Crypto License in Mauritius 2025

Mauritius is gradually strengthening its status as one of the most favourable destinations for doing business with virtual assets in Africa and beyond. The adoption of the Virtual Asset and Initial Token Offering Services Act 2021 has enabled the country to create a transparent and predictable legal environment for cryptocurrency companies. This act regulates the activities of Virtual Asset Service Providers (VASPs), including licensing, capital requirements, corporate governance, internal control and anti-money laundering procedures.

According to the law, only companies that are registered in accordance with Mauritian law and have a physical office in the country can apply for a cryptocurrency licence. This approach ensures the applicant’s local accountability and enables financial regulators to exercise control. Companies must implement robust risk management procedures and comply with international Financial Action Task Force (FATF) standards, which gives the Mauritian licence respectability in the context of international digital asset transactions.

The legislative system provides for several classes of licence, each covering a specific range of services. Class M covers brokerage and market maker services, including exchanges between cryptocurrencies and fiat currencies. Class O regulates the activities of wallet providers and companies that provide storage for virtual assets. Class R applies to custodians who provide secure storage services for client assets. Classes I and S are intended for companies that provide consultancy services and manage trading platforms for virtual assets.
Financial requirements depend on the licence category. The minimum authorised capital is $46,500 for brokers and market makers, $120,000 for wallet providers, and $155,000 for custodians. Companies obtaining licences for advisory services or marketplace management must have sufficient capital to cover their liabilities and demonstrate financial stability for at least twelve months. Government fees for processing applications and annual licence renewals range from US$1,000 to US$5,000 depending on the class.

In addition, Mauritian law regulates the issuance and placement of tokens (Initial Token Offerings). Issuers must prepare a detailed white paper including information about management, project objectives, token characteristics and how the funds raised will be distributed. This document must be published on the issuer’s website and remain available throughout the offering period and for at least 15 days after its completion.

Particular attention is paid to the regulation of NFTs. If an NFT is a digital object that is not an investment, it is not subject to regulation. However, NFTs that have the characteristics of a financial instrument or collective investment scheme are considered securities and require licensing or registration.

Mauritius offers foreign entrepreneurs significant advantages, including flexible tax regulations, a reputation as an international financial centre, a predictable legal regime and access to banking infrastructure that is open to working with companies in the blockchain technology sector. Nevertheless, the licensing process requires the accurate preparation of documents, financial justification, internal risk management policies and compliance with all legal provisions.

The Regulated United Europe team provides comprehensive legal and administrative support for obtaining a cryptocurrency licence in Mauritius. We can assist with preparing corporate documents, registering the company, developing internal AML/CTF procedures, creating a financial model and preparing an application for submission to the regulatory authority. We can also accompany the client at all stages of the licensing process. Our specialists have practical experience of interacting with local financial supervisory authorities and can ensure compliance with all the requirements of the Virtual Assets and Initial Token Offering Services Act 2021.

By cooperating with Regulated United Europe, clients can obtain a licence to operate with cryptocurrencies in a jurisdiction recognised as one of the most stable and innovative in Africa. This minimises the risk of application rejection and significantly speeds up the approval process. We take a bespoke approach, analysing the applicant’s business model and adapting it to the regulator’s requirements. We also ensure the practical implementation of all procedures necessary for successful licensing and long-term operation in the virtual asset market.
Virtual Asset Market Place (Class S) licence in Mauritius: key requirements and application procedure

Cryptocurrency activities in Mauritius are regulated under the Virtual Assets and Initial Token Offering Services Act, which established the legal framework for licensing virtual asset service providers. One of the most comprehensive licences is Class S, intended for operators of virtual marketplaces. The Class S licensing criteria have been approved by the Mauritius Financial Services Commission and are set out in document VA-1.5, which outlines the application process, document requirements, internal systems, and personnel.

The licence application must be completed in accordance with the law and accompanied by all the required materials. The regulator has the right to request additional information or reject the application if the data provided is incomplete. If the applicant does not respond to the FSC’s request within two months, the process may be terminated and a new application will need to be submitted.

