Application for a VASP License in MauritiusThe Financial Services Commission (FSC) grants approval based on the type of virtual asset business to be conducted, and licensed institutions must operate within the scope of their approval. Company incorporation, license review, and bank account opening are conducted separately; the decision to open an account is made by the bank based on its independent due diligence.
This page retains existing information on laws, capital requirements, and fees, and supplements it with key distinctions between the five categories of VASP licenses and ITO issuer registration, as well as key points regarding application preparation and ongoing compliance.
Mauritius’ core virtual asset legislation, passed in 2021, officially took effect on February 7, 2022. Known as the Virtual Assets and Initial Token Offering Services Act 2021 (VAITOS Act), this legislation designates the Financial Services Commission (FSC) as the regulatory authority for the virtual asset sector in Mauritius. As the FSC gains experience in this emerging business sector, its licensing framework is gradually being expanded.
As a hybrid onshore and offshore financial center, Mauritius enhances the credibility of blockchain companies and serves as a strategic hub for accessing markets with over 1.3 billion consumers through trade agreements. The country is widely recognized as an international financial center, boasting a stable political and economic environment, a competitive tax system, and a highly skilled workforce. Mauritius was the first in the East and Southern Africa regions to establish a regulatory framework compliant with Financial Action Task Force (FATF) standards (effective through 2026), aligning its virtual asset regulation with global standards set by organizations such as the FATF. The Virtual Assets and Initial Token Offering Services Act (VAITOS Act) provides clear guidelines on licensing, operational standards, and compliance obligations, ensuring legal certainty and operational clarity for virtual asset service providers (VASPs). The Financial Services Commission (FSC) plays a key role in regulating the global business sector, including digital assets, and supports Mauritius’ development into a financial center with international influence.
An Introduction to the Mauritius Virtual Asset Service Provider (VASP) License
The Virtual Assets and Initial Token Offering Services Act of 2021 serves as the cornerstone of Mauritius’ cryptocurrency regulatory framework, which covers related businesses. In addition, this framework is supplemented by a series of guidelines, particularly the Financial Services Commission (FSC) rules (as referred to in Section 52 of the Act). The Financial Services Commission of Mauritius has the authority and jurisdiction to directly administer certain rules related to the licensing and regulation of virtual asset services in Mauritius.
The Virtual Assets Act (VAITOS Act) defines virtual assets as digital representations of value that can be traded or used for payment or investment purposes. It is worth noting that virtual assets do not include digital representations of fiat currency, securities, or other financial assets already regulated under the Securities Act. This distinction clearly indicates that virtual assets are fundamentally different from traditional financial assets and other financial assets regulated under Mauritius’s current securities laws.
The Financial Services Commission (FSC) grants licenses only to companies registered in Mauritius that have economic substance. This means that the company must have a physical office location, and its business activities must be directed and managed from Mauritius. These requirements are explained in greater detail in Section 10 of the VAITOS Act.
Cryptocurrency Licenses in Mauritius: Process and Timelines
The 30-day period specified in Article 25 applies to the registration of ITO issuers and begins when the FSC receives all required materials, documents, and reports; it does not mean that all VASP projects will take only 30 days from initiation to approval. VASP applications must be prepared in accordance with the relevant licensing standards and must respond to any requests for additional information from the regulator.
The following lists the main requirements, but this is only a simplified version of the FSC’s actual requirements. This list will give you an idea of the legal work required to obtain a license in Mauritius.
Certificate of Incorporation;
Business Plan;
Management Plan and Governance Structure;
Anti-Money Laundering and Counter-Terrorist Financing Policies;
Know Your Customer (KYC) and Customer Due Diligence;
Written authorization from a director to disclose information;
Payment of the application fee;
Appoint an official approved by the Financial Services Commission;
The Board of Directors appoints a senior executive, subject to approval by the Financial Services Commission;
Annual audited financial statements;
(ITO) White Paper, which addresses the standards listed in Schedule 4 of the Act;
(ITO) tokens are classified by the FSC (prior to their public offering).
