The Financial Services Commission of Mauritius has announced that the following FSC Rules have been issued under the Virtual Asset and Initial Token Offerings Services Act, and have come into effect on 01 July 2022
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The rules include:
- Virtual Asset and Initial Token Offerings Services (Capital and Other Financial Requirements) Rules 2022;
- Virtual Asset and Initial Token Offerings Services (Client Disclosure) Rules 2022;
- Virtual Asset and Initial Token Offerings Services (Custody of Client Assets) Rules 2022;
- Virtual Asset and Initial Token Offerings Services (Cybersecurity) Rules 2022;
- Virtual Asset and Initial Token Offerings Services (Publication of Advertisements) Rules 2022;
- Virtual Asset and Initial Token Offerings Services (Risk Management) Rules 2022; and
- Virtual Asset and Initial Token Offerings Services (Statutory Returns) Rules 2022.
Mauritius has always been at the forefront of promoting crypto-backed assets in Africa. The country’s Financial Services Commission (FSC), the integrated regulator for the non-bank financial services sector of Mauritius, recently announced a framework aimed at ensuring more regulatory certainty with regards to security token trading systems in the country. The regulatory body stated that the move would enable the implementation of a common set of standards for the licensing of Security Token Trading Systems in Mauritius. The FSC released a 15 — page document outlining the new standards to that effect.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh