Mauritius Considers Including Metaverse in Financial Services Industry

The Financial Services Commission (FSC) of Mauritius is seeking feedback on the potential inclusion of the metaverse in the country’s financial services industry. A consultation paper released in October 2023 outlines the FSC’s plan to gather public comments on the strategic developments and implications of the virtual realm.

Addressing Future Orientations

The public consultation aims to address key questions about the metaverse’s impact on the financial services industry in the short and medium term. It also seeks input on potential business opportunities for financial institutions, desired services not available in the physical world, strategies for collaboration between financial institutions and other sectors, and barriers to widespread adoption of metaverse financial services.

Following the public consultation, the FSC Mauritius plans to establish a multidisciplinary Working Group to address future policy and regulatory directions.

Expanding the Digital Economy

Mauritius has already demonstrated its engagement with the digital economy. In June 2020, the FSC issued guidelines for regulated security token offerings, which was seen as a significant milestone decision. Additionally, the Bank of Mauritius is expected to launch a pilot project for a central bank digital currency in the near future, with advanced stages of development reported in September.

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By Team