Crypto License in Mauritius

The core regulation creating the Mauritian crypto license was enforced in 2021. The Virtual Asset and Initial Token Offering Act in Mauritius, which appointed the Financial Services Commission (FSC) as the regulatory authority of virtual asset businesses in Mauritius. The licensing framework was progressively advertised by the FSC as it gained experience on this new type of activity.

Mauritius acts as a hybrid onshore/offshore hub, enhancing credibility for blockchain businesses and serving as a strategic hub for accessing a market of over 1.3 billion consumers through trade agreements. The country is recognised as an international financial center, offering a stable political and economic environment, a competitive tax regime, and access to a skilled workforce.

As a leader in Eastern and Southern Africa for its FATF-aligned regulatory framework as of 2026, Mauritius aligns its virtual asset regulations with global standards set by organizations such as the Financial Action Task Force (FATF). The VAITOS Act provides clear guidelines on licensing, operational standards, and compliance obligations, ensuring legal certainty and operational clarity for VASPs.

The FSC plays a key role in regulating the global business sector, including digital assets, and supports Mauritius’s development as a financial hub with international reach.

The application process to obtain a crypto license in Mauritius is fairly fast, as the screening process from the FSC is set to last a maximum of 30 days, as per Article 25. Nonetheless, this swiftness of licensing requires, on the other side, minute preparation from the applicant.

We listed the main requirements below, however this is a simplification of what the FSC actually expects. The list below gives you an idea of the legal work to get the license in Mauritius.

• Certificate of incorporation;
• Business plan;
• Management plan & governance structure;
• AML-CFT policies;
• KYC and customer due diligence;
• Written authorisation of the directors for information disclosure;
• Application fee payment;
• Appointment of an officer approved by the FSC;
• Appointment of a Senior Executive by the board, to be approved by the FSC;
• Yearly audited financial statements;
• (ITO) Whitepaper responding to the specifications laid out in the Fourth Schedule of the Act;
• (ITO) Token classification by the FSC (before issuance to the public).

Applicants must comply with all applicable legal requirements, including reporting obligations such as submitting quarterly financial statements and meeting ongoing financial requirements set by the FSC. The VAITOS Act requires VASPs to maintain adequate financial resources and ensure that their controllers and beneficial owners are fit and proper persons. As part of the application, a detailed business plan and information on management and control mechanisms must be provided. VASPs are also required to provide client disclosure, ensuring clients receive clear, written information about services and relevant regulations before any transactions are conducted.

The Financial Services Commission (FSC) is the cornerstone of regulatory oversight for the virtual asset sector in Mauritius. As the primary authority, the FSC is responsible for licensing and supervising virtual asset service providers, including those offering initial token offerings, virtual asset custodian services, and virtual asset advisory services.

The FSC enforces compliance with 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 notes and FSC rules, the Commission provides clear direction on best practices for anti money laundering, client asset protection, and statutory reporting.

The FSC’s proactive approach helps maintain the integrity of the virtual asset market, supports the development of custodian services, and safeguards investors from risks such as money laundering and fraud. By setting high standards for virtual asset service providers, the financial services commission FSC plays a vital role in fostering a trustworthy and innovative digital asset ecosystem in Mauritius.

Securing a crypto license in Mauritius delivers significant advantages for virtual asset service providers. First and foremost, a license from the FSC signals to clients and partners that your business meets rigorous regulatory standards, enhancing your credibility and reputation in the global market.

Licensed VASPs gain access to a regulated environment, which facilitates relationships with banks and other financial institutions, making it easier to offer a full suite of services such as initial token offerings, virtual asset custodian services, and virtual asset advisory services.

Additionally, Mauritius’s business-friendly climate and competitive tax regime make it an attractive destination for establishing and growing virtual asset service operations.

With a crypto license, VASPs can confidently provide custodian services and other financial services related to digital assets, knowing they are operating within a robust legal framework. This not only helps attract sophisticated and expert investors but also positions your business for long-term success in the rapidly evolving digital asset sector.

The Mauritius Virtual Asset and ITO Services Act introduces six types of business activities, and as many classes of crypto licenses. The license classes, their activities and associated fees and share capital requirements have been summed up in the table below for easy reading.

In regards to Non-Fungible Tokens, the Act distinguishes three separate cases:

• NFTs that are assimilable to security tokens, in which case security laws apply.
• NFTs whose fungibility can be discussed, such as massive collections with little variation. The Act applies to these NFTs.
• Collectible NFTs and Tokens with really unique properties. In such cases, the Act doesn’t 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 solely in digital form and are regulated differently from digital currencies issued by central banks. The use of blockchain technology underpins the security and legitimacy of digital assets and virtual tokens in Mauritius, supporting their use for payment or investment purposes.

Similarly, stablecoins are not regulated by the Mauritius crypto regulation (as stated explicitly in Article 3(2)b of the Act).

