Mauritius Creates Ecosystem For STO

The main financial supervisor of Mauritius has created a regulatory regime for the complete security of the ecosystem in the country. The Mauritius Financial Services Commission (FSC) has published a licensing framework specifically designed for security tokens. The regulator said that this is the start of a new licensing regime that will allow full control of the security token trading system in the country.

At the moment, the requirements of the regulator are as follows:

• licensees will have to comply with anti-money laundering (AML) and terrorist financing (CFT) measures;
• as traditional exchanges, they will be required to publish daily trading data and submit them to the FSC;
• a licensed trading system should also have at least 35 mln Mauritian rupees, equivalent to approximately $880,000;
• it is also necessary to provide a registered custodial service, both for digital assets and for any fiat currency operating within the business.

The regulator plans to complete the list of requirements by the end of this year. The FSC representative said that the regulatory guidelines was the start of the security tokens recognition and a wider segment of cryptocurrency as a separate asset class. According to the FSC CEO, this is done with the full cooperation of the industry and the regulatory body. The regulator also hopes that new applications for obtaining a license for STO will be received in the coming months and interest in STO will continue to grow.

Image courtesy of Bitcoin Magazine