Come March 1, the finance sector in the island nation of Mauritius will launch its custodial services license program for Blockchain and other cryptocurrencies – a move its leaders say will make it the first nation on the globe to offer this regulatory framework for the digital assets.
“In revolutionizing the global fintech ecosystem through this regulatory framework for the custody of digital assets, my government reiterates its commitment to accelerating the country’s move to an age of digitally-enabled economic growth,” said Pravind Kumar Jugnauth, the prime minister of Mauritius. “As an African country, we look forward to fostering further innovation and bringing more prosperity to the region.”
The licensing for cryptocurrency management follows the acceptance of such instruments as an investment asset class back in September, and discussions with the international community on how to best structure and implement it. The country’s Financial Services Commission began in November to seek feedback on the plan from various stakeholders and the public.
The decision was welcomed by Yandraduth Googoolye, the governor of the Bank of Mauritius, who said his organization supports innovation in financial services. “Banks, depending on their respective risk appetite, are encouraged to develop business relationships with players in the digital assets segment,” he added.
The licensing program is meant to ensure that cryptocurrency assets remain secure and protected in Mauritius, an established international financial services hub.