. Banks like Credit Suisse/Safra Sarasin (J. Safra Sarasin), Barclays Wealth Monaco, BNP Paribas Wealth Management, and CFM Indosuez have a presence in the principality and cater to similar clientele. While as of the latest reports they may not yet have in-house Bitcoin custody, they often provide indirect exposure (for instance, allowing investments in crypto-linked funds or ETPs) . These banks are waiting for clear regulatory guidance and the “right partners” before launching direct custody. For example, CMB Monaco (Compagnie Monégasque de Banque) has signaled interest in crypto as an asset class – CEO Francesco Grosoli noted in 2021 that the bank was “looking at crypto… as an asset class” and aimed to find regulated partners either locally or in Europe to help implement secure crypto solutions . This suggests that banks like CMB might soon offer custody via partnerships (much like Julius Baer does with a Swiss crypto bank).
In practice, if you bank with one of these institutions and have an interest in Bitcoin, your relationship manager can usually facilitate a solution even if the bank doesn’t directly hold crypto yet – often by connecting you with a trusted third-party custodian or offering structured products. Account requirements at these banks are similar (high minimum deposits, thorough KYC). Fees for any crypto-related service would be discussed case-by-case, since these offerings are typically custom-arranged right now. It’s expected that as Monaco’s regulatory environment matures, more of its private banks will officially roll out crypto custody services to remain competitive and serve client demand. Each will do so under the oversight of Monaco’s financial regulator (CCAF), meaning clients can expect compliance, security, and proper risk management to be top priorities.
Specialized Bitcoin Custodians Complying with Monaco Regulations
Aside from traditional banks, specialized financial institutions are gearing up to provide crypto custody in Monaco. Law 1.528 (2022) requires any company offering crypto asset custody or administration in Monaco to obtain a prior license from the Ministry of State . This opens the door for dedicated crypto custodians (like fintech firms or crypto-focused banks) to serve the Monegasque market under local supervision. Below are examples of specialized providers relevant to Bitcoin storage and how they cater to secure custody while complying with regulations:
• Licensed Digital Asset Custodians (DASPs): With the new law, Monaco can license Digital Asset Service Providers for custody. As of now, specific Monaco-based crypto custodians are not widely publicised, but any entrant would need to meet stringent criteria (capital requirements, security protocols, AML/KYC processes) and get approval from Monaco’s regulators . In the near future, we may see firms setting up in Monaco solely to offer insured Bitcoin custody vaults and related services. These would function similarly to how trust companies or private vaults operate – but for digital keys – all under the watch of the CCAF (Commission de Contrôle des Activités Financières).
• International Crypto Banks: Monaco residents and institutions often turn to highly regulated crypto banks abroad that cater to global clients. A prime example is Sygnum Bank in Switzerland – a FINMA-licensed crypto bank. Sygnum offers institutional-grade crypto custody with multi-layer security, and provides services like trading, staking, and lending for Bitcoin and other assets . Since Sygnum is a bank, it adheres to rigorous Swiss standards and can serve Monaco clients who approach them (Monaco’s laws allow incoming services if initiated by the client) . Similarly, SEBA Bank (now rebranded as AMINA) in Switzerland is another fully regulated crypto bank; it provides secure custody, trading, and even interest-bearing crypto accounts. Notably, Julius Baer chose SEBA/Amina as its sub-custodian , underscoring SEBA’s credibility. These specialized banks typically require a sizeable minimum (often in the tens or hundreds of thousands in USD/EUR) and charge custody fees around 0.2–1% of assets per year (depending on the total volume and services used). In return, clients get peace of mind that their Bitcoin is stored in state-of-the-art cold storage and that the provider is audited and insured.
• Bit2Me Custody (Spain): Bit2Me is an example of a crypto-focused company in Europe that provides custody solutions with strong compliance. It is registered with the Bank of Spain as a custodian and crypto broker . Bit2Me offers a custody service featuring high-security cold storage of cryptocurrencies, insured with a €150 million policy to protect against theft or loss . This kind of insurance-backed custody is appealing for clients worried about hacks. Bit2Me’s platform is online and user-friendly, and it also offers other services (trading, a crypto debit card, etc.) in its suite . However, because Monaco is not in the EEA, some EU-based platforms cannot yet onboard Monaco residents – indeed, Bit2Me explicitly notes it cannot accept customers from Monaco at present . The reason is likely regulatory: until Bit2Me (or a similar firm) obtains a Monaco license or Monaco finalises agreements with EU regulators, using such services requires caution. We include it here to illustrate the type of specialized custodian Monaco may license or welcome in the future: one that is fully compliant in its home jurisdiction, carries insurance, and focuses on secure Bitcoin storage for clients (individuals and businesses alike).
