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.
Should you require further information on the contents of this article, please contact Malcolm Moller, Melissa Virahsawmy or your usual team member at Appleby.
Appleby supports International Women's Day 2023
Appleby is proud to support International Women’s Day (IWD) and this year’s campaign theme of #E...
Top tier rankings for Appleby in Chambers Global 2023
Twenty-eight lawyers from across Appleby’s Bermuda, British Virgin Islands (BVI), Cayman Islands, ...
Appleby provides offshore perspective on fund finance laws and regulations in 2023
Fund finance specialists from Appleby have authored the jurisdictional chapters for Bermuda, the Bri...
Appleby leads on six jurisdictional chapters for Legal 500’s latest Mergers & Acquisitions (M&A) guide
Appleby has authored the chapters for Bermuda, the British Virgin Islands, the Cayman Islands, Guern...
Over 30 Appleby lawyers and nine offices recognised in 2022 IFLR1000
36 Appleby lawyers across nine jurisdictions have been recognised in this year’s IFLR1000 rankings...
The Mauritius Finance Miscellaneous Provision Act 2022
The measures announced by the Minister of Finance, Economic Planning and Development in the National...
The Court of Civil Appeal quashes judgement of Commercial Division of Supreme Court in record time on the day of the appeal hearing in Mauritius
On 24 July 2020, the Supreme Court (Commercial Division) of Mauritius delivered the judgment.
The Financial Services Commission of Mauritius amends its Competency Standards to prescribe competencies required for the post of Compliance Officer and amend competencies for posts of MLRO and Deputy MLRO.
The Financial Services Commission of Mauritius amends its Competency Standards.
The Virtual Assets and Initial Token Offerings Act 2022: The Financial Services Commission Confirms Processing Fees and Licensing Criteria
On 02 June 2022, the Mauritian Financial Services Commission (FSC) confirmed the processing fees for...
Mauritius: Virtual Assets and Initial Token Offerings now a reality
In its continued pursuit of attracting investors and building a resilient economy and establishing M...