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 Hotel Avenue, C/O Juristax Ltd, Ebene House, 33 Cybercity, Ebene, 72201.

The investigators came to 33 Cybercity in Ebene of Mauritius for an on-site visit to the exchanges office and located Ebene House, a modern 4-story office building with an immaculate façade. Thanks to its proximity to an expressway, the building offers excellent accessibility despite its otherwise ordinary surroundings. Additionally, there was no company logo of WOXA.

Upon arriving at the building for further investigation, the survey personnel observed that the directory in the lobby just displayed that Juristax Ltd was located on the 3rd floor, primarily offering corporate services including tax planning and company registration. And there was no information regarding WOXA in the building.

Meanwhile, people were not allowed to go to the working area of Juristax on the 3rd floor without an access card or password. Therefore, it was impossible to conduct an internal visit to the company. According to the security officer on duty, Juristax was just a co-working space, without the information of WOXA.

Furthermore, the inspection team checked WOXAs website but could not locate any details about its office address or branch information. The absence of company logo and independent workspace further suggested the exchange did not operate in the building.

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

Conclusion

The survey team went to Mauritius to visit cryptocurrency exchange Woxa, but did not find the companys office at its regulatory address. 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.