The financial market regulator of the island country of Mauritius has requested consultations with the industry representatives and all stakeholders on the integration of Metaverse technologies into financial services in the region.
The Financial Services Commission (FSC) of Mauritius has published a consultative document inviting the members of the financial sector to discuss the strategic changes the Metaverse adoption could bring to the industry.
In the document, the FSC analysts emphasize the benefits of using the technology and also reveal several initiatives as part of Metaverse integration in China and Hong Kong, as well as Dubai, Singapore, South Korea, and Indonesia.
The FSC experts believe that the local community should make a significant effort to adapt to the new technology, so the paper invited all those involved to share their thoughts on six main issues, which relate to:
- the potential impact of Metaverse technologies on the financial industry in the next few years;
- the opening of new business opportunities for financial institutions in virtual space;
- the possibility of introducing specific financial services in the Metaverse that are currently unavailable in the physical world;
- enhanced cooperation among financial institutions in the framework of building the digital economy in Mauritius;
- overcoming a number of obstacles to widespread adoption of financial services in the Metaverse;
- ensuring a positive user experience in the Metaverse-enabled financial ecosystem.
The regulator expects local financial market participants to express their views on the issues outlined above by the end of November. After that, the FSC will make a final decision and take certain steps on strategic changes in the industry that can ensure its readiness to innovate. Specifically, the regulator plans to create a multidisciplinary working group that will develop a regulatory framework for the Metaverse.
The VR and AR sector was considered the leader of the crypto market in 2023, and CoinWire analysts revealed that projects based on Metaverses can globally change the approach to entertainment and social interaction of people online.
