The Mauritian Financial Services Commission (FSC) is all set to establish a regulatory framework to govern digital asset custodian services as per an official announcement published on Feb. 8.

Effective as of March 1, the new regulation and will necessitate custodian services “to comply with the applicable framework for [Anti Money Laundering] AML/CFT [combat financing terrorism] in line with international best practices.

The Chief Executive of the FSC, Harvesh Seegolam, stated:

The FSC is committed to implementing enabling frameworks which facilitate the development of the Mauritius IFC.”

The statement noted that the framework was developed after taking consultations with the Organisation for Economic Cooperation and Development (OECD) on the governance and regulation of digital financial assets such as cryptocurrencies.

The Mauritian FSC released the first draft of this framework on Nov. 5, 2018, and according to the release at the time, the regulations’ aim was to establish a regulation for custodian services for digital assets in order to enable users of said services to have a due level of safety.

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