The FSC Mauritius has issued the FSC Rules to be implemented in connection to the Virtual Asset and Initial Token Offering Services (VAITOS) Act 2021; the FSC Rules have been open to the public for their comments, feedback and suggestions until the 15 of June 2022.
Based on the results of the Consultation, the FSC Mauritius shall issue the final FSC Rules that shall be applicable in regards to the VAITOS Act 2021.
The FSC Rules shall apply to all virtual asset service providers that carry out business in Mauritius and provide guidance on the fees applicable, minimum capital requirements, cybersecurity, advertisements, etc.
More specifically, the FSC has issued the following FSC Rules:
- Virtual Asset and Initial Token Offering Services (Capital and Other Financial Requirements) Rules 2022
- Virtual Asset and Initial Token Offering Services (Client Disclosure) Rules 2022
- Virtual Asset and Initial Token Offering Services (Custody of Client Assets) Rules 2022
- Virtual Asset and Initial Token Offering Services (Cybersecurity) Rules 2022
- Virtual Asset and Initial Token Offering Services (Publication of Advertisements) Rules
- Virtual Asset and Initial Token Offering Services (Risk Management) Rules 2022
- Virtual Asset and Initial Token Offering Services (Statutory Returns) Rules 2022
The abovementioned Rules, are not yet applicable and may be revised in light of the views and comments received, during the consultation exercise.
FiveComply remains vigilant shall keep you posted in regards to any updates on the matter.