April 19, 2024
Mauritius FSC Leads Metaverse Integration
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Mauritius FSC Gathers Stakeholder Input for Future Strategy

The Financial Services Commission (FSC) of Mauritius initiated a feedback collection process involving industry stakeholders and the public to address the integration of the metaverse within the financial services sector.

For the entire month of November, the FSC has focused on receiving feedback regarding the strategic implications and impact of the metaverse, with the objective of ensuring Mauritius’ readiness and adaptability within its regulatory and business environments. Emphasizing the global surge in metaverse adoption, the FSC highlighted endeavors by various offshore regulators in Europe, the United Kingdom, Dubai, Indonesia, China, South Korea, and Singapore to accommodate this evolving technology.

The consultation anticipates a future where the metaverse becomes a space fostering creativity while also upholding essential consumer protection and individual empowerment. Feedback on pertinent questions is expected from respondents by November 30, with plans to establish a diverse working group to address future policy and regulatory directions regarding the metaverse. Meanwhile, the anticipated launch of a digital rupee’s pilot phase in November 2023 is pending an official release.

The Governor of the Bank of Mauritius, Harvesh Kumar Seegolam, expressed a commitment to central bank digital currency (CBDC) development, highlighting its critical role in protecting monetary sovereignty and aiding in anti-money laundering and counterterrorism financing efforts.

Image by freepik

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