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MINDEX Digital Custodian Launches The First Licensed Virtual Asset Service Provider In Mauritius

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MINDEX GROUP secures Mauritius’ first Virtual Asset Service Provider (VASP) licence from the Financial Services Commission and launches its first regulated entity: a Digital Custodian. MINDEX Digital Custodian Limited will be live and operational as from quarter 1 of 2023.

The Digital Custodian operates as a ‘bank’ for digital assets as it provides the infrastructure for the safekeeping and administration of virtual assets of any kind, including security tokens and cryptocurrencies, as well as instruments enabling control over virtual assets.

The MINDEX GROUP is building a complete and regulated digital ecosystem to create, store and trade virtual assets of any kind, within jurisdictions having a clear regulatory framework and by applying best in class AML/CFT international standards; the Digital Custodian representing the first step in this direction.

The Honourable Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance, welcomed the launch of MINDEX Digital Custodian as a decisive measure for Mauritius to position itself, within Africa and beyond, as a regulated FinTech hub of choice.

Twaleb Butonkee, National Leader for the Audit & Advisory practice at Deloitte Mauritius, commented that by issuing the first VASP licence to MINDEX, the Mauritius International Financial Centre (IFC) is clearly showcasing its intent to embark on the virtual asset journey and promote the development of the industry through a robust legal and regulatory environment.

The MINDEX GROUP is pleased to announce the launch of MINDEX Digital Custodian Limited, as the first VASP licensed by the Financial Services Commission in Mauritius.

This also marks a major milestone for the jurisdiction as MINDEX Digital Custodian is the first regulated entity to be launched under the framework of the pioneering Virtual Asset and Initial Token Offering Services (VAITOS) Act 2021, which came into force in February 2022.

In the process, it leverages Mauritius’ strengths, both as a jurisdiction and as an International Financial Centre, to provide innovative solutions to global organisations, large companies, governments, and investors. Indeed, Mauritius was chosen as the base to set up the MINDEX digital ecosystem because it is one of the very few countries in the world that has implemented a complete legal framework for Virtual Assets, with the VAITOS Act in force since 07 February 2022.

With the firm intent of building a complete digital ecosystem, the MINDEX GROUP aims to offer a digital custodian, exchange, as well as clearing and settlement facilities under three separate licensed group entities. As a first step, the MINDEX Digital Custodian has been licensed, allowing the group to provide the infrastructure for the safekeeping and administration of virtual assets of any kind, including security tokens and cryptocurrencies, and instruments enabling control over virtual assets. A digital custodian may best be understood as a ‘bank’ for digital assets where such assets can be stored securely.

Mrs Jessica T. Naga, the CEO of MINDEX GROUP states: “Over the best part of the last decade, we have watched how, behind the hype, blockchain has been able to completely revolutionise financial services worldwide. Early on, we believed as a group that the need for regulated solutions will rise as the market matures. With MINDEX, our intention is to be a solution provider, by using a complete and regulated digital infrastructure, leveraging blockchain and strong legal frameworks such as VAITOS, to support organisations in their digital transformation journey.”

This is a vision that is shared with the Minister of Financial Services and Good Governance, the Honourable Mahen Kumar Seeruttun, who notes: “Mauritius, with VAITOS, is currently one of the jurisdictional pioneers within the virtual asset space, as it brings a clear and complete legal framework which is overseen by the Financial Services Commission of Mauritius.”

Twaleb Butonkee, Partner at Deloitte Mauritius, opined: “We are pleased that MINDEX has chosen Mauritius to launch its virtual asset operations despite competition from other jurisdictions”.

Hirander Misra, Chairman and CEO of the GMEX Group, technology partner of the MINDEX GROUP, commented that: “More so than ever there will be a flight to quality for digital assets activity enabled by credible regulations. MINDEX GROUP lays strong foundations for the sector with the required trust”.

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