June 22, 2018

Budget 2018-19: Measures laying the foundation for new economic pillars: Artificial Intelligence and Fintech

Measures to support the Fintech sector

  • The Government will set up a National Regulatory Sandbox Licence Committee for activities relating to Sandbox licensing for FinTech activities.
  • The Financial Services Commission (FSC) will create new licenses to provide investors with a regulated environment for the safe custody of digital assets and to enable digital assets exchange
  • Custodian of Digital Assets Licence
  • Digital Asset Marketplace Licence
  • The FSC will implement guidelines on investment in crypto currency as a digital asset.
  • The FSC will ensure that applicants for FinTech activities have appropriate cyber-security and cyber-resilience policies and capacities.

MITCO COMMENTS

Development of the FinTech is one of the main priorities of the Government as it is  a highly emerging sector with huge potential which other jurisdictions are already tapping.

It is therefore important to create an innovation-friendly environment which facilitates the activities of FinTech companies – that’s the only way it could have been possible to position Mauritius as a regional FinTech hub for Africa.

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