Mauritius Exploring Utilizing Metaverse for Financial Services


The Financial Services Commission (FSC) of Mauritius has dedicated the entire month of November to collect feedback from industry stakeholders and the general public concerning the incorporation of metaverse into the financial services industry. This, in accordance to a recent consultation paper, is with the intention of “ensuring that the regulatory and business environments in Mauritius are appropriately ready and re-engineered” as the adoption of metaverse continues to grow on a global scale.

The FSC has taken into consideration the efforts from various offshore regulators such as the European Commission, the United Kingdom, Dubai, Indonesia, China, South Korea and Singapore, which have all made significant steps to accommodate the new technology. The FSC has stated that “As 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.”

The consultation paper has posed seven questions to the public in order to acquire feedback. This includes questions about the strategic developments and repercussions of metaverse. Respondents are expected to provide their opinions on the questions by November 30th. The comments and feedback will be used to form a multidisciplinary working group to further discuss the policy and regulatory orientations in relation to the metaverse.

In addition to this, the Bank of Mauritius is planning to launch the pilot phase of a digital rupee in November 2023. Harvesh Kumar Seegolam, the governor of the Bank of Mauritius, has stated that he prioritized the development of a central bank digital currency (CBDC) since taking office in 2020. He has mentioned that “CBDCs can play a determining role 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 has also said that the Bank of Mauritius is contemplating launching a digital rupee pilot phase in November.

Related articles

Recent articles