A Mauritius VASP license is issued by the Financial Services Commission (FSC) under the Virtual Asset and Initial Token Offering Services Act 2021 (the VAITOS Act), in force since 7 February 2022. The license comes in five classes, each tied to a specific activity and with its own capital: from MUR 2,000,000 (about USD 44,000) for a broker-dealer to MUR 6,500,000 (about USD 140,000) for a virtual asset exchange. The class has to match what the business actually does, because a company that outgrows its class files a further application for the activity it left out.
The Five VASP Classes and What Each Allows
The VAITOS Act licenses activities. A company holds a license for each class of activity it performs for clients.
| Class | License | Activity | Minimum Capital | FSC processing fee |
|---|---|---|---|---|
| M | Virtual Asset Broker-Dealer | Exchange between virtual assets and fiat, and between virtual assets | MUR 2,000,000 (about USD 44,000) | USD 1,000 |
| O | Virtual Asset Wallet Services | Transfer of virtual assets | Working capital for 12 months of operations | USD 1,000 |
| R | Virtual Asset Custodian | Safekeeping and administration of virtual assets or the keys that control them | MUR 5,000,000 (about USD 110,000) | USD 1,500 |
| I | Virtual Asset Advisory Services | Financial services related to an issuer’s offer or sale of virtual assets | Working capital to meet debts as they fall due | USD 3,000 |
| S | Virtual Asset Market Place | Operating a virtual asset exchange that matches buyers and sellers | MUR 6,500,000 (about USD 140,000) | USD 3,000 |
Issuers of initial token offerings register separately with the FSC and are not VASPs. Their offer period is capped at six months, and buyers can withdraw within 72 hours of agreeing to purchase.
Which Class Your Business Model Needs
The class follows what the business does with client assets.
| Business model | Classes needed | Why |
|---|---|---|
| OTC desk or instant-exchange app that holds client funds only for the duration of a trade | M | Exchange for clients is broker-dealer activity; no standing custody |
| Retail exchange without an order book, where clients keep balances on the platform | M and R, plus O if clients can send assets to outside addresses | Holding client balances between trades is custody; sending assets out is a transfer |
| Exchange with an order book matching clients against each other | S, plus R if client assets stay on the platform | Matching orders is marketplace activity; holding balances is custody |
| Custodial wallet app | O and R | Sending assets is a transfer; holding the keys for clients is custody |
| Non-custodial wallet software | None | No control over client assets; a separate guide on when a wallet provider needs a license sets out the test |
| Token offering consultancy | I | Services to issuers in connection with their offer |
Two combinations decide most budgets. A retail exchange that applies for Class M alone and keeps client balances is performing custody without a license, and the FSC reads that from the business plan before it reads anything else. An exchange that plans an order book later and applies only for M and R files again for S when it adds the order book, with a capital step from MUR 5,000,000 to MUR 6,500,000.
A forex broker that wants to add spot crypto trading for clients needs a VASP class for it; its securities license does not cover virtual assets. The Mauritius Investment Dealer license article covers the securities side, and a group running both holds both licenses.
What the FSC Expects from a Mauritius VASP
A Mauritius company, directed and managed from Mauritius. Only Mauritius-incorporated companies can apply. Internationally focused VASPs use a Global Business company with a registered office and a licensed management company. The FSC looks at where board and management decisions are actually made, and expects that to be on the island.
Resident people the FSC approves. A Global Business company needs at least two directors resident in Mauritius, and the VASP needs a senior executive who lives in Mauritius and works at senior management level. Officers are appointed only with the FSC’s prior approval, and directors, controllers, beneficial owners, and officers all pass a fit and proper test covering integrity, competence, and financial soundness.
A physical office. A registered address through the management company is not enough on its own; a VASP must have a physical office in Mauritius from which the business is run.
Custody rules. Client accounts are kept separate from the VASP’s own, and the VASP holds enough of each virtual asset to meet its obligations to clients. The custody section of the application has to show who holds the keys, how many people are needed to move funds, and what happens if a hot wallet is compromised.
