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Mauritius will soon license digital badet holders as part of its plan to create a fintech hub "in and for" Africa.
In an announcement Friday, the island nation's Financial Services Commission (FSC) said that after the publication of the draft rules in a consultation paper in November 2018, the framework is now finalized and will come into effect on 1 November. March.
Indeed, the framework defines the rules applicable to a license allowing the holder to provide preservation services for digital badets. This move makes Mauritius "the first jurisdiction in the world to offer a regulated landscape for digital badet preservation," according to the FSC.
Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius, said:
"By revolutionizing the global financial technology ecosystem through this regulatory framework for the preservation of digital badets, my Government reiterates its commitment to accelerate the country's transition to an era of digital-based economic growth.
Although the final framework is published in full in the next Official Journal on March 1, the announcement indicates that digital badet licensees will be mandated to comply with the funding rules for the fight against money laundering. money and terrorism, in accordance with international standards. best practices. "
Although some aspects have probably changed in their final form, the November consultation document lists a series of provisions for licensees, including mandatory reporting and information to clients, a minimum of reserve badets and a program of comprehensive "risk management.
The custodians would also be required to follow the guidelines for storing digital resource and seed keys, demonstrate safety procedures for cold storage of on-site resources, and implement a system for detecting and reporting suspicious transactions, in accordance with the project.
In today's announcement, the FSC announced that it was collaborating with the Organization for Economic Co-operation and Development on the governance and regulation of digital badets and that these efforts have guided the development of new rules for licensing.
The process has also been "collaborative between industry players, policy makers and the regulator," said Loretta Joseph, FSC Regulatory Consultant at CoinDesk.
"This regulatory framework reiterates the position we have taken over the past year to be a forward-thinking, innovative country, capable of delivering appropriate and appropriate regulation for the region," said Joseph.
The news comes after the recognition by Mauritius of digital badets as an badet clbad for investments of "savvy investors and experts" in September 2018,
Port Louis, image of Maurice via Shutterstock
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