Mauritius: VAITOS licensing and institutional operating duties

Selecting a licence class

The Financial Services Commission (FSC) licenses virtual asset services in or from Mauritius under the Virtual Asset and Initial Token Offering Services Act. The framework entered into force on 7 February 2022. The current codified list distinguishes broker-dealer, wallet, custodian, advisory and marketplace classes, while an issuer of an initial token offering has a separate registration route. Permission should be matched to those functions and the individual approval. VAITOS Act FSC current codified licence list

An FSC licence is distinct from corporate incorporation and from authorisation for banking or unrelated securities services. A group combining customer trading, wallet provision and a token offering should identify which entity performs each function and which permissions it needs. The early statutory transition periods are historical and do not allow a new provider to launch before obtaining the appropriate approval. VAITOS Act

Resources and client protection

The capital rules require sufficient unimpaired capital and liquidity for the nature, scale, complexity and risks of the business. The class-specific criteria and current fee schedule should be used for an application; a single minimum figure or commercial package does not describe all VAITOS businesses. FSC current codified licence list FSC capital and financial requirements rules

The FSC’s rules cover custody of client assets, disclosures, cybersecurity, risk management, statutory returns and virtual asset transfer information. Together with AML/CFT duties, these requirements affect how a provider onboards customers, controls wallets, reconciles assets and reports to the supervisor. The institution needs evidence that these responsibilities remain effective during an outage or an outsourced-provider failure. VAITOS Act FSC rule library

Institutional market entry

The implementation plan should connect the licence class to customer contracts, custody and fiat arrangements, and nominate people accountable for the control framework. A global-business structure or a virtual asset licence does not guarantee bank acceptance or permission to service foreign clients. Token classification and the interaction with payments or securities law should be resolved with Mauritian counsel using the current FSC criteria and the proposed transactions. VAITOS Act FSC current codified licence list

Official primary sources

• VAITOS Act
• FSC current codified licence list
• FSC capital and financial requirements rules
• FSC rule library

This research reflects official material reviewed as at 26 October 2026. It is informational and does not constitute legal advice, a licence determination or external legal review. The proposed activities and cross-border arrangements require assessment by qualified counsel.