The Financial Services Commission (FSC) wants to explain all the aspects and implications of the Virtual Asset and Initial Token Offering Services – VAITOS Act 2021 to the public. So with this campaign launched, the wish is to show how this metamorphosis of the financial sector will transform lives.
The official launching ceremony was organised by the Ministry in collaboration with the FSC, Mauritius. The Chairperson of the FSC, Mr Mardayah Kona Yerukunondu, the Chief Executive of the Commission, Mr Dhanesswurnath Thakoor, and other personalities were present on this occasion.
The VAITOS Act in brief
The VAITOS Act, enacted in February 2022, addresses several key issues, including technical requirements, governance structures, risk management, disclosure of information for virtual service providers and the protection of customer rights and virtual tokens. This campaign aims to raise awareness and inform the industry and the general public about the implications of the VAITOS Act through a series of financial education initiatives, such as video clips, radio spots, billboards, brochures and posters.
Mahen Seeruttun:
“Mauritius is pursuing its goals of becoming a regional FinTech hub for Africa”
The Minister of Financial Services and Good Governance, Mahen Kumar Seeruttun, in his address, pointed out that “financial services around the world are undergoing a technology-led metamorphosis, and as such, companies have introduced a wide variety of innovative products and services that improve the customer experience and contribute to better outcomes for investors.” He also highlighted that “since the implementation of the VAITOS Act 2021 in February 2022, Mauritius has become one of the first countries in the Eastern and Southern African region to have adopted comprehensive legislation on virtual asset services and initial offerings of Virtual Tokens. This law, which provides a legislative framework for both virtual asset service providers and initial offerings of Virtual Tokens, was developed with technical support from the World Bank in consultation with the Secretariat of the Eastern and Southern Africa Anti-Money Laundering Group to ensure that it is in line with international standards.” The Minister also took the opportunity to expand on FinTech stressing that “Mauritius is pursuing its objectives of becoming a regional FinTech centre for Africa” announcing the involvement of his Ministry and the FSC in the forthcoming training for the staff that will be concerned. In sum, the government is looking at all avenues for the sustainable development of FinTech with a focus on commercial attractiveness as well as a framework to limit any attempts at money laundering and terrorist financing.
A series of programmes by the FSC
For his part, FSC Chairman, Mardayah Kona Yerukunondu announced “the FSC also intends to launch a series of educational programmes in Finance to sensitize the public on the new legal requirements of the VAITOS Act and the risks and opportunities associated with the expansion of virtual assets in Mauritius.” The Chief Executive of the Commission, Dhanesswurnath Thakoor, went on to say that “the FSC has been engaged in a process of modernising its regulatory structures over the past few years. The VAITOS Act provides a modern legislative framework for Virtual Asset Service Providers (VASPs) and Initial Token Offerings (ITOs).”