Applicants must comply with all applicable legal requirements, including reporting obligations such as the submission of quarterly financial statements, as well as meeting the ongoing financial requirements established by the Financial Services Commission (FSC). The Virtual Asset and Initial Token Offering Services Act (VAITOS Act) requires virtual asset service providers (VASPs) to maintain adequate financial resources and ensure that their controllers and beneficial owners are fit and proper persons. When applying, applicants must provide a detailed business plan as well as information regarding management and control mechanisms. In addition, VASPs must provide disclosures to customers to ensure that customers receive clear written information about the services and relevant regulations before conducting any transactions.
Financial Services Commission of Mauritius (FSC)
The Financial Services Commission (FSC) of Mauritius is the cornerstone of the country’s virtual asset industry regulation. As the primary regulatory authority, the FSC is responsible for licensing and regulating virtual asset service providers, including entities that offer initial coin offerings, virtual asset custody services, and virtual asset advisory services.
The FSC enforces the VAITOS Act, the Financial Intelligence and Anti-Money Laundering Act, and other applicable regulations to ensure that all VASPs operate within a secure and transparent framework.
Through the issuance of guidance documents and Financial Services Commission rules, the Commission provides clear guidance on best practices for anti-money laundering, the protection of customer assets, and statutory reporting.
The Financial Services Commission (FSC) takes proactive measures to help maintain the integrity of the virtual asset market, support the development of custody services, and protect investors from risks such as money laundering and fraud. By setting high standards for virtual asset service providers, the FSC plays a crucial role in building a trustworthy and innovative digital asset ecosystem in Mauritius.
Benefits of Obtaining a Cryptocurrency License in Mauritius
Obtaining a cryptocurrency license in Mauritius offers significant advantages to virtual asset service providers. First, holding a license from the Mauritius Financial Services Commission (FSC) demonstrates to clients and partners that your business meets strict regulatory standards, thereby enhancing your credibility and reputation in global markets.
Licensed virtual asset service providers (VASPs) can operate within a regulated environment, which facilitates the establishment of relationships with banks and other financial institutions and aids in communicating business and compliance arrangements; however, services such as initial coin offerings, custody, and consulting still require separate verification of the necessary licenses or registrations, and the opening of bank accounts must also undergo an independent review.
In addition, Mauritius’s favorable business environment and competitive tax system make it an ideal destination for establishing and growing virtual asset service businesses.
With a cryptocurrency license, Virtual Asset Service Providers (VASPs) may only offer custody or other digital asset-related services within the approved categories and under the specified conditions, as they know they are operating within a sound legal framework. This not only helps attract mature, professional investors but also enables your business to achieve long-term success in the rapidly evolving digital asset sector.
Considering an acquisition as a route to market? An existing regulated business may offer an alternative to a new application, subject to due diligence and any required change-of-control approvals or notifications.
We maintain a changing selection of regulated businesses available for acquisition across jurisdictions.
Contact us for current availability, indicative pricing and transaction requirements.
The Financial Services Commission (FSC) of Mauritius is responsible for regulating cryptocurrency companies registered and licensed in this exotic African nation.
The FSC issues five types of VASP licenses: M, O, R, I, and S. ITO issuers are registered separately and do not fall under any of these five categories of VASP licenses.
Cryptocurrency Regulation in Mauritius
Regulation of cryptocurrency-related activities in Mauritius is centered around a core law (the Virtual Assets and Initial Token Offering Services Act of 2021), rules issued by the Financial Services Commission that supplement that law, and a series of guidance notes designed to help company executives comply with the regulations.
The FSC rules are worth noting because they are essentially part of the licensing standards, and the committee can amend them on its own without having to change the law. This, therefore, provides a more flexible approach.
The bill grants the Financial Services Commission (FSC) the authority to establish licensing and operational rules, and to issue and update such rules in accordance with statutory authority and procedures. The rules stipulate that:
(a) Collecting fees and levies;
(b) Prudential standards, which include—
(i) Disclose to the client;
(2) Risk Management;
(3) Safekeeping of Client Assets;
(4) Cybersecurity;
(5) Financial reports;
(6) Statutory reporting forms; and
(7) A registry of virtual assets held by any person;
(c) Any other matters falling within the scope of this Act
Please note that cryptocurrency companies in Mauritius are also required by law to comply with the following laws (as set forth in Schedule 1 of the Act):
Financial Intelligence and Anti-Money Laundering Laws
Financial Services Act
The 2019 United Nations Sanctions Act (Financial Sanctions, Arms Embargo, and Travel Ban)
Mauritius Cryptocurrency License Company Registry
The Financial Services Commission of Mauritius (FSC Mauritius) maintains a public list of licensees. It is available atFSC Official Register of Licensed EntitiesVerification.
