“By paying attention to other fintech hubs and programmes, Mauritius is working to address these obstacles and encouraging longevity and security in fintech development,” Maasland says. He cites the example of the National Regulatory Sandbox Licence Committee, adding that similar sandboxes have appeared in countries such as the U.K., the U.S., Australia and Thailand. “It acknowledges areas where legal or regulatory standards may be lacking thus far and encourages entrepreneurs to test their ideas in a controlled environment before launching,” Maasland says.
Sandboxes are a way for fintech businesses to conduct testing in a controlled environment authorised by authorities. “Fintech startups and businesses can operate within a sandbox for a set time period without having to go through the usual full authorization processes that are set out by the regulators,” according to MAFH.
Regulation is vital to fintech growth
Meanwhile, the introduction of licences in Mauritius for digital assets custodian services and a digital asset marketplace could be beneficial for a variety of international blockchain companies looking for a robust jurisdiction from which to operate, Maitland’s Patrick says. While it is good that Mauritius does recognise cryptocurrency as having a value, they are not legal tender and are not regulated, he adds. There is still work to be done, then, to ensure that the country can leverage the potential of cryptocurrency to attract sophisticated and expert investors and investment funds.
Source link : https://www.cio.com/article/217726/how-mauritius-is-positioning-itself-as-the-next-fintech-hub-for-africa.html
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Publish date : 2019-10-17 07:00:00
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