In line with an official report published, the ‘Mauritanian‘ FSC [Financial Services Commission] is establishing a regulative framework for digital assets custodian services.
The new regulations are expected to be effective as of from 1st March and would need services “to comply the applicable framework for AML [Anti Money Laundering], CFT [Combat Financing Terrorism] as per international best practices.”
Explaining further the Chief official of the ‘FSC‘ named ‘Harvesh Seegolam,’ added:
“The FSC is committed to implementing enabling frameworks that facilitate the further development of the Mauritius IFC.”
In line with the statement revealed, this framework has been developed following consultations with the OECD [Organisation for Economic Cooperation and Development] on the governance and regulation of digital monetary assets like cryptocurrencies.
As reported earlier last year, the Mauritanian FSC 1st revealed a draft of this framework on 5th Nov., last year. In keeping with the announcement published at the time, the island country aims to ascertain regulation for custodian services for digital assets so as to let users of said services to own a due level of safety.
Also, as in Oct. 2017, the SMB [State Bank of Mauritius] proclaimed that it’ll partner with renowned Fintech firm named SALT [Secured Automated Lending Technology] so as to employ ‘blockchain‘ assets as collateral for loans.