Mauritius launches world’s first crypto custody regulation, positions as African fintech hub

Following the recognition of digital assets as an asset class for investment in September 2018, Mauritius’ financial markets regulator, the Financial Services Commission, issued, in 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 March 1 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.

Commenting on the supervisory infrastructure, Pravind Kumar Jugnauth, prime minister of the Republic of Mauritius, said in a statement: “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.”

Also commenting in the statement, chief executive of the FSC, Harvesh Seegolam, said: “The FSC is committed to implementing enabling frameworks which facilitate the development of the Mauritius IFC. We continue to collaborate with our international counterparts and stakeholders in introducing the appropriate regulatory mechanisms.”

Read the full release

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