When Keeper of Keys enters the battlefield, you become the monarch.
At the beginning of your upkeep, if you're the monarch, creatures you control can't be blocked this turn.
8/23/2016 The last ability of Keeper of Keys checks to see if you’re the monarch as your upkeep begins. If you’re not, the ability won’t trigger at all. You won’t be able to do anything that would make you the monarch during your upkeep in time to have that ability trigger. The ability will also check to see if you’re the monarch as it tries to resolve. If you’re not the monarch at that time, the ability will have no effect.
8/23/2016 The last ability of Keeper of Keys will affect all creatures you control that turn, even if they weren’t on the battlefield or weren’t creatures as the ability resolved.
8/23/2016 The game starts with no monarch. Once an effect makes one player the monarch, the game will have exactly one monarch from that point forward.
8/23/2016 Abilities that trigger whenever you “become the monarch” trigger only if you aren’t already the monarch. For example, if you are already the monarch as Custodi Lich enters the battlefield, its last ability won’t trigger.
8/23/2016 If the triggered ability that causes the monarch to draw a card goes on the stack, and a different player becomes the monarch before that ability resolves, the first player will still draw the card.