The information disclosed in the public registry includes:
Full name of the company;
Company Address;
License;
Date the license was issued;
Current Status of the Company;
Contact person's name and email address.
Licensing Process for Cryptocurrency Companies in Mauritius
Although the process for applying for a Virtual Asset Service Provider (VASP) license in Mauritius is straightforward, it requires thorough preparation given the high standards set by the regulatory authority. The application process itself consists solely of the submission of the application and its review by the Financial Services Commission (FSC). The 30-day timeframe specified in Article 25 pertains to the decision on the registration of an ITO issuer once all required documentation has been submitted; it should not be applied to the entire preparation and approval process for a VASP.
The key to a successful application lies in proper preparation of legal documents. This article provides a simplified checklist of requirements, but the full application process involves a significant amount of legal work—and ChesaGroup is precisely the firm that can provide clients with these services.
Statement by the Government of Mauritius on Cryptocurrency
If you want to know the government’s stance on cryptocurrency, you should be aware that the Virtual Assets and Initial Coin Offering Services Act was signed into law by the President of Mauritius himself.
Requirements for Companies Engaged in Cryptocurrency Activities in Mauritius
To apply for a cryptocurrency license in Mauritius, project sponsors should make the following plans:
Certificate of Incorporation;
Business Plan;
Management Plan and Governance Structure;
Anti-Money Laundering and Counter-Terrorist Financing Policies;
Know Your Customer (KYC) and Customer Due Diligence;
Written authorization from a director to disclose information;
Payment of the application fee;
Appoint an official approved by the Financial Services Commission;
The Board of Directors must obtain approval from the Financial Services Commission before appointing a senior executive.
Companies that provide custodial services must ensure the segregation of assets belonging to different clients in order to comply with Financial Services Commission (FSC) regulations. Proper record-keeping and the timely submission of required documents are also essential for ongoing compliance.
As part of our services, ChesaGroup can assist you with all of these aspects.
Establishing a company in Mauritius to prepare for applying for a cryptocurrency license
Given Mauritius’s favorable business environment, setting up a company in Mauritius is both quick and simple.
However, cryptocurrency projects must take into account regulatory requirements regarding economic substance. Companies must lease or own physical office space, and their business activities must be conducted in Mauritius. Such a structure does not necessarily require a complete relocation to the island of Mauritius. We invite interested readers to contact our advisory team to learn more about organizational structures.
Tax Issues for Cryptocurrency Companies in Mauritius
Companies that obtain a cryptocurrency license in Mauritius are subject to domestic corporate income tax at a rate of 15% of their profits.
Mauritius is no longer considered a tax haven, and some have even questioned its “offshore” status. Nevertheless, Mauritius still has low tax rates and a highly competitive business environment, making it the perfect blend of offshore and onshore economies.
Mauritius does not have taxes specifically targeting cryptocurrency businesses; however, companies that obtain a cryptocurrency license are required to pay an annual license fee in any case.
Obligations of Cryptocurrency Companies in Mauritius
Joint obligations include monitoring and reporting in accordance with anti-money laundering/counter-terrorist financing (AML/CFT) and know-your-customer (KYC) regulations (based on the recommendations of the Financial Action Task Force (FATF)). Virtual Asset Service Providers (VASPs) in Mauritius are subject to reporting obligations, including the submission of quarterly financial statements to the Financial Services Commission (FSC), which is part of their statutory record-keeping and compliance requirements. Cryptocurrency companies in Mauritius are also required to pay an annual license renewal fee, which varies depending on the type of license held (see the fee schedule below).
In accordance with the recommendations of the Financial Action Task Force (FATF), virtual asset service providers (VASPs) must comply with the “Travel Rule,” which requires them to immediately and securely obtain, retain, and transmit the necessary and accurate information regarding the originator and beneficiary (as applicable) whenever a virtual asset transfer is made. Section 19 of the VAITOS Act provides further details on this requirement.
