Mauritius, an island nation in the Indian Ocean aims to establish itself as a leading fintech hub in Africa as the government’s latest budget is on the promotion of fintech services.
The number of startups and companies that have been granted regulatory sandbox licenses by Mauritius Economic Development Board (EDB) has grown to (9) in the first eight months of the year after they announced in a statement in January that it had granted (5) sandbox regulatory licenses.
The Mauritian Financial Services Commission (FSC) established a regulatory framework for digital asset custodian services.
The new regulation requires custodian services to comply with the applicable framework for Anti-Money Laundering (AML) / Combat Financing Terrorism (CFT ) in line with international best practices.
Says Harvesh Seegolam, the chief executive of the FSC.
The framework was developed following consultations with the Organisation for Economic Cooperation and Development (OECD) on the governance and regulation of digital financial assets such as cryptocurrencies, according to the statement made.
Mauritius’s Financial Service Commission is currently in the process of drafting regulations to oversee peer-to-peer crowdfunding platforms.