APPLY FOR VASP & ITO LICENSES
IN MAURITIUS

FSC Mauritius Licensing & Registration

Following the implementation of the Virtual Asset and Initial Token Offering Services (VAITOS) Act in February 2022, any company which intends to conduct business activities in relation to Virtual Asset Service Providers (VASPs) or issue Initial Token Offerings (ITO) in or from Mauritius must apply for a license or registration from the Financial Services Commission Mauritius (FSC). The VAITOS Act enables the FSC to regulate and supervise VASPs and ITO in the non-bank financial services sector in Mauritius.

Licenses Available under the VASP Regime:

Virtual Asset Broker – Dealer (Class M): pertaining to activities such as exchange between Virtual Assets and fiat currencies or exchange between one or more forms of Virtual Assets.

Virtual Asset Wallet Services (Class O): licenses pertaining to the transfer of Virtual Assets.

Virtual Asset Custodian (Class R): where the licensees are responsible for the safekeeping of Virtual Assets or instruments enabling control over Virtual Assets, or the administration of Virtual Assets.

Virtual Asset Advisory Services (Class I): license for the participation in and provision of financial services related to an issuer’s offer and / or sale of Virtual Assets.

Virtual Asset Market Place (Class S): pertaining to Virtual Asset exchanges.

VASP Application for License

The application must comprise of the following documents:

Be in such a form and manner as the Commission may approve
Specify the license being applied for
Application fee as prescribed by the FSC Rules
Statutory filings regarding the incorporation of the Company
Detailed business plan
Policies & Manuals: Confidentiality, Internal Control, AML, Complaints, Onboarding, Complaints, Information Technology, Outsourcing, etc.
Particulars of the applicant’s arrangements for the management of its business activities
Particulars of information relating to customer due diligence
Written authorisation of directors

Further supporting documents may be required depending on the license application.

VASP Application Requirements

It should be noted that the Act provides that unlicensed VASPs and issuers of ITOs who were operating prior to the commencement of the Act, should seek a license within the transitional period of 3 to 18 months after the commencement of the Act (February 2022).

An application for a VASP license must be submitted to the FSC, specifying the relevant class or sub-category of the license sought.

The applicant must:
- Be a duly registered company carrying on business activities in or from Mauritius,
- Be directed and managed from Mauritius and
- Have a physical office in Mauritius and
- Ensure that each of its controllers, beneficial owners, associates and officers satisfy the ‘fit and proper’ criteria of the FSC.

Application for registration of Issuers of Initial Token Offerings

Applications must be submitted to the Commission at least 45 days prior to the start of the offer period, such applications are processed within 30 days.

The application should include the following:

The certificate of incorporation of the company,

A legal opinion concerning the compliance with the requirements of the Act,

An approval letter regarding the initial token offerings,

Policies and measures to be adopted by the applicant,

Application fee as prescribed in FSC Rules.

The Commission reserves the right to request further documentation.

Licenses & Applications Mauritius

Fees & Capital Requirments Mauritius

Application Fees

Capital Requirements

Virtual Asset Service Provider

Issuer of ITO - Sufficient working capital to be capable of meeting its debts as they fall due.

Virtual Asset Advisory Services - Sufficient working capital to be capable of meeting its debts as they fall due.

Virtual Asset Broker - Dealer 2,000,000 Mauritian Rupees or its equivalent in any other fiat currency.

Virtual Asset Wallet Services - 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).

Virtual Asset Custodian - 5,000,000 Mauritian Rupees or its equivalent in any other fiat currency.

Virtual Asset Market Place - 6,500,000 Mauritian Rupees or its equivalent in any other fiat currency.

Post-Licensing Conditions

Maintenance of 30% of independent Director

Have one resident Director

Compliance Officer

MLRO and DMLRO

Bank Account in Mauritius

PI Cover

Injection of minimum share capital

Register with Tax and obtain a TIN and Tax Residency Certificate

Register with the Data Protection Office

Failure to Comply

Any entity which fails to abide by the requirements of the VAITOS Act would, inter alia, be liable to fines of a maximum of MUR 5 million and a maximum imprisonment term of 10 years.

What Can FAI Comply do for Your Business?

We undertake the preparation and submitting of applications for VASP FSC licensing and provide post-submission support leading up to the granting of the license, which authorises companies to provide investment services in accordance to applicable EU laws and regulations. Services include:

Consulting on services, and design of the VASP / ITO structure

Preparation of the Application File

Completion of the Application Form
With input from you, where required, preparation of the applicant’s:
- Policies & Procedures according to regulations
- Business Plan