The regulation of cryptocurrency related activities in Mauritius revolves around a core law (the Virtual Asset and Initial Token Offering Services Act of 2021), the FSC Rules complementing the Act, and a set of guidance notes whose role is to assist company officers with compliance.

The Act gives the FSC the right to set the rules for licensing and operation and the possibility to change them without passing by a court or Minister. The rules define:

• (a) the taking of fees and levying of charges;
• (b) prudential standards in respect of –
  • (i) disclosure to clients;
  • (ii) risk management;
  • (iii) custody of client assets;
  • (iv) cybersecurity;
  • (v) financial reporting;
  • (vi) statutory returns; and
  • (vii) a virtual asset register for any person who holds a virtual asset;
• (c) any other matter falling under the purview of this Act

Note that cryptocurrency companies in Mauritius are also de jure subject to compliance with the following laws (as stated in Schedule 1 of the Act):

• Financial Intelligence and Anti-Money Laundering Act
• Financial Services Act
• United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019

The FSC Mauritius holds a public register of its licensees. The register is available online here.

Information disclosed on the public register is composed of:

• Full name of the company;
• Company address;
• License;
• Date of licensing;
• Status of the company;
• Contact person name and email.

The process for applying for a VASP license in Mauritius is simple but requires minute preparation, given the level of expectation of the regulatory authorities. In itself, the application process is simply composed of the submission and analysis of the project by the FSC. The Act states that it shall grant or refuse a license in a span of a maximum of 30 days.

What is important and key to success is the proper legal preparation of the application. A simplified list of the requirements has been laid out in this article but the complete filing requires a fair amount of legal work, that LegalBison is offering to its clients.

To get started with the process of obtaining a crypto license in Mauritius, a project should plan for the following:

• Certificate of incorporation;
• Business plan;
• Management plan & governance structure;
• AML-CFT policies;
• KYC and customer due diligence;
• Written authorisation of the directors for information disclosure;
• Application fee payment;
• Appointment of an officer approved by the FSC;
• Appointment of a Senior Executive by the board, to be approved by the FSC.

Companies providing custody services must ensure the segregation of assets belonging to different clients, in compliance with FSC regulations. Maintaining proper records and statutory filings is also essential for ongoing compliance.

LegalBison can assist you with all of these elements as part of our services.

Forming a company in Mauritius is fast and simple, given the business-friendly nature of the jurisdiction.

In the case of a crypto project however, one must take into account that the regulator imposes economic substance requirements. The company must rent or own a physical office space and its business activities shall be conducted from Mauritius. Such a set-up doesn’t necessarily require a full displacement to the island of Mauritius. We invite our interested readers to get in touch with our consulting team for more details on possible organizations.

Crypto licensed companies in Mauritius are subject to the domestic corporate income tax, which is 15% of the profits.

Mauritius is not considered a tax haven anymore and one may even contest its status of “offshore”. Nonetheless, taxation remains low and business conditions are still highly competitive, making Mauritius a very good hybrid of offshore and onshore.

There are no taxes specifically pertaining to cryptocurrency businesses in Mauritius, as anyway, crypto licensed companies are due to an annual licensing fee.

Common obligations applies: monitoring and reporting in virtue of the AML-CFT and KYC regulations (based on the FATF Recommendations). VASPs in Mauritius have reporting obligations, including the submission of quarterly financial statements to the FSC, as part of their statutory recordkeeping and compliance requirements.

The crypto companies in Mauritius are also due to an annual renewal fee of the license, which varies depending on the type of license held (see table above).

The requirements of ‘Travel Rule’, as recommended by FATF for VASPs, that is, the obligation to obtain, hold, and transmit required and accurate originator and beneficiary information, as the case may be, immediately and securely, when conducting any virtual asset transfers has further been provided under section 19 of the VAITOS Act.

Sanctions resulting from infringing the Virtual Asset and ITO Act in Mauritius is described within the law, for every type of possible breach.

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 terrorist financing.

Importantly: crypto businesses operating without license are liable to a fine of up 5 million rupees and to imprisonment for a term not exceeding 10 years.

Risk management and compliance are at the heart of the regulatory approach for virtual asset service providers (VASPs) in Mauritius. The Financial Services Commission (FSC) requires all VASPs to establish comprehensive risk management frameworks that address the unique challenges of virtual assets, including those related to anti money laundering and combating the financing of terrorism.

Under the Virtual Asset and Initial Token Offering Services Act (VAITOS Act), VASPs must implement policies and procedures that ensure the security of client assets, prevent money laundering, and comply with the Financial Intelligence and Anti-Money Laundering Act.

To meet these standards, VASPs are expected to maintain sufficient working capital and demonstrate that they have adequate resources to continue business operations effectively.

This includes having a physical office in Mauritius and ensuring that all core functions are managed locally.

The FSC also requires regular reporting and disclosure, ensuring that risk management practices are transparent and up to date. By prioritizing compliance and robust risk management, VASPs can protect both their clients and their business, while meeting the high standards set by the financial services commission FSC.