Virtual Asset and Initial Asset Token Offering framework
The Virtual Asset and Initial Token Offering Services Act 2021 (the “Act”) has come into force on 7 February 2022.
This Act sets out a comprehensive legislative framework to regulate the business activities of virtual assets service providers and initial token offerings.
It has been developed inter alia in accordance with international standards established by the Financial Action Task Force to manage, mitigate and prevent anti-money laundering and countering the financing of terrorism risks associated with these emerging and innovative business activities.
Mauritius, as an international financial centre and growing FinTech hub is amongst the first countries in the Eastern and Southern African region which has adopted a comprehensive legislation on virtual assets and initial token offerings.
A range of new and innovative service providers which are related to virtual assets (such as exchanges, broker-dealers, custodians, amongst others) will henceforth be licensed by the Financial Services Commission in Mauritius, under this Act.