SelfKey, a blockchain-based identity system, has obtained a Mauritius’ Regulatory Sandbox License (RSL).
According to information provided by the company, the RSL allows SelfKey to develop its self-sovereign digital identity wallet with a greater level of regulatory certainty. SelfKey founder Edmund Lowell said the move is inline with its mission to allow individuals to truly own and control their digital identity.
“We believe Mauritius is an ideal environment to host the SelfKey Ecosystem,” Lowell added. “The RSL provides companies the opportunity to deliver with regulatory supervision innovative products, services and business models in the real market and with real consumers. In addition to being a reputable financial center, Mauritius has been referred to as “Ethereum Island” and is becoming an international hub for blockchain startups, and here at SelfKey, we are proud to be part of it.”
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.”
Unlike other jurisdictions such as Switzerland, the UK and Singapore, where their sandboxes are aimed at companies conducting banking activities, the RSL in Mauritius is available for entities innovating in fields related to financial technology, digital identities, digital currency, online healthcare, blockchain and decentralization systems of information, among others. Currently, there are five other Fintech firms in the Sandbox including another SALT Lending, an online lender based on Blockchain.
Lowell added, “It is the largest international financial and business hub in the Indian Ocean region with a strong liberal economy, a reputable banking system, a wide offer of qualified professional services, and a pro-business and flexible regulatory framework that provides reliability and security.
SelfKey’s recently held an initial coin offering to raise growth capital. The token sale ended on $21.7m, selling out almost immediately. The company aims to make KYC simple by allowing individuals and companies to truly own, control and manage their digital identity, and instantly access Citizenship and Residency by Investment, Company Incorporation, Fintech Products, Token Sales, Exchanges and much more.
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