A state fee of $3,500 is payable upon submission of documents for consideration, and the annual licence fee is $7,500. The application must be accompanied by authorisation and written consent forms from all promoters and controlling persons.

The applicant company must submit a completed application form that has been signed and dated in the prescribed manner. Legal documents confirming the company’s registration in Mauritius, its articles of association, powers of attorney, and consents from individuals involved in managing the business must also be provided. The package must also include a detailed business plan describing the founders and affiliated structures, justifying the choice of licence class and specifying the types of virtual assets and trading pairs. The plan should also describe financial flows, organisational structure, human resources strategy and customer profile. The business plan must also contain three-year forecasts and information on financing, as well as financial statements for previous periods if available.

The applicant must confirm the integrity of the shareholders, beneficiaries and management. Individuals must provide CVs, questionnaires, identity documents and proof of address. For legal entities, registration documents, financial statements, licence details and information about controlling persons must be provided. If trusts, partnerships or societies are involved in the structure, additional documents reflecting their specific legal forms must be submitted.

The management structure must include at least three directors, one of whom must be a Mauritian resident, and at least 30% of the board must be independent. The company must provide a three-year staffing plan demonstrating that it has sufficient personnel for the scale of its operations. Officers responsible for compliance with legislation must be appointed, including a Compliance Officer, MLRO and Deputy MLRO. All of these individuals must have qualifications and experience that meet the FSC’s requirements. In addition, a corporate secretary with professional competence must be appointed.

The application must specify the banks with which the company intends to cooperate, and describe the measures taken to ensure the confidentiality and security of customer data. Draft internal regulations must be submitted, including those relating to internal controls, risk management, and policies to combat money laundering and terrorist financing. These documents must demonstrate the company’s ability to ensure transparency, internal oversight, and effective management.

The applicant must describe the customer acceptance process, data verification procedures, complaint handling procedures, response times and responsibility allocation systems. In the technology area, a description of the IT infrastructure must be provided, including platform architecture, security policy, backup systems, disaster recovery plans and business continuity measures. If some technological functions are performed by third parties, copies of the relevant agreements must be submitted, along with evidence of due diligence with regard to contractors.

The regulator requires outsourcing agreements to be provided, as well as a description of the mechanisms for controlling contractors. Documents confirming the existence of professional liability insurance must also be provided, as well as agreements with counterparties, the company’s balance sheet and confirmation of the right to use the registered office address.
Trading platforms must disclose their structure, the rules for admitting assets to trading, and the clearing and settlement mechanisms, listing and delisting procedures, and systems for protecting client funds. Particular attention is paid to the description of measures to prevent market manipulation, unauthorised transactions, and violations of trading discipline. Companies must also define the procedure for charging commissions and penalties for violations, as well as the mechanism for transferring assets between clients.

If the company’s activities extend beyond Mauritius, the applicant must also confirm its readiness to obtain permits and integrate in other jurisdictions. Each application is evaluated individually, and the regulator reserves the right to request additional data or conduct interviews with senior management.

The VA-1.5 criteria reflect a comprehensive approach to regulating cryptocurrency platforms, focusing on ensuring sustainability, transparency, and investor confidence. Obtaining a Class S licence requires thorough preparation and a deep understanding of local legislation.

VASPs in Mauritius

The country has modern regulations in this area, based on the Virtual Asset and Initial Token Offering Services Act 2021. This law has created a clear legal framework for companies engaged in transactions involving cryptocurrencies, tokens, and other digital assets. It has also established licensing and supervisory requirements. The Financial Services Commission (FSC) of Mauritius is responsible for licensing and supervision.

A VASP licence is mandatory for all companies providing cryptocurrency-related services within or outside Mauritius if the activity is directed at customers in this jurisdiction. Such services include exchange between cryptocurrencies and fiat currencies, storage and management of customer assets, brokerage and intermediary services, investment transactions with digital assets, and marketplace activities and initial token offerings.

