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ARTICLE · 26 JULY 2022

Cryptocurrencies And Virtual Assets – How Ready Are We?

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The world is moving at a fast pace and in line with modernisation, our means of transacting has progressed significantly.

MauritiusTechnology
Melissa Virahsawmy-Naik
Melissa Virahsawmy-Naik
Zahrah Juman
Zahrah Juman
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The world is moving at a fast pace and in line with modernisation, our means of transacting has progressed significantly. Whilst previously our prime means of transacting was by way of conventional currencies, jurisdictions are now embracing virtual currencies as a mode of payment.

With the enactment of the Virtual Asset and Initial Token Offering Services Act 2021 (VAITOS Act), the Government of Mauritius has sought to provide a legal framework within which business activities relating to virtual assets (VA) can operate. The Financial Services Commission (FSC) has also issued its AML/CFT Guidance Notes for virtual asset service providers (VASPs) and issuers of initial token offerings, which notes have been updated on 4 July 2022 (the FSC Guidance Notes).

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