The Finance (Miscellaneous Provisions) Act 2021 which was gazetted in Mauritius on 5 August 2021 shows the commitment of the Government to strengthen the development of the fintech sector and establish Mauritius as a Fintech Hub.
The Finance (Miscellaneous Provisions) Act now enables the following:
- The introduction of regulatory sandbox authorisations
Depending on the activities which an applicant seeks to carry out, such applicant can apply to the Financial Services Commission (FSC) or to the Bank of Mauritius (BOM) for a regulatory sandbox authorisation.
Should such applicant meet the required eligibility criteria and satisfy the set requirements, such authorisation will be granted by the FSC or the BOM.
The period for which and the conditions under which such authorisation will be granted will be determined by the FSC/BOM.
- Fintech innovation hub and digital lab
A fintech innovation hub and digital lab will be set up to provide a platform for the further development of the fintech industry in Mauritius and encourage the entrepreneurship culture in that field. The following purposes will be furthered:
- to foster innovation and the use of emerging technologies by institutions;
- to identify critical trends in technology affecting the financial sector and develop in-depth insights into these technologies;
- to provide a testing environment for fintech products or services;
- to establish an international networking platform for experts on innovative technologies related to the financial sector to promote research, exchange of views and knowledge-sharing.
- Offence of counterfeit digital currency
A new offence relating to the counterfeiting of digital currency has been introduced in the Bank of Mauritius Act to prevent any person from making or causing to be made, counterfeiting or altering a digital currency or using a counterfeit digital currency for any purpose.
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