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ARTICLE · 23 DECEMBER 2022

Non-Fungible Tokens: Guidance Notes Issued In Mauritius

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The Financial Services Commission (FSC) continues to propel its Fintech sector with a view to strengthen its regulatory framework to enable safe and secure virtual asset transaction...

MauritiusTechnology
Malcolm Moller
Malcolm Moller
Farzanah Nawool
Farzanah Nawool
Suhaylah Juman
Suhaylah Juman
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The Financial Services Commission (FSC) continues to propel its Fintech sector with a view to strengthen its regulatory framework to enable safe and secure virtual asset transaction and in this pursuit, the FSC took a further step by clarifying its regulatory stance with respect to Non-Fungible Tokens (NFTs).

On 30 November 2022, the FSC issued Guidance Notes on the regulatory treatment of NFTs. Failure to comply with these Guidance Notes may entail regulatory sanctions and may constitute an offence where any person acts against a direction from the FSC to comply with these Guidance Notes.

NFTs may take different forms and are often linked to items such as artworks, music or videos. The Guidance Notes define an NFT as a token recorded using distributed ledger technology such as Blockchain, whereby each recorded NFT is distinct with unique features from any other NFT and can be associated with a distinct physical or virtual asset.

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