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Virtual Asset Service Providers

  • August 24, 2020
  • Posted by: DeenE
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As an international financial centre and FinTech hub, Mauritius is among the first countries to adopt a comprehensive legislation on Virtual Assets and Initial Token Offerings.

What is a Virtual Asset?

A virtual asset is a digital representation of value that can be digitally traded or transferred but does not represent a digital representation of fiat currencies. Virtual assets can be used for payment or investment purposes under the VAITOS law, rules and regulations.

Virtual Asset Service Provider (VASP) licences in Mauritius

A VASP is an entity that provides virtual asset service as a business activity or within the course of a business in or from Mauritius by holding one or more of the following licences:

  • Dealer – Broker (Class M)
    – to exchange between virtual assets and fiat currencies; or
    – to exchange between one or more virtual assets.
  • Wallet Services (Class O)
    – for the transfer of virtual assets
  • Custodian (Class R)
    – for the safekeeping of virtual assets or instruments enabling control over virtual assets
    – for the administration of virtual assets or instruments enabling control over virtual assets.
  • Advisory Services (Class I)
    – for the participation in and provision of financial services related to an issuer’s offer and/or sale of virtual assets.
  • Market Place (Class S)
    – to act as a virtual asset exchange.

Issuers of Initial Token Offerings (ITOs)

An issuer of ITO means an entity making an offer for sale to the public of a virtual token (i.e. any cryptographically-secured digital representation of a set of rights, including smart contracts, provided on a digital platform and issued or to be issued by an issuer of initial token offerings) in exchange for fiat currency or another virtual asset.

An issuer of ITOs must be registered with the FSC and the registration is made forty five days prior to the start of the offer period through a virtual exchange licensed in Mauritius or an equivalent jurisdiction recognised by the FSC.

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