Mauritius Mules into financial services
The Financial Services Commission of Mauritius (FSC) has begun gathering feedback from industry stakeholders and the public regarding the inclusion of Metaverse in the financial services industry.
According to a recently released consultation paper, the FSC has dedicated the entire month of November to gather feedback on strategic developments and Metaverse outcomes.
As the adoption of Metaverse increases globally, Mauritius wants to “ensure that the regulatory and business environments in Mauritius are appropriately prepared and recreated”. The FSC noted efforts from offshore regulators from the European Commission, the UK, Dubai, Indonesia, China, South Korea and Singapore to accommodate the new technology.
“As countries across continents take steps forward, we can look forward to a future where the Metaverse not only inspires limitless imaginations, but also embraces the core values of consumer protection and individual empowerment.”
Acknowledging the need for collaboration in shaping financial services, the FSC posed seven questions to the public as shown below.
Respondents are required to share their views on the relevant questions by November 30. The comments and suggestions are intended to form a multidisciplinary working group to further address future policy and regulatory directions related to identification.
Related: Metaverse projects fail due to lack of proper business model: MetaMinds CEO
Mauritius is also expected to launch the pilot phase of the digital rupee in November 2023. However, the official release is still awaited.
On April 28, Bank of Mauritius Governor Harvesh Kumar Segolam said he had prioritized the development of a central bank digital currency (CBDC) when he took office in 2020.
“As a central bank, I do not want to understate the role that CBCCs can play, not only in protecting monetary sovereignty, but also in assisting central banks and regulatory authorities on the AML/CFT front. [Anti-Money Laundering/Combatting the Financing of Terrorism]He said.
Sigolam said that the Bank of Mauritius is “considering” to start a pilot phase of the digital rupee in November.
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