Financial Literacy Campaign on the VAITOS 2021

The Financial Services Commission (FSC) in collaboration with the Ministry of Financial Services and Good Governance, launched a Financial Literacy Campaign on the Virtual Asset and Initial Token Offering Services Act 2021(VAITOS Act) on 11 August 2022.

 

At a time when the international monetary system is increasingly being shaped by technology in tandem with the heightened use of virtual assets, now is the time more than ever to deepen awareness about this particular asset class and the associated risks. One of the other main objectives of the Financial Literacy Campaign will be to sensitise domestic and international stakeholders on the VAITOS Act.

 

It will be recalled that the VAITOS Act was enacted in Mauritius in February 2022 in a bid to widen its offerings to international investors and cement its position as a leading International Financial Centre. The AML/CFT Guidance Notes for Virtual Asset Service Providers and Issuers of Initial Token Offerings (the “AML/CFT Guidance Notes”), which takes into account Recommendation 15 of the Financial Action Task Force (FATF),  were subsequently introduced on 28 February 2022.

 

Should you require more information about the different types of licences that are available under the VAITOS Act and on how we can assist, please write to us on bd@mitcoworld.com