Virtual Assets Service Provider
The Virtual Assets and Initial Token Offering Services Act 2021 (the “Act”) was passed by the Mauritian National Assembly on 10 December 2021, gazetted on 16 December and came into force on 7 February 2022. The Act introduces the requisite legal and regulatory framework for regulating Initial Token Offerings and Virtual Assets services providers and ensuring these activities are in line with AML/CFT norms recommended by the Financial Action Task Force (FATF).
The objective of the VAITOS Act is clear in that it seeks to provide for a comprehensive legislation to regulate Virtual Asset Service Providers (VASPs) and issuers of initial token offering (ITO) carrying out business in or from Mauritius. In effect, it establishes a regulatory framework for VASP and ITOs resting on the VAITOS Act alongside the Financial Services Act 2007, the Financial Intelligence and Anti-Money Laundering Act 2002, and the United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019.
The Financial Services Commission (FSC) is designated as the regulator and supervisor with the power to grant licences, monitor and oversee the business activities of VASPs and issuers of ITO and issue notices and guidelines.
Please find a link to the guidance note here.
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