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The licensing was announced on January 31st 2019, by the Mauritius Economical Development Board – https://www.edbmauritius.org/news-events/posts/2019/january/edb-issues-five-regulatory-sandbox-licences-to-fintech-companies-for-their-innovative-projects/
PIRL is an innovative project that continuously disrupts the space through its steady innovation and development, known for creating the first Decentralized Content Delivery Network for immutable content and the first ethash coin to integrate masternodes. In 2018 the team released PirlGuard – innovative protection system against 51% attacks. PirlGuard is now actively protecting five different blockchains. Within the announcement, Pirl was established as one of five companies to be granted a FinTech Sandbox License from the Republic of Mauritius.
In late 2018, the Financial Services Commission(FSC) of the Republic of Mauritius released a draft in regards to the regulatory framework for crypto custodian services. Only two Months later The Republic of Mauritius delivered the first batch of companies to be granted this privilege.
Setting Mauritius ahead in the list of countries with fast-paced economy, which embrace innovative technologies, taking the lead in Africa’s positive approach towards the FinTech industry.
In a press conference Pravind Kumar Jugnauth, the prime minister of the Republic of Mauritius stated:
“In revolutionising the global FinTech ecosystem through this regulatory framework for the custody of Digital Assets, my Government reiterates its commitment to accelerating the country’s move to an age of digitally-enabled economic growth.”
The granted FinTech Sandbox License will allow PIRL to expand its reach by bridging the companies decentralized multi-purpose blockchain ecosystem to traditional business services. This marks another major milestone for the self-funded project with no ICO or Pre-mine, yet easy to be called one of the most advanced blockchain infrastructures in the current cryptocurrency markets with innovative utility and purpose.