Custodian Services (digital asset) Rules for 2019
The Financial Services Commission (FSC) published a notice on the website regarding custodian services (digital asset) rules for 2019. The FSC notes that these rules shall apply to any person carrying out custodian services for digital asset. It is also important to note that these rules should be read in conjunction with the relevant Acts and any guidelines which the Commission may issue from time to time.
The Financial Services (Custodian services (digital asset) Rules 2019 include 33 rules which provides guidelines for custodians regarding operations in Mauritius. Some of the most applicable rules are highlighted below:
- Minimum capital requirements
- Management of operational risks
- Custody processes and system testing
- External audit of policies and procedures, segregation of client assets
- Security infrastructure for on-site cold storage of digital assets
- Storage strategy for digital assets, procedures for security breaches
- Multi-Signature Authorisation
- Detection of suspicious or fraudulent transactions
- Transactional Records
- Selection of signatories
The Financial Services (Custodian services (digital asset)) Rules 2019 and the corresponding Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2019 have come into operation on 01 March 2019.
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