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Mindex launches Mauritius’ first official VASP

By , ITWeb
Mauritius , 05 Dec 2022

Blockchain focused Fintech the Mindex Group has announced the launch of Mindex Digital Custodian Limited, which the company claims is the first Virtual Assets Services Provider (VASP) licensed by the Financial Services Commission (FSC) in Mauritius.

Mindex plans to offer a digital custodian, exchange, as well as clearing and settlement facilities under three separate licensed group entities.

The Mindex Digital Custodian Limited is the first step and enables the Group to provide the infrastructure for the safekeeping and administration of virtual assets of any kind, including security tokens and cryptocurrencies, and instruments enabling control over virtual assets.

A digital custodian may best be understood as a ‘bank’ for digital assets where such assets can be stored securely.

According to Mindex, the Mindex Digital Custodian Limited is also the first regulated entity to be launched under the framework of the pioneering Virtual Asset and Initial Token Offering Services (VAITOS) Act 2021, which came into force in February 2022.

The company says it selected Mauritius as the base to set up the Mindex digital ecosystem because it is one of the very few countries in the world that has implemented a complete legal framework for Virtual Assets, with the VAITOS Act in force since 07 February 2022.

In 2020 ITWeb Africa reported that the FSC had begun soliciting input from the public and industry to begin with the formulation of the framework.

According to Suyash Sumaroo, the Co-Founder of Horizon Africa Blockchain and Founder of Codevigor, the proposed framework will help develop the country’s Fintech space and set the ground-rules for other countries to establish businesses in Mauritius.

“...I think that it is a good initiative by the FSC in trying to set up a regulatory framework for FinTech Service Providers,” says Sumaroo, but adds the warning that the framework should support the development of early stage start-ups.

Jessica T. Naga, CEO of Mindex Group.
Jessica T. Naga, CEO of Mindex Group.

Jessica T. Naga, CEO of Mindex Group, says: “Over the best part of the last decade, we have watched how, behind the hype, blockchain has been able to completely revolutionise financial services worldwide. Early on, we believed as a group that the need for regulated solutions will rise as the market matures. With Mindex, our intention is to be a solution provider, by using a complete and regulated digital infrastructure, leveraging blockchain and strong legal frameworks such as VAITOS, to support organisations in their digital transformation journey.”

The Minister of Financial Services and Good Governance, Mahen Kumar Seeruttun adds: “Mauritius, with VAITOS, is currently one of the jurisdictional pioneers within the virtual asset space, as it brings a clear and complete legal framework which is overseen by the Financial Services Commission of Mauritius.”

Twaleb Butonkee, Partner at Deloitte Mauritius, says: “We are pleased that Mindex has chosen Mauritius to launch its virtual asset operations despite competition from other jurisdictions”.

Hirander Misra, Chairman and CEO of the GMEX Group, technology partner of the Mindex Group, says: “More so than ever there will be a flight to quality for digital assets activity enabled by credible regulations. Mindex Group lays strong foundations for the sector with the required trust”.

Mindex says Digital Custodian Limited will be live and operational as from Q1 2023.

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