• Other Specialized Institutions: There are other niche players globally that Monaco clients use while waiting for local options. Xapo Bank, for example, is a licensed bank in Gibraltar that specializes in Bitcoin. It provides insured Bitcoin custody and even pays interest on Bitcoin deposits, combined with traditional banking features like USD accounts and a debit card for spending. While Xapo isn’t based in Monaco, its model of a “crypto bank” demonstrates the direction of travel – integrating crypto custody with conventional banking under regulatory oversight. Coinbase Custody (US-based but with a European entity) is another institution known for serving institutional investors with Bitcoin custody (it holds a New York trust license and a German license). A Monaco family office or fund could use such custodians for large holdings, since they are compliant in top-tier jurisdictions. The key for any specialized provider is that they adhere to Monaco’s standards: thorough KYC of the client and provenance of coins, robust cybersecurity, segregation of client assets, and reporting as required by law.
Custody Fees & Requirements: Specialized custodians generally have more transparent fee structures than private banks. Many charge an onboarding fee plus an annual custody fee that scales with the amount of Bitcoin stored. For instance, a custodian might charge 0.5% per annum on the value of Bitcoin in custody, often with a minimum fee per month or year. They may also have minimum balance requirements (e.g. only take clients with ≥$100k in crypto, depending on the provider’s target market). On the flip side, some retail-oriented services (like certain crypto exchanges with custody features) have no explicit custody fee, monetizing instead through trading fees – but these typically don’t offer the same insurance or hands-on security as a true custody specialist. When choosing a specialized custodian, Monaco clients should compare not just fees but also features like insurance coverage, access to recovery services, audit reports, and the legal jurisdiction the custodian operates in.
Account Requirements, Security, and Insurance Considerations
Account Opening: Whether with a traditional bank or a specialized firm, opening a crypto custody account will involve rigorous KYC/AML checks. Monaco places a high priority on legitimate source of funds, especially for crypto. Banks in Monaco have reported that when clients declare significant wealth from crypto trading, they face challenges verifying those funds’ origins , so expect detailed questions and documentation if your wealth is crypto-derived. Private banks usually require a personal meeting (or strong introduction) and a minimum deposit (commonly €500k as noted, which can be in any assets, not necessarily crypto) . Specialized digital providers might allow online account opening, but you’ll still need to provide identification, proof of address, and possibly information on how you obtained your Bitcoin (to satisfy anti-money-laundering rules). If you are a Monaco resident applying to an overseas crypto bank, additional steps may be needed due to cross-border restrictions – often the service will need confirmation that you initiated the relationship (unsolicited by them) .
Custody Fees: Fees can vary widely:
• Traditional Banks: They might bundle crypto custody under existing fee schedules. For example, a bank could charge ~0.3% per year on assets under custody (AUC) for traditional securities – for crypto they might charge a bit more due to higher handling costs. There could also be trading fees (e.g. 1% per trade) or a flat monthly account fee. Since these banks offer personalized service, fees can sometimes be negotiated for very large portfolios.
• Specialized Custodians: Often use tiered pricing. For instance, 0.5% annually on the first $5 million in crypto, dropping to 0.3% for larger amounts, etc. Some have minimum fees (e.g. $500 per month minimum, to ensure profitability). There might be setup fees (several thousand dollars to create the custody account and arrange secure key storage). On the other hand, retail-focused platforms (like exchanges) might only charge when you withdraw or trade, but then the “custody” they offer is usually just a free wallet service (not the insured, segregated storage that high-end custodians provide). Always review the fee schedule and ask for a full breakdown: custody fee, trading fee, withdrawal fee, and any extras like account maintenance.
Security Measures: Reputable custody providers (banks or specialized) use a mix of “cold storage” (offline wallets) and “hot wallets” (online but secured wallets) for efficiency. Cold storage is the gold standard for Bitcoin security – private keys are kept offline, often in vaults with multiple authentication required to access. For example, Julius Baer/Amina use segregated vault wallets for cold storage , meaning your Bitcoin is held in a separate, offline wallet, and transactions out of it require multi-party approval. Many custodians also employ multi-signature arrangements (several keys held by independent parties must all sign to move funds) and hardware security modules (HSMs) for any online key management. As a client, you won’t directly manage these keys – the custodian does – but you might be given options (some offer “segregated accounts” where your assets are in a unique wallet vs. “omnibus accounts” where assets are pooled; segregated is safer but can cost more).
