May 19, 2024

Mauritius mulls wrapping metaverse into financial services

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While acknowledging the need for collaboration in reshaping the financial services to accommodate metaverse, the FSC Mauritius asked seven questions to the public.

The Financial Services Commission (FSC) of Mauritius started collecting feedback from industry stakeholders and the general public regarding the inclusion of metaverse within the financial services industry.

The FSC Mauritius dedicated the entire month of November to amass comments on the strategic developments and repercussions of the metaverse, a recent consultation paper, “Reshaping the financial services sector,” showed.

Mauritius intends “to ensure that the regulatory and business environments in Mauritius are appropriately ready and re-engineered” as metaverse adoption continues to amplify on a global scale. FSC Mauritius highlighted metaverse-centric efforts from offshore regulators from the European Commission, the UK, Dubai, Indonesia, China, South Korea and Singapore and how they have made significant efforts to accommodate the new technology.

“As the nations across different continents increasingly continue to take steps forward, a future can be anticipated whereby the metaverse will transform into a space that not only unleashes boundless imagination, but also upholds fundamental values of consumer protection and individual empowerment.”

While acknowledging the need for collaboration in reshaping the financial services to accommodate metaverse, the FSC Mauritius asked seven questions to the public, as shown below:

FSC Mauritius asks 7 metaverse-related questions to stakeholders and the general public. Source: fscmauritius.org

Respondents are expected to share their opinions on the relevant questions by Nov. 30. The comments and feedback will be considered to establish a multidisciplinary working group to further address the future policy and regulatory orientations in relation to the metaverse.

Related: Metaverse projects failed on lack of correct business model: MetaMinds CEO

Mauritius is also expected to launch the pilot phase of a digital rupee in November 2023. However, an official release is still pending.

On April 28, the governor of the Bank of Mauritius, Harvesh Kumar Seegolam, said he prioritized CBDC development when he took office in 2020:

“As a central banker, I need not stress upon the determining role that CBDCs can play, not only in protecting monetary sovereignty but also in assisting central banks and regulatory authorities on the front of AML/CFT [Anti-Money Laundering/Combatting the Financing of Terrorism].”

Seegolam said the Bank of Mauritius “is contemplating” launching a digital rupee pilot phase in November.

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