The Draft Vaitos Rules Part I: Is The Regulatory Space Now Complete?

The Virtual Asset and Initial Token Offering Services Act 2021 (the “Act”) came into force on 07 February 2022. With a view to regulate the AML/CFT risks inherent in virtual assets, the Financial Services Commission Mauritius (the “Commission”) issued, with effect from 28 February 2022, ‘Guidance Notes' on Anti-money Laundering and Combating the Financing of Terrorism for Virtual Asset Service Providers (“VASPs”) and Issuers of Initial Token Offerings (“ITOs”). The Commission has now published on 03 June 2022 a series of draft rules (the “VAITOS Rules”) for public consultation, namely:

1. The VAITOS (Capital and Other Financial Requirements) Rules;
2. The VAITOS (Risk Management) Rules;