Insurance: A key concern is what happens in the unlikely case of a hack or theft. Unlike cash in a bank, crypto is not covered by deposit insurance in Monaco – the EU/France deposit guarantee schemes only protect fiat up to €100k, not crypto. To mitigate this, good custodians have private insurance. As noted, Bit2Me Custody carries a €150 million insurance policy for its cold storage . Other custodians might have insurance per incident or per client. It’s wise to ask: “Are my Bitcoins insured against loss or theft while in your custody? If so, what is the coverage limit and under what conditions?” Some banks self-insure by simply having a strong balance sheet (for example, a global bank might choose to cover a client loss out of pocket to preserve reputation), but it’s better if there’s an explicit insurance policy. Audit and Certification: Many specialized custodians undergo SOC 2 audits or crypto-specific security audits. These reports (if available) give comfort that systems are robust. In Monaco’s regime, obtaining a license likely involves proving your security meets certain standards, so any licensed custodian should have strong safeguards by default.
Additional Crypto-Related Services Offered
Banks and crypto-focused institutions in Monaco are expanding their service menus beyond just holding Bitcoin. Here are some additional crypto-related services you can find:
• Trading & Brokerage: Nearly all providers that offer custody also offer a way to buy or sell crypto. For instance, Julius Baer enables clients to trade a range of crypto tokens directly through their bank advisors . Similarly, SG Forge’s license covers crypto trading, so SG Monaco can execute Bitcoin purchases or sales on behalf of clients . The benefit of using your bank’s brokerage is that trades settle through your bank account and the assets go straight into custody without needing external exchanges. Expect an added commission for this convenience (comparable to a forex or stock trade commission).
• Portfolio Integration & Advisory: Monaco banks often integrate crypto into their wealth management advice. They provide research on the crypto market’s outlook , and help clients determine an appropriate allocation to Bitcoin (if any) based on risk profile. They might also offer discretionary mandates or managed portfolios that include crypto investments. For example, a bank could create a portfolio that holds 5% in a Bitcoin ETF or in actual Bitcoin under custody – giving exposure while rebalancing as needed. This kind of service is valuable for clients who want crypto exposure but prefer the bank to handle the details.
• Indirect Exposure Products: As an alternative to direct custody, several banks offer indirect crypto investment products. These include exchange-traded products (ETPs) like Bitcoin ETFs (if approved in Europe) or exchange-traded notes that track crypto prices . They also offer structured products (e.g. a note that pays a coupon if Bitcoin stays within a price range) and alternative investment funds focused on blockchain companies or crypto indices. These products are held in traditional securities accounts (so no special custody needed beyond the usual), which can be simpler for some clients. However, they carry their own fees and risks, and you don’t actually own the underlying Bitcoin in such cases – it’s an investment contract.
• Lending and Crypto Credit: A few institutions allow clients to borrow against their Bitcoin holdings. In practice, this means if you have, say, ₿10 in custody, the bank might lend you a certain percentage of its value in cash (for example, 50% loan-to-value). The Bitcoin remains in custody as collateral. Julius Baer has indicated it can enable clients to use crypto tokens as collateral for financing needs . This service is useful if a client wants liquidity (cash) but doesn’t want to sell their BTC. Interest is charged on the loan as usual, and if Bitcoin’s value drops, there may be margin calls to provide more collateral or repay some loan. It’s a sophisticated offering that again underlines the importance of robust custody – the bank must be able to quickly liquidate or take control of the Bitcoin if needed, which is why they keep it in custody.
• Staking & Yield Services: Beyond Bitcoin, if a client holds other cryptocurrencies (like Ethereum, which now uses staking), some custodians offer to handle staking on the client’s behalf. Staking can earn the holder yield (like interest) but requires locking coins and running blockchain validator software. Crypto banks like Sygnum offer staking for certain proof-of-stake coins, where clients can earn rewards while the assets stay in custody. For Bitcoin, “staking” isn’t applicable, but some custodians offer yield products – for example, lending out your Bitcoin to approved borrowers (like via an institutional lending desk) and sharing the interest with you. These are similar to the “earn” programs that some crypto platforms have (though those have risks, as seen in some exchange failures). In a Monaco context, any yield-generating service would be carefully vetted and likely only with transparent, high-quality counterparties. Always inquire about the risk involved (Bitcoin in pure custody has no counterparty risk, but once you lend it out or stake it, there are new risks).