Only a legal entity registered in Mauritius can apply for a licence. To obtain a licence, a company must demonstrate that it has a physical presence in the country, including a physical office, local directors, management functions and a system for handling customer complaints within the jurisdiction. This approach ensures that licensed companies actually operate in Mauritius and do not merely use it as a registration address.

The licence application is submitted to the FSC and accompanied by a complete set of documents. These include the company’s constitutional documents and information on its ownership structure, beneficiaries and controlling persons, as well as evidence of their integrity, professional qualifications and work experience. Key individuals within the company, including directors and shareholders, undergo a fit and proper test.

The application must also include a detailed business plan with a description of the types of services and categories of virtual assets offered, the target markets, the sources of income, cash flow forecasts, and a risk assessment. The company’s internal structure must also be described, as must the functions of the board of directors and the distribution of roles and responsibilities of key employees.

Each application must also be accompanied by a set of internal policies and procedures that govern the company’s operations and are in accordance with legal requirements. In particular, policies on anti-money laundering and counter-terrorist financing (AML/CFT), internal control, customer identification procedures (KYC), transaction monitoring, reporting and complaint management must be developed and approved. Responsible persons must be appointed, including a Compliance Officer, an MLRO and, if necessary, a Deputy MLRO. These individuals must possess qualifications and experience that meet international standards and FSC requirements.

Particular attention is paid to technical and information infrastructure. The company must describe the technology platform used, the data security system, information protection measures, cyber resilience measures, and backup and disaster recovery procedures. When engaging external service providers, contracts must be submitted, along with confirmation of the reliability assessment of counterparties and internal control measures.

A key requirement is sufficient authorised capital, which must be fully paid up before the application is submitted. The minimum capital required depends on the licence class. For brokers, this is approximately fifty thousand US dollars; for wallet providers, approximately one hundred and twenty thousand dollars; for custodians, approximately one hundred and fifty thousand dollars; and for advisory and investment service providers, between fifty and two hundred thousand dollars. This capital must be held in the company’s bank account to cover operating expenses and ensure liquidity.

Government fees also depend on the licence category. A processing fee is paid when submitting an application, and a fixed annual licence fee is paid after receiving the licence. On average, this ranges from one to five thousand US dollars, depending on the type of licence. For example, brokers pay a one thousand dollar application fee and an annual fee of two thousand dollars; wallet providers pay one thousand and one thousand nine hundred dollars, respectively; custodians pay one and a half thousand and two and a half thousand dollars, respectively; and marketplaces and advisory providers pay three and five thousand dollars, respectively.

In addition to these mandatory payments, the company must also consider the costs of organising the necessary infrastructure and meeting substance requirements. These include office maintenance, the remuneration of the resident director, corporate secretary and compliance officer, and the cost of accounting and auditing services, as well as the development and implementation of AML/CFT policies and professional liability insurance.

Depending on the complexity of the structure, the quality of the documents, and the efficiency of communication with the regulator, the licensing process takes six to nine months. During this time, the FSC will conduct a comprehensive assessment of the applicant, checking the business model, staff qualifications and compliance with legal requirements. They may also request additional documents or clarifications. Upon successful completion of the review, the licence is issued for a period of one year, renewable annually provided all regulatory requirements are met.

Obtaining a VASP licence in Mauritius requires careful preparation and a systematic approach. Companies seeking to operate in the digital asset space must demonstrate reliability and transparency in their corporate governance, as well as the availability of qualified specialists, technical security and financial stability.

The legal team at Regulated United Europe provides full support throughout the VASP licence application process in Mauritius. We prepare the founding documents, business plan and internal policies; select responsible persons; and ensure interaction with the FSC at all stages until the licence is obtained. This approach enables our clients to access the regulated crypto services market in one of the most reputable and stable African jurisdictions while complying with all legal requirements and ensuring long-term legal protection for their business.