The Custodian Services (Digital Asset) License will allow for the safekeeping of digital asset, that is, the contractual obligation according to which a custodian is required to secure and preserve digital asset being held in custody as well as management of addresses and wallets.
HOW TO GET THIS LICENSE?
- SUBSTANCE REQUIREMENTS
The Custodian shall meet the following requirements:
- An office in Mauritius from which it shall perform its core functions.
- A representative in Mauritius who shall be an officer of sufficiently senior status and knowledgeable in the operations of the Custodian.
- A board of directors composed of a minimum of 3 directors, of which at least 30% shall be independent directors and 1 shall be resident in Mauritius.
- MINIMUM CAPITAL REQUIREMENT
The Custodian shall maintain a minimum stated unimpaired capital which is the higher of:
- MUR 35 million or an equivalent amount; or
- An amount representing 6 months’ operating expenses as reported in the audited financial statements submitted to the FSC.
The Custodian shall have appropriate infrastructure in place to ensure that its core functions are fully operational at all times.
The Custodian shall have appropriate systems and procedures to ensure that it operates efficiently and completes transactions in a timely manner in accordance with industry best practices and standards.
- INTERNAL CONTROL MANUAL
The Custodian shall have in place a manual of internal control and compliance procedures covering, but not limited to the following:
- Security including cyber security.
- Disaster recovery and redundancy (Staff, Equipment and Software) strategy.
- Seed creation and key Generation process with safeguards.
- Storage of Seeds, Keys and Back-up systems.
- Designation of signatories and methods to mitigate risk of collusion or other acts of bad faith.
- Requirements for Cold Storage.
- CUSTODY PROCESSES AND SYSTEMS TESTING
The testing of the custody systems and processes shall include:
- penetration testing and vulnerability scans.
- wallet integrity audits.
- key and seed generation procedures.
- suspicious transaction handling.
- migration of storage devices including cold to hot storage and vice versa.
If you wish to access the Licensing Criteria issued by the Financial Services Commission on the Custodian Services (Digital Asset) License, please click on ‘Learn More’.
Disclaimer: The above list is provided for guidance and is not exhaustive. The Commission will assess the information provided on its own merits and may require additional information to determine the application.