• Crypto Payments and Cards: While Monaco hasn’t adopted cryptocurrency as legal tender, the demand for spending crypto is met by fintech solutions. Some Monaco residents use crypto debit cards (for example, the Crypto.com Visa card, which originated from a company once called Monaco card ). These cards convert crypto to fiat at the moment of transaction. Banks in Monaco typically do not issue such cards themselves, but they might partner with fintechs or at least not object if a client links their crypto exchange account to their bank account for topping up a card. Additionally, payment processors in Monaco’s luxury sector are emerging – e.g., a high-end real estate broker or car dealer in Monaco might use a crypto payment service that instantly converts received Bitcoin to euros in a Monaco bank account. Such services involve custody in the background (the processor handles the crypto wallet), but from the client and merchant perspective, it’s seamless. If you need to pay large sums in crypto, private banks can also assist by doing an OTC trade and transferring euros to the recipient (essentially helping you liquidate crypto for a purchase in compliance with AML rules).
• Tokenization and ICO support: Monaco has shown interest in the token economy. There was a law in 2020 on token offerings (for regulated ICOs) . If you are an entrepreneur or investor dealing with tokenized assets (say, a tokenized piece of art or a security token representing equity), the custody of those tokens also falls under the “digital asset custody” services. Banks might not yet handle those niche tokens, but specialized custodians could. In the future, we may see Monaco financial institutions helping clients custody security tokens or NFTs that have investment value, provided they obtain the necessary approvals. Already, law firms and consultancies in Monaco (e.g. Gordon S. Blair, Delforge Law) are active in advising on crypto projects , indicating an ecosystem forming to support tokenized investments. Custody of such assets will be a part of that ecosystem, ensuring that whether it’s Bitcoin or a tokenized security, clients have a safe place to store them.
In all cases, compliance with local regulations is the thread that ties these services together. Monaco’s regulators require that any crypto-related service offered to residents be done through authorized institutions and with full transparency. Investors benefit from this framework because it brings the legendary security and discretion of Monaco’s banking to the world of crypto. Banks and custodians will typically provide a clear contract for custody services, outline the responsibilities (for example, who bears what risk, how fast you can access your assets, etc.), and they will report to you and regulators as needed.
Conclusion
Monaco’s banks are blending tradition with innovation by gradually introducing Bitcoin custody solutions in a regulated manner. Wealth managers like Julius Baer and Société Générale now offer secure crypto storage to their clients, partnering with specialist crypto custodians to ensure institutional-level security . Account holders can expect to meet high entry requirements (often six-figure deposits) but in return gain access to insured cold storage, professional portfolio advice, and even perks like being able to leverage their Bitcoin for loans. For those seeking standalone crypto services, Monaco’s new regulations are attracting specialized custodians who will operate under local licenses to serve the market. These providers emphasize security (multi-signature, vault storage, insurance) and often offer a suite of crypto-financial services beyond just holding the keys .
When using any Bitcoin custody service in Monaco, remember that due diligence is key: check that the institution is properly licensed in Monaco or in a respected jurisdiction, and understand the fee structure and terms. Monaco’s legal framework ensures that any authorized crypto custodian, bank or fintech, will be accountable to the authorities – adding a layer of trust for clients who might be wary after seeing unregulated crypto platforms elsewhere. As the Principality continues its “dynamic ecosystem around blockchain” initiative , clients in Monaco can likely look forward to more banks and fintech firms offering crypto custody, trading, and investment products, all while upholding the high standards of privacy and security that Monaco is known for. In summary, Bitcoin holders in Monaco now have growing options to safeguard their assets with reputable banks and custodians, marry their crypto investments with traditional finance, and do so with the confidence that comes from robust regulatory compliance.
Sources:
• Monaco’s 2022 law regulating digital asset service providers (licensing for crypto custody, etc.) .
• The Legal 500 – Monaco Banking & Finance (Q&A on crypto custody and regulations) .
• FATF/MONEYVAL Report on Monaco (noting that previously banks didn’t offer crypto services, but were considering it) .
• Julius Baer – Digital Assets Offering (partnership with regulated crypto bank for custody, services available) .
• Reuters/News.mc – Societe Generale obtains France’s first crypto licence (SG Forge licensed for crypto custody/trading) .
• Interview with CMB Monaco’s CEO (bank’s position on engaging with crypto via regulated actors) .
• Bit2Me (Spanish crypto custodian) – registration and custody features (insured cold storage, compliance) .
• Monaco relocation guide – private bank account minimums in Monaco (initial deposit requirements) .