SelfKey, a blockchain-based digital identity firm, has obtained a Mauritius’ Regulatory Sandbox License (RSL), according to information provided by the company. This license will allow SelfKey to develop their self-sovereign digital identity wallet and financial services marketplace under supervision and scrutiny of the Board of Investment of Mauritius. SelfKey’s recently held an initial coin offering to raise growth capital. The offer sold out almost immediately.
Currently, there are five other Fintech firms in the Sandbox including another crypto based company SALT Lending – an online lender based on Blockchain.
SelfKey Founder Edmund Lowell released a comment on the Sanbox approval;
“When we planned the SelfKey project, one of our objectives was to establish in a jurisdiction where we could work under a regulatory framework that would allow us to develop our project without restrictions and in line with our vision – individuals should own and control their identity. The scrutiny of a regulator will help us to meet the projected milestones. We were considering several jurisdictions, but we opted for Mauritius, as it is one of the most attractive jurisdictions for blockchain startups seeking to be regulated.”
The Mauritius Board of Investment launched its Sandbox in Oct 2016 and, according to the website, it “offers the possibility for an investor to conduct a business activity for which there exists no legal framework, or adequate provisions under existing legislation in Mauritius.”
Mauritius’ Sandbox targets diverse companies in Fintech and more. It has been previously reported that Mauritius is very interested in Blockchain based companies. Some people have called Mauritius “Ethereum Island” as it is becoming a hub for blockchain startups.
Mauritius is the largest international financial and business hub in the Indian Ocean region with a wide offer of professional services, and a pro-business and flexible regulatory framework.
“We believe Mauritius is the ideal environment to host the SelfKey Ecosystem,” said Lowell.
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