MINDEX becomes the first fully digital securities exchange to achieve the designation of ‘Recognised Stock Exchange’ by HMRC. Through this recognition, MINDEX joins other major traditional international stock exchanges such as The London Stock Exchange, Singapore Exchange Limited and The Stock Exchange of Mauritius.
MINDEX Limited, a digital securities exchange licensed by the Financial Services Commission of Mauritius (FSC), has been approved as a ‘Designated Recognised Stock Exchange’ by the UK’s tax authority HMRC.
The classes of securities admitted to trading on MINDEX Limited (securities exchange), which meet the HMRC definition of ‘listed’ include the following:
• equity securities (including equity security tokens)
• debt securities (including debt security tokens)
• preference shares
• derivative securities (including derivative security tokens)
Through this inclusion and recognition by HMRC, MINDEX joins other major traditional international stock exchanges such as The London Stock Exchange, Singapore Exchange Limited and the Stock Exchange of Mauritius.
MINDEX Limited is part of the MINDEX Group, which includes the first licensed digital custodian in Mauritius and Africa, since December 2022. From then, MINDEX has gone from strength to strength with three additional licences under its belt that equip it to offer a securities exchange, clearing and settlement facilities as well as a virtual assets marketplace under separate licensed entities in Mauritius. As such, the MINDEX Group has established a fully regulated and insured digital asset ecosystem spanning Mauritius, Africa, and beyond. MINDEX Group allows the listing of assets of any kind (securities and real-world assets), making it accessible to the widest range of investors, including governments, public & private institutions, sophisticated and retail investors.
Commenting on this recognition, Manisha Dookhony, Chair of MINDEX Limited’s board stated that: ‘’Being a Designated recognised stock exchange by HMRC is quite significant for MINDEX. This makes us the 6th recognised stock exchange in all of Africa and thus joining the exclusive club of the 50 worldwide exchanges thus recognised. This is a momentous milestone, which takes MINDEX one step closer to its goal of providing services of our regulated ecosystem across Africa. This will enable us to provide a bridge for businesses wishing to Invest in Africa from the United Kingdom.’’
Adding her perspective as the Chair of MINDEX Limited’s listing committee and Founder of SC Legal, Shaheena Carrim, said: “The successful designation of MINDEX as a “Recognised Stock Exchange” by the HMRC is a testament to MINDEX’s commitment to further enhancement. This achievement not only reflects our dedication to adhering to the highest standards but also enhances our credibility and trustworthiness within the financial industry. The Listing Committee of MINDEX is confident that this recognition will further solidify its position and contribute to the robust growth and stability of MINDEX.“
Suleman Ahmed, Tax Counsel at Exchequer Chambers, London stated that: “As MINDEX is a “recognised stock exchange” by HMRC, this will allow qualifying listed debt securities to benefit from the “Quoted Eurobond Exemption” in the UK, which means that interest paid on qualifying debt securities listed on MINDEX will not be subjected to withholding tax for UK tax purposes.”
Explaining the benefits of blockchain technology that powers MINDEX, Jessica T. Naga, CEO of MINDEX Limited, concluded that: “This inclusion of MINDEX by HMRC in the list of “Designated Recognised Stock Exchange” is testament to MINDEX’s commitment to bring security tokens at par with traditional securities. Tokenisation using blockchain technology does not replace the protection that securities law has provided to all stakeholders and importantly, to investors, for decades. It adds to it. It improves efficiency through reduced cost and instantaneous settlement and with fractionalisation capabilities, it enhances accessibility to institutional and retail investors worldwide, with less barriers to entry. These attributes are key to address financial infrastructure deficiencies in Africa.”
The recognition conferred upon MINDEX by the HMRC, pursuant to section 1005(1) of the UK Income Tax Act 2007, can be viewed here. The HMRC or Her Majesty’s Revenue and Customs is the UK’s designated tax, payments and customs authority.
About MINDEX:
MINDEX is a fully regulated and insured digital asset ecosystem (for securities and real-world assets) spanning Mauritius, Africa, and beyond.
By leveraging Mauritius’ dual strengths as a regulated virtual asset jurisdiction and an International Financial Centre, MINDEX provides innovative financial solutions to a diverse clientele including global organisations, large companies, governments, and investors.
With a comprehensive suite of services encompassing listings, automated transactions, collateralisation, fund administration, asset management, and post-trade support, MINDEX harnesses blockchain technology to streamline financial services and products.
