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Mauritius – FSC

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Register of Virtual Asset Service Providers

The Financial Securities Commission (FSC) is the financial regulator that regulates Virtual Asset Service Providers (VASPs). The Virtual Asset and Initial Token Offering Services Act 2021 issued by the FSC provides the main legal framework governing the provisions and setting the parameters within which a VASP can operate.

Below you can find a summary of the application procedure to register as a Virtual Asset Service Provider (VASP) in Mauritius.

Timeframe for completion: up to 4-5 months post submission of the application

Class of virtual asset license & Initial capital requirements:

No. Class of License Business Activities Initial Capital
1 Class “M” – Virtual Asset Broker Dealer a) Exchange between virtual assets and fiat currencies: or
b) Exchange between one or more forms of virtual assets.		 2,000,000 Mauritian Rupees or its equivalent in any other fiat currency.
(equivalent to approx. USD45,000)
2 Class “O” – Virtual Asset Wallet Services Transfer of virtual assets. Sufficient working capital in fiat currency to continue business for a period of 12 months, based on realistic forecasts for the business in different market conditions (both negative and positive scenarios).
3 Class “R” – Virtual Asset Custodian a) Safekeeping of virtual assets or instruments enabling control over virtual assets;
b) Administration of virtual assets or instruments enabling control over virtual assets.		 5,000,000 Mauritian Rupees or its equivalent in any other fiat currency.
(equivalent to approx. USD112,000)
4 Class “I” – Virtual Asset Advisory Services Participation in and provision of financial services related to an issuer’s offer and/or sale of virtual assets. Sufficient working capital to be capable of meeting its debts as they fall due.
5 Class “S” – Virtual Asset Marketplace A virtual asset exchange. 6,500,000 Mauritian Rupees or its equivalent in any other fiat currency.
(equivalent to approx. USD146,000)
6 Issuer of ITO Issuer of Initial Token Offering Sufficient working capital to be capable of meeting its debts as they fall due.

Requirements:

  1. Have a registered company carrying on business activities in or from Mauritius.
  2. Have a physical office in Mauritius;
  3. At least three (3) directors; of which at least:
    1. 30 percent shall be independent directors; and
    2. one shall be resident in Mauritius.
  4. Segregate its accounts from those of its clients
  5. Setting of sound and adequate measures for AML/CFT purposes.