by Alvyn Ulrish Shad Savrimuthu
The Cryptoverse Summit 2024, held on 15 May at the Intercontinental Hotel in Balaclava, Mauritius, was a landmark event organised by Wakanda 4.0. Bringing together global and local stakeholders in the cryptocurrency and blockchain industries, the summit featured a series of insightful talks and panel discussions. The event aimed to explore the latest developments, regulatory advancements, and future trends in the crypto space, positioning Mauritius as a pivotal hub for fintech innovation.
Benito Elisa, the organiser of the Cryptoverse Summit and Founder & CEO of Wakanda 4.0, opened the event by reflecting on its inception. “Three years ago, I decided to create the Cryptoverse Summit in Mauritius and I am blessed to have met with people who believed in me at that time and trusted Wakanda 4.0 for the organisation of such a summit,” Benito shared.
He expressed gratitude to past sponsors, partners, and participants, highlighting the summit’s growth into an annual international event with participants from 16 countries. “Today we are going to explore the boundless possibilities of blockchain technology and cryptocurrency,” Benito declared, setting the stage for discussions on topics such as the tokenisation of real-world assets, accounting standards for virtual assets, and legal and regulatory frameworks. He emphasised Mauritius’ strategic location and robust regulatory framework, which position the island as a beacon of innovation and stability in the cryptoverse.
The Honourable Soomilduth Bholah, Minister of Financial Services and Good Governance, highlighted both the promise and challenges of the rapidly evolving digital landscape. “Cryptoverse represents a paradigm shift, where innovation, experimentation and disruptions are constant,” Bholah remarked. He emphasised the importance of balancing innovation with risk management and regulatory oversight, noting that “Mauritius has taken a very proactive and pragmatic regulatory stance.” The Minister outlined the nation’s efforts, including the Digital Mauritius 2030 Strategy Plan and the Government Programme 2020-2024, aimed at positioning Mauritius as a premier destination for virtual asset service providers. He also announced upcoming initiatives such as a fintech consultative workshop and the development of a fintech city project to foster a conducive environment for startups in Mauritius and across Africa.
Ashveen Gopee, Partner and Managing Director of PwC Legal (Mauritius), expressed his enthusiasm for the Cryptoverse Summit, noting the event’s evolution and its role in driving innovation and collaboration. “This event is now synonymous with innovation, collaboration, and also the pioneering spirit of the Cryptoverse community,” Gopee stated. He highlighted Mauritius’ strategic position in the crypto landscape, comparing it to the queen in a game of chess—”Powerful, resilient, strategic, and moving with grace and purpose”. Gopee underscored the importance of operating in a jurisdiction that adheres to international anti-money laundering (AML) best practices, emphasising that “Mauritius gives your virtual asset business the badge of international regulatory compliance”. He also announced that PwC Legal would soon establish a presence in the Middle East, further expanding their influence in the crypto space
Loïc Chollet-Vergé, CEO, Warwyck Private Bank Ltd, highlighted the bank’s pioneering role in the Mauritian financial landscape. “We created the first digital crypto asset fund in Mauritius,” Chollet-Vergé shared, reflecting on Warwyck’s innovative achievements. He proudly announced, “Warwyck is the first banking institution in Mauritius to have been granted both the crypto custody and the crypto brokerage license”. This significant achievement enables Warwyck to handle on-ramp and off-ramp transactions, offering seamless transitions between fiat and cryptocurrencies. Chollet-Vergé invited participants to join Warwyck in the crypto adventure, underscoring the bank’s commitment to innovation and growth in the digital asset space.
The future of cryptocurrency is poised for transformative developments, particularly through the tokenisation of real-world assets. This innovative approach allows for the digital representation of physical and tangible assets on the blockchain, enhancing transparency, accessibility, and efficiency in transactions. As highlighted during the panel, “Tokenisation creates transparency, ease of access, and instantaneous transfer,” enabling seamless wallet-to-wallet transactions and reducing the need for intermediaries. The concept of fractional ownership further democratises investment opportunities, making high-value assets accessible to a broader audience.
One panellist illustrated this by stating, “Blockchain is doing what the printing press did for knowledge,” highlighting its revolutionary impact on democratising investments. With the ability to embed compliance and audit functions directly into tokens, the future of crypto is set to offer more secure and efficient ways to manage and trade assets globally. As regulatory frameworks continue to evolve, tokenisation is expected to significantly increase liquidity and broaden the adoption of crypto assets across various sectors.
