Regulatory framework for the Custodian Services (Digital Asset) Licence
Further to the report of the Regulatory Committee on FinTech and Innovation-Driven Financial Services, the Financial Services Commission (the “FSC”) has made significant progress in establishing the Mauritius International Financial Centre (the “Mauritius IFC”) as the FinTech hub, in and for, Africa.
Following the recognition of Digital Assets as an asset-class for investment by Sophisticated and Expert Investors on 17 September 2018, the FSC issued, on 05 November 2018, a Consultation Paper seeking feedback from stakeholders and the public on the proposed regulatory framework for the Custodian Services (Digital Asset) Licence, which allows its holder to provide custody services for Digital Assets.
This regulatory framework will be effective as from 01 March 2019, positioning the Mauritius IFC as the first jurisdiction globally to offer a regulated landscape for the custody of Digital Assets. Holders of the Custodian Services (Digital Asset) Licence will equally have to comply with the applicable framework for AML/CFT, in line with international best practices.