The Financial Services Commission which is the integrated regulator for non-banking financial services and global business sectors, is highly supportive of Fintech-related initiatives in the Mauritius International Financial Centre.
The FSC considers as a Digital Asset, any token, which is representative of either the holder’s access rights to a service or ownership of an asset. A Digital Asset includes a digital representation of value which:
- is used as a medium of exchange, unit of account, or store of value but which is not legal tender, even if it is denominated in legal tender;
- represents assets such as debt or equity in the promoter; or
- provides access to a blockchain-based application, service or product.
A Digital Asset will, however, exclude:
- any transaction in which a business grants value which cannot be exchanged for legal tender, bank credit or any Digital Asset; or
- a digital representation of value issued for use within an online gaming platform.
The FSC considers Cryptocurrencies as being a sub-category of Digital Assets.
DIGITAL ASSETS AND CRYPTOCURRENCIES AS AN ASSET-CLASS
The FSC recognises that Digital Assets including Cryptocurrencies may constitute an asset-class for investment by the following:
- Sophisticated investors
- Expert Investors
- Expert Funds
- Specialised Collective Investment Schemes
- Professional Collective Investment Schemes
If you wish to access the Guidance Note issued by the Financial Services Commission on the Recognition of Digital Assets as an Asset-Class for Investment by Sophisticated and Expert Investors, please click on ‘Learn More’.