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 ATFX as planned according to its regulatory address that Silicon Avenue, 40 Cyber City, 2nd Floor, Suite 207, The Catalyst, 72201 Ebene.

The investigators came to Silicon Avenue in Mauritius for a visit to the exchanges office on March 1, 2024, and located a modern building “The Catalyst”.

Upon arrival at the structure where there were many offices for further investigation, the survey personnel spotted an indoor directory, which didnt display any information pertinent to ATFX as well as suite 207.

Then, the inspection team proceeded to the 2nd floor via the elevator, and discovered company Credentia at suite 207 rather than ATFX. After searching all the units on the floor, there was no sign of the company.

Through the on-site investigation, it is confirmed that ATFX doesnt have a presence at the location.

Conclusion

The survey team went to Mauritius to visit cryptocurrency exchange ATFX, but didnt find the company at its regulatory address. This signifies that the company might just register with 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.