DecentrAtty
Virtual Asset Service Provider (VASP) - Mauritius
A dedicated crypto licensing regime supervised by the FSC, giving an opportunity of exchange, wallet providers, custodians, brokers and advisers a recognised legal footing under one of Africa's few comprehensive virtual asset laws. Best suited to founders who want a credible, bankable regulatory base with real substance requirements rather than a shelf-company crypto licence
Quick facts
Regulator / authority
FSC (Financial Services Commission)
Coverage
Crypto exchanges, broker-dealers, wallet providers, custodians, advisers, marketplaces, and ITO issuers conducting virtual asset business in or from Mauritius
Best for
Crypto exchanges, broker-dealers, custodians, wallet providers, token issuers, and advisory firms seeking a FATF-aligned jurisdiction with a strategic African and Indian Ocean presence
Local presence
Required (Mauritius legal entity)
Substance level
Medium (local management and operational substance, fit and proper directors and officers, AML/CFT and risk management framework, governance policies, and ongoing regulatory compliance)
Banking friendliness
Medium
Who this is for
Best fit
Operating a crypto exchange, broker-dealer, or OTC trading platform under a recognised, FATF-aligned regulatory framework
Providing virtual asset wallet or custody services within a jurisdiction with a dedicated licensing regime
Delivering virtual asset advisory services or supporting token issuances and digital asset projects
Establishing a strategic operational base with convenient time-zone coverage across Asia, Africa, Europe, and the Middle East
Building a business with genuine local substance, including resident management, a physical office, and appropriate governance arrangements
Seeking a transparent, rules-based licensing framework with internationally recognised regulatory standards
What you can do (scope)
Exchange between virtual assets and fiat currency, and between different virtual assets (Class M)
Providing virtual asset wallet services and managing private cryptographic keys (Class O)
Providing custody, safekeeping, and administration of virtual assets or the instruments enabling control over them (Class R)
Providing advisory services relating to virtual assets and Initial Token Offerings (ITOs) (Class I)
Operating a virtual asset marketplace or trading platform (Class S)
Issuing Initial Token Offerings (ITOs), subject to separate FSC registration
Requirements overview
Company & presence
Mauritius-incorporated company eligible for licensing by the Financial Services Commission (FSC). Registered office and registered agent in Mauritius. Appropriate local governance and operational substance. Global Business Company (GBC) structure commonly used for internationally focused VASPs.
Key persons / governance
Resident directors and senior management required for the applicable VASP licence class. Directors, controllers, beneficial owners, and senior officers must satisfy the FSC's fit and proper requirements (integrity, competence, and financial soundness). Prior FSC approval required for the appointment of directors, officers, and senior executives. Material changes to directors, senior management, and key personnel must be notified to the FSC within the prescribed timeframes.
Capital / safeguarding / bonds
Class M (Virtual Asset Broker-Dealer) — Minimum unimpaired stated capital of MUR 2,000,000 (approx. USD 44,000). Class O (Virtual Asset Wallet Services) — Sufficient working capital in fiat currency to support at least 12 months of projected operations. Class R (Virtual Asset Custodian) — Minimum unimpaired stated capital of MUR 5,000,000 (approx. USD 110,000). Class I (Virtual Asset Advisory Services) — Sufficient working capital to meet liabilities as they fall due. Class S (Virtual Asset Marketplace) — Minimum unimpaired stated capital of MUR 6,500,000 (approx. USD 140,000). Initial Token Offering (ITO) Issuer — Sufficient working capital to meet liabilities as they fall due.
AML/CTF baseline expectations
AML/CFT compliance under FIAMLA and the VAITOS Act. Customer due diligence (CDD), beneficial ownership verification, ongoing transaction monitoring, and suspicious transaction reporting. Travel Rule compliance for qualifying virtual asset transfers between VASPs. Market surveillance and market abuse controls for Virtual Asset Marketplaces (where applicable). Cybersecurity, incident reporting, and operational risk controls in accordance with FSC requirements.
Reporting / audits
Annual audited financial statements and statutory returns. Periodic regulatory and financial reporting. Independent AML/CFT audits. FSC supervisory inspections and compliance reviews. Ongoing compliance with licence conditions.
