Mauritius will soon reach another level of business organization thanks to the latest move by the country’s financial watchdog the Financial Services Commission. The watchdog has announced the completion of a venture that will cover an aspect of blockchain technology. This new venture is the new regulatory framework known as the ‘Custodian Services (Digital Asset) Licence’. The license will use an application called HYBSE International Marketplace.
There are already two existing custodian licenses in the country. However, according to the FSC, they are not handy for the protection of digital assets. HYBSE will partner with other exchanges such as GMEX and MINDEX. The two have made a name for themselves in the digital business world.
The integration of blockchain technology with traditional financial industries
Traders have had to use traditional payment solutions in their day-to-day trading activities. With the current change in markets, the presence of digital currencies is quickly changing the landscape of payment solutions. This is as a result of the expanding cryptocurrency industry.
Additionally with the regulatory stipulations attached to the ‘Custodian Services (Digital Asset) Licence’ trading is likely to become much easier and safer. It will be a requirement for the license holders to comply with the same restrictions as those of traditional custodians. This is in addition to a capital of not less than 500,000 Mauritian rupees, a board of at least three people and an office on the island. The custodian must also ensure that the money has full insurance.
‘Custodian Services (Digital Asset) Licence’ Gives Opportunity for Mauritius
According to the Chairman of MINDEX and CEO of GMEX Group, Hirander Misra, HYBSE will help benefit the already dynamic space. He affirms, “We are firmly convinced that there is a massive opportunity for Mauritius to position itself as a major global hub in this dynamic space underpinned by strong governance and regulation to ensure trust.”
Meanwhile, both the crypto sphere and the global capital markets could also reap big from the new development. The new regulatory framework will help in scaling up digital trading platforms.