Digital asset custodian licensing framework approved in East Africa
Effective March 1, in East Africa’s Mauritius, a new supervisory network is being implemented, which will directly affect cryptocurrency platforms.
The Financial Services Commission (FSC) in Mauritius released the final version of this framework, which will ensure that all of their licensees are compliant with the legislation and regulations, identifying which licensees are participating in unlawful or publicly unsavory activities, boost the confidence in both the public and investors and ensure the reputation of a center for international finances is positively maintained.
The FSC created the framework with the Organization for Economic Cooperation and Development (OECD), consulting them with the goals of protecting the public, as well as supervising and regulating their licensee conduct.
In 2018, the FSC announced and released a draft version of the framework to the public, hoping that the new network will create and establish regulation for crypto asset platforms that offer custodial services.