The Financial Services Commission (FSC) of the Republic of Mauritius
has released a draft regulatory framework for crypto custodian services,
according to an official document posted on Nov. 5.
According to the announcement, the island country aims to establish
regulation for custodian services for digital assets in order to enable
users of crypto custodian services to have a due level of safety.
According to the draft regulation, the FSC will issue a custodian
service license that will allow an entity to operate as a holder of
digital assets as well as to function as safe keeper of the assets. In
order to acquire the license, the holder will be required to comply
with anti-money-laundering ( AML ) and counter-terrorism-financing
(CFT) laws, as well as the country’s Financial Intelligence and Anti-
Money Laundering Act of 2002 (FIAMLA).
Crypto custodians on Mauritius will be also required to maintain at
least 500,000 of Mauritian rupees (MUR) or roughly $14,000 of
“unimpaired” or hard capital . Moreover, a crypto custodian must have
a board consisting of at least three directors with one of them being
a resident of Mauritius, as well as the requirement of maintaining an
office on the island.
The FSC stressed that the current version of the regulation is not
finalized, also claiming that it will appreciate feedback from industry
community. The consultation time frame will span from Nov. 5 until
Nov. 30, according to the document.
According to Israel-based financial trading news agency Finance
Magnates , the first applicant for the license will be the new venture
called Hybrid Stock Exchange Corporation Limited (HYBSE)
International Marketplace. The new exchange was announced yesterday,
Nov. 6, by global markets exchange GMEX Group in partnership with
Mauritius International Derivatives and Commodities Exchange
(MINDEX) and HYBSE.
In September, the FSC released a document that stated that
cryptocurrencies were an “asset-class for investment by Sophisticated
and Expert Investors” that does not have legal tender status.
On Aug. 31, the FSC issued a warning to a local company dubbed
Jennocrypto that allegedly falsely claimed to hold an investment Dealer
(Discount Broker) license. The Jennocrypto platform reportedly
offered its clients a number cryptocurrency-related services, including
investments, which is reportedly not authorized in Mauritius.
has released a draft regulatory framework for crypto custodian services,
according to an official document posted on Nov. 5.
According to the announcement, the island country aims to establish
regulation for custodian services for digital assets in order to enable
users of crypto custodian services to have a due level of safety.
According to the draft regulation, the FSC will issue a custodian
service license that will allow an entity to operate as a holder of
digital assets as well as to function as safe keeper of the assets. In
order to acquire the license, the holder will be required to comply
with anti-money-laundering ( AML ) and counter-terrorism-financing
(CFT) laws, as well as the country’s Financial Intelligence and Anti-
Money Laundering Act of 2002 (FIAMLA).
Crypto custodians on Mauritius will be also required to maintain at
least 500,000 of Mauritian rupees (MUR) or roughly $14,000 of
“unimpaired” or hard capital . Moreover, a crypto custodian must have
a board consisting of at least three directors with one of them being
a resident of Mauritius, as well as the requirement of maintaining an
office on the island.
The FSC stressed that the current version of the regulation is not
finalized, also claiming that it will appreciate feedback from industry
community. The consultation time frame will span from Nov. 5 until
Nov. 30, according to the document.
According to Israel-based financial trading news agency Finance
Magnates , the first applicant for the license will be the new venture
called Hybrid Stock Exchange Corporation Limited (HYBSE)
International Marketplace. The new exchange was announced yesterday,
Nov. 6, by global markets exchange GMEX Group in partnership with
Mauritius International Derivatives and Commodities Exchange
(MINDEX) and HYBSE.
In September, the FSC released a document that stated that
cryptocurrencies were an “asset-class for investment by Sophisticated
and Expert Investors” that does not have legal tender status.
On Aug. 31, the FSC issued a warning to a local company dubbed
Jennocrypto that allegedly falsely claimed to hold an investment Dealer
(Discount Broker) license. The Jennocrypto platform reportedly
offered its clients a number cryptocurrency-related services, including
investments, which is reportedly not authorized in Mauritius.
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