Mauritius to Issue Custody Service Licences for Digital Assets Beginning March

 

The Financial Services Commission (FSC) of Mauritius has announced that it will start issuing licenses for Custodian Services for Digital assets in the country beginning 1st March this year.This is following the recognition of Digital Assets as an asset-class for investment in the country last September. The FSC had also issued a Consultation Paper later in November that sought feedback from stakeholders and the public on proposed regulatory framework for the aforementioned custody services.

 

This move by the FSC coupled with the establishment of the Mauritius International Financial Center (Mauritius IFC) as the FinTech positions the country as the first jurisdiction globally to offer a regulated environment for the custody of Digital Assets.

The Honorable Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius, explained how his government will pave the way towards a digital economy.

“In revolutionizing the global FinTech ecosystem through this regulatory framework for the custody of Digital Assets, my Government reiterates its commitment to accelerating the country’s move to an age of digitally-enabled economic growth.

As an African country, we look forward to fostering further innovation and bringing more prosperity to the region.”

 

Chairman of the FSC, Dr. Renganaden Padayachy, also added that there were key opportunities for Mauritius to tap in relation to digital assets. Mauritius sets itself apart from other countries in the greater African region by continually embracing the rapid changes in the financial and investing sectors.

Full Support of the Bank of Mauritius (Central Bank of Mauritius) 

The Bank of Mauritius, through its Governor, Mr Yandraduth Googoolye, added that innovation in the financial services sector was welcome in the country.

The Bank of Mauritius is supportive of innovation in the financial services sector. Banks, depending on their respective risk appetite, are encouraged to develop business relationships with players in the Digital Assets segment.

Source: EWN