AML/CFT under FIAMLA and the FSC’s guidance for VASPs. Customer due diligence, beneficial ownership checks, transaction monitoring, suspicious transaction reporting, and the Travel Rule for transfers between VASPs apply from the first client.
Where Mauritius VASP Applications Stall
The class does not match the business plan. An applicant for Class M whose plan shows clients holding balances, or an applicant for M and R whose platform matches orders, is sent back to restructure the application. Mapping each product feature to a class before filing avoids the most common delay.
Custody arrangements that sit outside the applicant. Many crypto groups run custody through a parent company or a third-party provider abroad. The FSC asks who controls the keys, under which law and which regulator, and an arrangement it cannot supervise holds up a Class R application.
A senior executive in name only. The resident senior executive has to run the business. A local nominee who cannot explain the order flow, the custody setup, or the AML controls at the FSC’s request is a reason for further questions and, in the end, for a different appointment.
Source of funds for the capital. The FSC asks for the history of the capital as well as the bank balance. Capital that arrived from a newly formed company or an unrelated third party adds weeks of correspondence.
Mauritius VASP or Another Jurisdiction
A Mauritius license gives a regulated base for serving clients outside the EU, the UK, and the US. It does not give access to those markets.
| Jurisdiction | What the license gives | Fits |
|---|---|---|
| Mauritius VASP | A license under a dedicated crypto law, with five activity classes | Exchanges, custodians, and brokers serving clients outside the EU, the UK, and the US |
| EU, MiCA CASP | One authorization passported across the EU and EEA | Businesses whose clients are in the EU; see the guide to MiCA CASP authorization |
| Georgia VASP | Registration with the National Bank of Georgia | Exchange and wallet businesses that want a regulated base in the Caucasus |
| El Salvador DASP | Registration with the CNAD | Businesses serving Latin America |
A group that serves both EU and non-EU clients holds a MiCA authorization for the EU and a non-EU license such as Mauritius for the rest, and keeps the client bases apart.
Who Mauritius Does Not Fit
A business whose clients are in the EU. Since 1 July 2026, serving EU clients needs MiCA authorization. A Mauritius license does not passport, and onboarding EU clients on it is unauthorized activity in each member state.
A founding team that cannot place real people in Mauritius. The FSC’s resident director, senior executive, and office requirements are part of the review. A business that plans to run everything from abroad will not pass it.
A business that needs to operate in weeks. A license from scratch takes three to six months, most of it spent preparing the company, the team, and the file before the FSC review starts.
FAQ
What is a VASP license in Mauritius?
It is a license from the Financial Services Commission under the VAITOS Act 2021 to provide virtual asset services for clients. It comes in five classes: broker-dealer (M), wallet services (O), custodian (R), advisory (I), and marketplace (S).
How much capital does a Mauritius VASP need?
MUR 2,000,000 for Class M, MUR 5,000,000 for Class R, and MUR 6,500,000 for Class S. Classes O and I require working capital instead of a fixed minimum: enough for 12 months of operations for O, and enough to meet debts as they fall due for I.
Can one company hold several VASP classes?
Yes. A retail exchange that holds client balances needs Class M and Class R, and one that runs an order book needs Class S and, if it holds client assets, Class R. A platform that sends client assets to outside addresses also needs Class O.
Can a foreign company get a VASP license in Mauritius?
Yes, through a Mauritius-incorporated company. Foreign ownership is allowed, but the company needs resident directors, a resident senior executive approved by the FSC, and a physical office in Mauritius.
What happens if a crypto business operates in Mauritius without a license?
Providing licensable virtual asset services without an FSC license carries a fine of up to MUR 5 million, imprisonment of up to 10 years, or both.
Equilex licenses VASPs in Mauritius, from mapping the business model to the right classes through the Mauritius company, the resident team, and the FSC application. To see which classes your business needs, see VASP license in Mauritius.