Sanctions
Mauritian law specifies penalties for each possible violation of the Virtual Assets and Initial Coin Offering Services Act.
The VAITOS Act requires virtual asset service providers (VASPs) to comply with anti-money laundering and counter-terrorism financing regulations, including specific measures to prevent the financing of terrorism.
Important Notice: Cryptocurrency businesses operating without a license may face fines of up to 5 million rupees and imprisonment for up to 10 years.
Cryptocurrency Laws and Regulations
Licensing Process
Requirements
Company Registration
Taxes
Ongoing Obligations
Risk Management and Compliance
Risk management and compliance are at the core of the regulatory approach for virtual asset service providers (VASPs) in Mauritius. The Financial Services Commission (FSC) requires all VASPs to establish a comprehensive risk management framework to address the challenges specific to virtual assets, including those related to anti-money laundering and countering the financing of terrorism.
Under the Virtual Asset and Initial Token Offering Services Act (VAITOS Act), virtual asset service providers (VASPs) must implement policies and procedures to ensure the security of customer assets, prevent money laundering, and comply with the Financial Intelligence and Anti-Money Laundering Act.
To meet these standards, virtual asset service providers (VASPs) must maintain adequate working capital and demonstrate that they have sufficient resources to continue their business operations effectively.
This includes establishing a physical office in Mauritius and ensuring that all core functions are managed locally.
The Financial Services Commission (FSC) also requires regular reporting and disclosure to ensure that risk management practices are transparent and kept up to date. By prioritizing compliance and sound risk management, virtual asset service providers (VASPs) can protect both their customers and their own businesses, while also meeting the high standards set by the Financial Services Commission (FSC).
Planning to Launch a Cryptocurrency Business in Mauritius
Before launching a cryptocurrency business in Mauritius, it is essential to thoroughly understand the regulatory environment and ensure full compliance with all requirements established by the Financial Services Commission (FSC).
This includes obtaining the necessary licenses, maintaining sufficient working capital, and establishing a physical office in Mauritius to demonstrate your commitment to local operations. Adequate resources and sound governance structures are essential for effective risk management and ongoing compliance with the VAITOS Act and related guidance documents.
Staying up to date on the latest developments and guidance from the Financial Services Commission (FSC) is essential for maintaining compliance and adapting to changing market conditions.
By prioritizing risk management, transparency, and regulatory compliance, cryptocurrency companies can capitalize on the numerous opportunities offered by Mauritius’s dynamic virtual asset industry and lay the foundation for sustainable growth and innovation.
The Mauritius Virtual Asset and Initial Token Offering Services Act establishes five categories of VASP licenses and ITO issuer registrations, respectively. For ease of reference, the table below summarizes the license categories, their business activities, associated fees, and capital requirements.
With regard to non-fungible tokens, the bill distinguishes between three different scenarios:
• NFTs that can be considered security tokens; in such cases, securities laws apply.
• NFTs whose interchangeability can be discussed—such as NFT collections that are large in quantity but limited in variety—are covered by this bill.
• Collector-grade NFTs and tokens with unique attributes. In such cases, the bill does not apply.
NFTs can take one or more forms, including digital collectibles and virtual tokens, and their regulatory treatment depends on their underlying characteristics and whether they are used for payment or investment purposes.
Digital assets, including NFTs and virtual tokens, exist entirely in digital form, and their regulation differs significantly from that of central bank-issued digital currencies. The use of blockchain technology alone does not guarantee the security of assets or the legality of business operations; applicable regulatory requirements must still be verified based on the nature of the assets and the actual activities involved.
Stablecoins should not be considered unregulated across the board. In 2026, the FSC issued guidelines on stablecoins covering matters such as issuance, distribution, trading arrangements, reserves, redemptions, and governance; the applicable requirements of the FSC and the Central Bank of Mauritius should be verified based on the specific structure of each stablecoin.
Fees are based on the FSC's revised rates as of July 1, 2026,Official Classification and Fee SchedulePlease verify. The amounts listed in the table represent regulatory fees and do not include costs for professional services, capital, office space, personnel, audits, or systems; the absence of a fixed annual fee in the ITO column does not mean there are no other fees.
