A magnetic clasp system, having a clasping assembly, which includes a base and a hinged locking component rotationally affixed to the base wherein the hinged locking component and the base defining a tortuous path therebetween configured to receive a strap, and wherein the base includes a magnetically responsive material. The magnetic clasp system also including a mounting assembly, the mounting assembly including a magnetically responsive material configured to draw the clasping assembly and the mounting assembly together when within a magnetic field thereof. The magnetic clasp system also including a stop configured to limit lateral translation between the clasping assembly and the mounting assembly when engaged.