Mauritius passed the Virtual Assets and Initial Token Offering Services (VAITOS) Act 2021, which took effect on February 7, this year 2022.
The Act builds a legislative structure for emerging and developing operations involving Virtual Assets (VAs) and Initial Token Offerings (ITOs) in the country, as well as anti-money laundering and anti-terrorist financing measures relating to VAs.
The current digital asset regulatory framework was implemented as part of guidelines and rules, with the range confined to custodial services and digital assets such as “securities” and “security tokens.”
The new Act no longer confines the regulatory framework to these categories, but instead allows for the licensing and oversight of a considerably broader variety of activities under a new broad definition.
The current concept of a ‘virtual asset,’ which was adopted from the FATF guidelines, and the transitional provisions that provide that a security,’ under the Securities Act, no longer includes a ‘virtual token,’ are two key sections in the Act.
The Financial Services Commission of the country has recently revealed to industry stakeholders and members of the public that applications for the pertinent cryptocurrency and other licenses/registrations under the Act may now be forwarded to the FSC for deliberation via the FSC One Platform, following Mauritius declaration of the Virtual Asset and Initial Token Offering Services Act 2021.
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