Process (end-to-end steps)
Step 1: Eligibility & scope mapping
Determining the appropriate VASP licence class(es). Mapping the proposed activities against the applicable licence classes. Assessing capital and financial soundness requirements. Confirming the regulatory scope and licensing strategy.
Step 2: Entity setup / restructuring
Incorporating or restructuring a Mauritius company. Establishing the required local presence and governance structure. Appointing the required directors, senior management, and key personnel. Establishing the registered office and corporate administration arrangements.
Step 3: Documentation pack
Preparing the business plan and licence application documentation. Developing AML/CFT, governance, and risk management policies. Preparing Fit and Proper documentation for directors, controllers, beneficial owners, and senior management. Preparing financial information and evidence of capital or working capital. Compiling the complete supporting documentation package.
Step 4: Application submission
Completing the FSC application. Submitting the application and supporting documentation. Paying the applicable application fee. Receiving confirmation of application acceptance for regulatory review.
Step 5: FSC review & regulatory assessment
Undergoing regulatory review by the FSC. Responding to regulatory queries and requests for additional information. Providing supplementary documentation and clarifications where required. Completing the FSC's licensing assessment.
Step 6: Authorisation & go-live
Receiving the VASP licence. Completing operational and compliance readiness. Implementing custody, cybersecurity, and business continuity arrangements. Establishing ongoing reporting, audit, and regulatory compliance procedures. Commencing licensed operations.
What's included in our support
Core package
- VASP licence class assessment and licensing strategy
- Mauritius company incorporation and corporate structuring (GBC or AC)
- Preparation and submission of the FSC licence application
- Preparation of the business plan, AML/CFT documentation, and Fit and Proper documentation
- Coordination of resident directors, senior management, and local governance arrangements
- Regulatory liaison with the FSC through to licence approval
Optional add-ons
- Ongoing AML/CFT compliance and MLRO support
- Annual regulatory filings and audit coordination
- Cybersecurity and incident response policy development
- Corporate bank account introduction and onboarding support
Ready made
VASP - Mauritius · From USD 150,000
FAQ
How long does it take to get a VASP licence in Mauritius?+
The licensing process typically takes around 3-6 months, depending on the licence class, the completeness of the application, and the FSC's review process. Complex or multi-class applications may take longer.
Which Mauritius VASP licence do I need?+
It depends on your business model. Class M covers broker-dealer services, Class O wallet services, Class R custody, Class I advisory, and Class S marketplaces. Some businesses require multiple licence classes.
Do I need a local office to obtain a Mauritius VASP licence?+
Applicants must demonstrate genuine operational substance in Mauritius, including an appropriate local presence, governance arrangements, and resident directors or senior management where required by the applicable licence class.
What are the capital requirements for a Mauritius VASP licence?+
Capital requirements depend on the licence class. Minimum unimpaired stated capital ranges from MUR 2 million (Class M) to MUR 6.5 million (Class S), while some classes require sufficient working capital instead of a fixed minimum.
Can foreigners obtain a Mauritius VASP licence?+
Yes. Foreign ownership is permitted, provided the applicant is incorporated in Mauritius and meets the FSC's licensing, governance, substance, and compliance requirements.
Does a Mauritius VASP licence cover stablecoins and NFTs?+
Stablecoin activities may fall within the VAITOS regime depending on their structure. NFTs are assessed case by case: investment-type or fractionalised NFTs may be regulated as securities rather than virtual assets.
Can I operate a crypto business in Mauritius without a VASP licence?+
Operating a licensable VASP business without the required FSC licence may result in fines of up to MUR 5 million, imprisonment for up to 10 years, or both.
Is it easy to open a bank account with a Mauritius VASP licence?+
Mauritius offers a well-established international financial centre and a FATF-aligned regulatory framework. Banking is generally achievable for well-prepared VASPs, but approval remains subject to each financial institution's risk assessment.
Ready to get started?
Discuss licensing from scratch or explore a ready-made route — we'll get back to you within 24 hours.