Mauritius Seeks Public Feedback on Integrating Metaverse into Financial Services
Summary:
The Financial Services Commission (FSC) of Mauritius is seeking public and industry feedback on incorporating the metaverse into the financial services sector. FSC Mauritius will use these insights to prepare the country's regulatory and business environments for the expanding global adoption of the metaverse. They have earmarked November to discuss the possible effects and the strategic significance of the metaverse. The Commission acknowledges the importance of international collaboration in adapting financial services to the metaverse, and is set to assemble a multidisciplinary group to shape future policies based on the feedback. Additionally, plans are underway for Mauritius to begin testing a digital rupee in November 2023.
In its bid to explore the implications of the metaverse within the financial services sector, the Financial Services Commission (FSC) of Mauritius has recently sought thoughts and views from both the industry experts and the wider public. Throughout November, FSC Mauritius encouraged discussions on the strategic importance and potential impacts of the metaverse, according to a newly issued consultation paper titled "Reshaping the financial services sector". The ultimate objective of this initiative is to prepare Mauritius' regulatory and business frameworks for the growing acceptance of the metaverse worldwide. The FSC in Mauritius has made note of several offshore regulatory bodies from various nations including the UK, European Commission, Singapore, South Korea, Dubai, Indonesia, and China, that have taken strides towards welcoming this new technological era. The FSC anticipates a future where the metaverse serves as a space of endless creativity while safeguarding core values of consumer protection and individual empowerment. Recognizing that collaborative efforts are essential in redefining financial services for the metaverse, FSC Mauritius has also posed seven inquiries to the public. All responses are due by November 30, and the data collected will be used to create a cross-disciplinary group which will shape future metaverse-related policy and regulatory directions. On another note, Mauritius is likely to initiate the testing phase of a digital version of the rupee by November 2023, pending an official announcement. When Harvesh Kumar Seegolam assumed his role as the governor of the Bank of Mauritius on April 28, he highlighted the manufacturing of a Central Bank Digital Currency (CBDC) as a key focus area. Seegolam emphasized the significant roles CBDCs could play in upholding financial sovereignty and assisting central banks and regulators in their fight against money laundering and terrorist financing. The potential plan for the launch of a digital rupee's pilot phase in November was confirmed by the Bank of Mauritius.
Published At
11/6/2023 11:37:06 AM
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