Reason for this visit

Globally, the growth and acceptance of the cryptocurrency market are increasing, especially in certain countries where cryptocurrencies have become a significant area of investment. However, when it comes to Mauritius, the specific size and maturity of its cryptocurrency market may be influenced by the country‘s financial policies and regulatory environment. Due to the decentralized and cross-border nature of cryptocurrencies, the regulation of this market can be relatively challenging. Therefore, Mauritius’ cryptocurrency market may still be in a relatively early stage, but as the global cryptocurrency market continues to evolve and regulatory environments gradually mature, Mauritius cryptocurrency market is set to gradually expand.

In terms of regulation, the Financial Services Commission (FSC) of Mauritius is the primary financial regulatory authority. Established in 2001, the FSC is an integrated regulatory agency responsible for overseeing the financial services industry, excluding banking and global businesses. The institution operates within a modern and internationally recognized legal framework, which includes laws such as the Financial Services Act, Securities Act, and Insurance Act. The FSC issues licenses and enforces regulations of activities in the financial services sector to mitigate risks of non-compliance with laws and regulations and to ensure financial soundness. Additionally, its responsible for supervising all participants in the non-banking financial sector, including stock exchanges, custodians and clearing systems, market intermediaries, collective investment schemes, and insurance companies. In an attempt to provide investors with a more comprehensive understanding of cryptocurrency exchanges in Mauritius, WikiBit survey team decides to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Mauritius to visit cryptocurrency exchange Woxa as planned according to its regulatory address that 30 St Georges Street, 3rd Floor, Manor House, Port Louis, Mauritius.

The investigators came to 30 St Georges Street in Port Louis of Mauritius for a visit to the exchanges office and located the Manor House, a 4-storey commercial building featuring a well-maintained façade, in the city center.

Upon arrival at the building for further investigation, the survey personnel noticed that both the 1st and 2nd floor were occupied by Forever Living Products, while the 3rd floor was occupied Urijah Limited and Namaste. Meanwhile, the inspection team did not discover the company name or logo of Woxa in the building. According to the brokers website, it did not use a different name to provide trading services.

Through the on-site investigation, it is confirmed that the broker does not have a physical presence at the location.

Conclusion

The survey team went to Mauritius to visit cryptocurrency exchange Woxa, but didnt find the company at its regulatory address. This signifies that it might just register at the address without a physical business office. Accordingly, investors should be meticulous in choosing the exchange.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.