Regulatory Alerts2022-01-01
Virtual Asset and Initial Token Offerings Services (Custody of Client Assets) Rules 2022
The Financial Services Commission of Mauritius has issued these rules to mandate strict custody standards for virtual asset service providers holding client crypto assets. Virtual Asset Custodians must safeguard ownership through segregated or omnibus holding, obtain express written consent before using assets for their own account, and maintain reliable infrastructure alongside annual technology audits. The regulations further require rigorous internal record checks, two-monthly external reconciliations with third-party custodians, and prompt shortfall allocation to ensure accurate client asset tracking and risk mitigation.
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