Mauritius FSC to implement licensing framework for digital asset custodian services in March

The Mauritian Financial Services Commission (FSC) has announced that a regulatory framework for digital asset custodian services will go into effect on 01 March 2019.

The announcement follows a public consultation period launched last November on the proposed regulatory framework. In an official announcement dated February 08, the FSC said:

“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.”

The FSC said that the regulatory framework for the Custodian Services (Digital Asset) Licence has been developed in reference to consultation with the Organisation for Economic Cooperation and Development (OECD).

“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,” Harvesh Seegolam, the Chief Executive of the FSC, said.

“I wish to put on record the active participation of all parties during the consultation phase preceding the introduction of this revolutionary structure for our jurisdiction.”