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FSC to Issue Custodian License For Cryptoassets

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FSC to Issue Custodian License For Cryptoassets

The Financial Services Commission, Mauritius (FSC) has embarked on setting up an enabling framework for fintech. Following the issue of the FSC Guidance Note on the Recognition of Digital Assets as an asset-class for investment by Sophisticated and Expert Investors on 17 September 2018, the FSC is now establishing the regulatory framework in relation to the Custodian Services (Digital Asset) Licence which will enable its holder to provide safe-keeping services in relation to Digital Assets.

A Consultation Paper covering the FSC’s perspective on the regulatory framework for the Custodian Services (Digital Asset) Licence, is being issued for feedback from the industry, stakeholders and the public. The consultation period will span from 05 November 2018 to 30 November 2018. Interested parties are invited to send their comments, feedback and suggestions in relation to the proposed regulatory framework for the Custodian Services (Digital Asset) Licence during the consultation. 

In September, the financial regulator had published a report titled: “Digital Assets as an asset-class for investment by Sophisticated and Expert Investors.” According to FSC’s report, only the following types of investors may invest in digital assets: “sophisticated investors”, “expert investors”, “expert funds”, and “specialized/professional collective investment schemes”.

The term “sophisticated investor” usually refers to high net worth individuals (HNWIs). These investors have financial assets worth at least $1 million, which does not include their primary residence.

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