Africa-Press – Mauritius. The Minister of Financial Services and Good Governance, Mr Mahen Kumar Seeruttun, launched, this afternoon, at the Financial Services Commission (FSC) House in Ebène, a financial literacy campaign on the Virtual Asset and Initial Token Offering Services (VAITOS) Act 2021.
The VAITOS Act 2021 addresses several fundamental aspects, such as technical requirements, governance structures, risk management, disclosure of information for virtual asset service providers and the protection of the rights of clients of virtual assets and virtual tokens.
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.
In his address, Minister Seeruttun highlighted that the financial services around the world were going through a metamorphosis, driven by technology, and as such, firms introduced a wide variety of innovative products and services which were enhancing the customer experience and helping achieve better investors’ outcomes.
He underlined that, as such, this event aimed at sensitising and further informing the industry and the public at large on the implication of the VAITOS Act through a series of financial literacy initiatives such as video clips, radio spot, bill board, brochure and posters.
He indicated that, with the enactment of the VAITOS Act in February 2022, Mauritius became one of the first countries in the Eastern and Southern African region to have adopted a comprehensive legislation on Virtual Asset and Initial Token Offering Services.
“This act,” he stated, “provides a legislative framework for both virtual asset service providers and initial token offerings, and has been developed with the technical support of the World Bank and in consultation with the secretariat of the Eastern and Southern Africa Anti-Money Laundering Group so as to ensure that it is in line with international standards.
” Speaking about fintech, Minister Seeruttun underscored that Mauritius was pursuing its objectives of being a regional fintech hub for Africa.
He seized this opportunity to stress that his Ministry, in collaboration with the FSC and the Financial Services Institute Ltd, had already come up with a series of training courses in fintech to make sure that the employees of the sector had the relevant skills.
Furthermore, the Minister remarked that Government was leaving no stone unturned to develop a sustainable fintech sector in Mauritius, which would be commercially attractive while having the right framework to curb the money laundering and terrorism financing risks in order to protect the citizens.
As for Mr Yerukunondu, he observed that Mauritius was among the few countries to have adopted a comprehensive legislation on Virtual Asset and Initial Token Offering Services through the VAITOS Act.
He also pointed out that the FSC also intended to launch a series of financial literacy programmes so as to sensitise the public on the new legal requirements under the VAITOS Act as well as on the risks and opportunities associated with the expansion of virtual assets in Mauritius.
For his part, Mr Thakoor stated that the FSC had embarked on a journey of upgrading its regulatory structures during the past years. He emphasised that the VAITOS Act provided a modern legislative framework for both virtual asset service providers and initial token offerings.
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