The balance sheet should be prepared in conjunction withRules on Capital and Other Financial RequirementsUse. Multi-license operations involve consolidated capital requirements and must also meet applicable prudential and liquidity requirements; therefore, a comprehensive budget cannot be prepared based solely on on-balance-sheet amounts.
Before submitting an application, it is recommended that you first create a flowchart illustrating the movement of customer funds, virtual assets, and private keys to confirm the specific license categories required for services related to exchange, transfer, custody, and issuance, as well as for the respective trading platforms. If you are conducting multiple activities simultaneously, you should clearly define the contracting entities, responsible parties, and system boundaries for each service.
The above list is intended for project preparation; specific requirements are subject to the FSC licensing standards and supplementary documentation requirements for the corresponding category. The ITO white paper and issuance registration materials must be distinguished from the VASP application and cannot be used as documents applicable to all categories.
The FSC’s latest stablecoin guidelines cover reserve assets, redemptions, custody, disclosure, and prudential arrangements. When planning to issue or use a stablecoin, one should first specify the underlying assets, the issuer, redemption obligations, and intended uses of funds, and then confirm compliance with licensing and central bank requirements.
Exemptions for NFTs cannot be determined based on their name alone; their rights, fungibility, and investment purposes must be analyzed. Trade agreements and international financial center status do not automatically confer the right to provide virtual asset services in other countries; marketing and market access rules in the client’s market must be assessed on a case-by-case basis.
The standard corporate income tax rate is typically 15%, but it must be calculated based on the specific entity, its income, and applicable tax reductions or exemptions. Additional obligations, such as the Fair Share Contribution, as well as applicable thresholds and exemptions, should also be verified; obtaining a VASP license or a Global Business License does not in itself automatically entitle the entity to a lower tax rate. The regulatory body FSC is not the same concept as the “Fair Share Contribution” referred to in tax documents, which shares the same acronym.
It is recommended that each commitment in the application be assigned to specific personnel and systems: conduct customer onboarding simulations, reconcile funds and assets, review access permissions, and perform escalation and recovery testing for anomalous transactions. Establish a calendar for financial reporting, audits, regulatory annual fees, and compliance training, and verify approval and notification requirements prior to any significant business or control changes.
Banks or payment institutions will independently review business operations and sources of funds. When acquiring an existing company, you should also review the scope of its license, history of violations, customer assets, changes in control, and the sustainability of bank accounts; the service times listed in the acquisition section on this page do not constitute a commitment regarding regulatory approval.
Compare the scope and requirements described in Comparison of Offshore Cryptocurrency Licenses, Global Crypto Licensing Guide and AML and KYC compliance servicesSchedule projects. Throughcontact ChesaGroupPlease provide details on your business model, target countries, and team composition so that we can further confirm the scope of materials and services. Verification date: November 2026.
The following outlines the steps for project implementation; the actual schedule will be determined based on the type of business, document preparation, and the progress of the FSC review. License approval, company registration, and bank account opening will be verified separately.
Review the scope of application for M, O, R, I, and S licenses and ITO registration; prepare documentation on equity and beneficial ownership, staffing plans, local office arrangements, and capital budgets.
Phase Results:Description of business scope, asset flowchart, list of materials, and implementation plan. Completing company registration does not mean you can begin conducting regulated business.
Prepare business plans, financial projections, governance documents, AML/KYC documentation, client asset documentation, and technology security documentation in accordance with the applicable licensing standards; pay the applicable application fees; and respond to requests for additional information.
Phase Results:Complete application documents and a record of issue tracking. ITO issuers must separately comply with registration and white paper requirements; their statutory deadlines cannot be used as a guarantee of VASP approval.
After approval, conduct business in accordance with the license category and conditions attached to it, and confirm that personnel, capital, banking or payment arrangements, and system controls are in place.
Phase Results:Implement the go-live checklist, asset and cash reconciliation procedures, regulatory reporting, and the annual maintenance calendar. Periodically review business changes and the requirements of the markets in which clients operate.
Arrange a free initial consultation with our advisory team. We can discuss your questions, review the proposed project and identify regulatory options suited to its objectives and budget.
Contact us and a dedicated adviser will respond within 24 business hours. The initial consultation is free and carries no obligation.
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