The Financial Services Commission (FCS) 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.
About the Financial Services Commission of Mauritius
The FSC was established in 2001 and serves as the country’s regulator for the non-bank financial services sector. Its chief goal is to establish Mauritius as a sound and competitive Financial Services Center.
Over the years, Mauritius has emerged as the fastest growing financial center in Africa and the third fastest growing in the world. The FSC has understood that digital assets are a desired asset class that could provide fruitful opportunities with time.
What are your thoughts on Mauritius announcing that it will begin issuing licenses for Custody Services? Is it a step in the right direction for the financial hub of Africa? Please let us know in the comment section below.
[Image courtesy of InternationalTraveller.com]
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