{"id":2111,"date":"2022-08-02T12:17:11","date_gmt":"2022-08-02T08:17:11","guid":{"rendered":"https:\/\/www.archglobalconsult.com\/?p=2111"},"modified":"2022-08-02T12:17:13","modified_gmt":"2022-08-02T08:17:13","slug":"virtual-assets-and-initial-token-offering-services","status":"publish","type":"post","link":"https:\/\/www.archglobalconsult.com\/virtual-assets-and-initial-token-offering-services\/","title":{"rendered":"Virtual assets and initial token offering services"},"content":{"rendered":"\n

The Virtual Assets and Initial Token Offering\nServices Act 2021 (hereinafter referred to as the Act) was introduced on 07th<\/sup>\nFebruary 2022 with an aim to promote Mauritius as an international financial\ncentre of excellence and adapt with the digital revolution.<\/p>\n\n\n\n

The Financial Services Commission\n(\u201cFSC\u201d) is responsible as regulator and supervisor of the activities of virtual\nasset service providers and issuers of initial token offerings. In addition,\nthe FSC was also granted the power to issue notices and guidelines.  In this respect, the FSC has issued an\nAML\/CFT Guidance Notes with respect to the Act on 28th<\/sup> February\n2022.<\/p>\n\n\n\n

As per the Act, Virtual Assets can be\ndefined as digital representation of value that may be digitally traded or\ntransferred and may be used for payment or investment purposes but does not\ninclude a digital representation of fiat currencies, securities and other\nfinancial assets that fall under the purview of the Securities Act. <\/p>\n\n\n\n

The Act shall apply to any virtual\nasset service provider, and to any issuer of initial token offerings that\ncarries out its business activities in or from Mauritius.<\/p>\n\n\n\n

The Act makes provision for 5 types of\nlicenses that can be issued to a virtual asset service provider:<\/p>\n\n\n\n
\n  \n <\/td>\n Class of\n licence<\/strong><\/strong>\n <\/td>\n Business\n activities<\/strong>\n Any virtual\n asset service provider that conducts one or more of the following business\n activities \u2013<\/strong><\/strong>\n <\/td><\/tr>
\n Class \u201cM\u201d\n <\/td>\n Virtual Asset Broker-Dealer\n <\/td>\n – exchange between\n virtual assets and fiat currencies; or \n – exchange between one\n or more forms of virtual assets\n <\/td><\/tr>
\n Class \u201cO\u201d\n <\/td>\n Virtual Asset Wallet\n Services\n <\/td>\n – transfer of virtual\n assets\n <\/td><\/tr>
\n Class \u201cR\u201d\n <\/td>\n Virtual Asset Custodian\n <\/td>\n – safekeeping of\n virtual assets or instruments enabling control over virtual assets \n – administration of\n virtual assets or instruments enabling control over virtual assets\n <\/td><\/tr>
\n Class \u201cI\u201d\n <\/td>\n Virtual Asset Advisory\n Services\n <\/td>\n – participation in and\n provision of financial services related to an issuer\u2019s offer and\/or sale of\n virtual assets\n <\/td><\/tr>
\n Class \u201cS\u201d\n <\/td>\n Virtual Asset Market\n Place\n <\/td>\n – a virtual asset\n exchange\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n

In addition, the virtual asset service\nprovider:<\/p>\n\n\n\n

  • Must be directed and managed from Mauritius;<\/li>
  • Have its physical office in Mauritius;<\/li>
  • maintain such minimum stated unimpaired\ncapital and such other financial requirements as may be prescribed by the FSC;<\/li>
  • Filing of audited financial statements of the\nCompany after 4 months of the financial year end;<\/li>
  • Ensure that each of its controllers,\nbeneficial owners, associates and officers satisfies the \u2018fit and proper\u2019\ncriteria of the FSC;<\/li>
  • Have in place proper measures for AML\/CFT\npurposes<\/li><\/ul>\n\n\n\n

    Issuers of\ninitial token offerings <\/strong>are companies registered under the Act and\nmaking issuance of initial token offerings.<\/p>\n\n\n\n

    Initial token offerings are an offer for sale to the public of a\nvirtual tokens in exchange for fiat currency or another virtual asset.<\/p>\n\n\n\n

    Issuers of initial token offer are required to:<\/p>\n\n\n\n

    • Make provision for a white paper, provide full\nand accurate disclosure of information which would allow potential purchasers\nto make an informed decision and same must be published on its website.<\/li>
    • Ensure its advertisements with respect to the\ninitial token offerings are accurate and does not contradict in any manner the\nFSC Rules<\/li>
    • Maintain proper measures in line with AML\/CFT\npurposes.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"

      The Virtual Assets and Initial Token Offering Services Act 2021 (hereinafter referred to as the Act) was introduced on 07th February 2022 with an aim to promote Mauritius as an international financial centre of excellence and adapt with the digital revolution. The Financial Services Commission (\u201cFSC\u201d) is responsible as regulator and supervisor of the activities […]<\/p>\n","protected":false},"author":1,"featured_media":2112,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/posts\/2111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/comments?post=2111"}],"version-history":[{"count":1,"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/posts\/2111\/revisions"}],"predecessor-version":[{"id":2113,"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/posts\/2111\/revisions\/2113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/media\/2112"}],"wp:attachment":[{"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/media?parent=2111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/categories?post=2111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.archglobalconsult.com\/wp-json\/wp\/v2\/tags?post=2111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}