In the rapidly evolving landscape of virtual assets and blockchain technology, it is crucial to have a comprehensive regulatory framework that not only governs core virtual asset service providers but also addresses ancillary services and products.
The Third Schedule under the Virtual Asset and Initial Token Offerings Services Act 2021 in Mauritius outlines a set of ancillary services and products that play a significant role in supporting and complementing the virtual asset ecosystem.
Ancillary Services and Products
1. Supply of Logistics and Technical Assistance Services
Entities engaged in the supply of logistics and technical assistance services are vital contributors to the virtual asset industry. These services encompass the management of physical and technical aspects, ensuring the seamless operation and maintenance of virtual asset systems.
2. Manufacture of Hardware and Engineering of Software Services
This category covers services related to the creation and development of both hardware and software components essential for virtual asset operations. It involves the engineering of secure and efficient hardware solutions and the development of software tailored to virtual asset functionalities.
3. Network and Telecommunication Services
Network and telecommunication services are fundamental for the connectivity and communication infrastructure of virtual asset systems. This includes the provision of reliable and secure networks to facilitate the transfer and communication of virtual asset data.
4. Information Technology Services in Respect to Virtual Assets
This category involves a range of information technology services specific to virtual assets. It encompasses activities related to the creation, encryption, and secure digital transfer of virtual assets, ensuring the integrity and confidentiality of transactions.
5. Services to Hardware Wallet Manufacturers or Non-Custodial Wallets
Entities providing services to hardware wallet manufacturers or non-custodial wallets play a crucial role in ensuring the security and functionality of wallets used for storing virtual assets. These services may involve maintenance, upgrades, and security enhancements.
6. Validation, Nodes Operation, and Mining Services
Validation, nodes operation, and mining services contribute to the decentralized nature of blockchain networks. These services involve the validation of transactions, operation of network nodes, and participation in the mining process to secure and maintain the blockchain.
7. Services Provided by a Bank under the Banking Act
Recognizing the intersection of traditional banking services with virtual assets, this category includes services provided by banks under the Banking Act. Banks may engage in activities that involve virtual assets within the regulatory framework set by the act.
8. Other Prescribed Services
The Third Schedule allows for flexibility by including a catch-all provision for any other services prescribed in FSC Rules. This accommodates emerging services that may not be explicitly listed but fall within the scope of ancillary services not engaging in or facilitating the core business activities of virtual asset service providers on behalf of their clients.
Conclusion
The inclusion of ancillary services and products in the Third Schedule demonstrates the holistic approach of the Virtual Asset and Initial Token Offerings Services Act 2021 in Mauritius. By addressing not only core service providers but also entities providing essential support and infrastructure, the regulatory framework aims to foster a robust, secure, and well-rounded virtual asset ecosystem. This approach contributes to the overall stability and growth of the virtual asset industry in Mauritius.
