November 7, 2023

Mauritius Eyes Developing Metaverse Integrated with Financial Services

Mauritius Eyes Developing Metaverse Integrated with Financial Services Featured Image

The Financial Services Commission (FSC) of Mauritius has launched a consultation process to gather feedback from industry stakeholders and the general public on including metaverse technology in the financial services industry.

The FSC has dedicated the entire month of November to collecting comments on the strategic developments and potential impacts of the metaverse, according to a recent consultation paper.

This initiative aims to ensure that the regulatory and business environments in Mauritius are appropriately prepared and optimized as the adoption of metaverse technology continues to grow on a global scale.

The Financial Services Commission (FSC) has pointed out the efforts made by offshore regulators in Europe, the UK, Dubai, Indonesia, China, South Korea, and Singapore to accommodate metaverse-centric activities. These regulators have taken significant steps to embrace this new technology.

The FSC believes that as countries across different continents continue to embrace the metaverse, a future can be anticipated where this virtual world becomes a place that sparks imagination while upholding essential values such as consumer protection and individual empowerment.

The FSC also acknowledges the need for collaboration in reshaping financial services to accommodate the metaverse. Therefore, it has asked stakeholders and the public seven questions related to the metaverse.

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

It is expected that the pilot phase of a digital rupee will be launched in Mauritius by November 2023. However, an official release is still pending.

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