Virtual Asset Service Provider (VASP) Licence
Mauritius has positioned itself as a forward-thinking jurisdiction for digital asset regulation, with the introduction of the Virtual Asset and Initial Token Offering Services Act (VAITOS Act). This framework provides the regulatory clarity required for service providers operating in the virtual asset space, while aligning Mauritius with international standards.
At AAcapital, we assist clients in obtaining and maintaining their VASP licences, providing the structure, support, and regulatory expertise needed to launch and operate in this highly regulated environment.
Our Products
What is a Virtual Asset?
A virtual asset refers to a digital representation of value that can be transferred, stored, or used for payment and investment purposes. This includes, but is not limited to, cryptocurrencies and other digital tokens. The definition excludes digital representations of fiat currencies, securities, and other financial assets already covered under other financial legislation.
Who Needs a VASP Licence?
Entities operating from Mauritius and offering virtual asset services must be licensed under the VAITOS Act. This includes those providing services such as digital asset exchanges, wallet custody, or advisory in relation to virtual assets.
Applicants must be managed and controlled from Mauritius and must demonstrate operational substance, a physical presence, and compliance with the Financial Services Commission’s (FSC) requirements.
Classes of VASP Licence
The FSC currently offers five distinct classes of licences under the VASP framework, each corresponding to specific virtual asset services:
- Class M – Virtual Asset Broker Dealer
Engaged in the exchange between virtual assets and fiat currencies or between one or more forms of virtual assets. - Class O – Virtual Asset Wallet Services
Providing safekeeping or administration of virtual assets or instruments that allow control over them. - Class R – Virtual Asset Custodian
Acting as custodian for virtual assets on behalf of clients. - Class I – Virtual Asset Advisory Services
Providing advice on virtual assets. - Class S – Virtual Asset Exchange
Operating a platform that facilitates the trading of virtual assets.
Applicants may hold more than one class of licence, subject to approval by the FSC and fulfilment of the specific obligations related to each licence.
Substance and Compliance
A VASP must:
- Be a company incorporated in Mauritius
- Be managed and controlled from Mauritius
- Have physical premises locally
- Appoint a Compliance Officer, MLRO, and Deputy MLRO
- Maintain robust systems and controls for Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) compliance
- Demonstrate that shareholders, directors, and key functionaries are fit and proper
Additional ongoing obligations include transaction monitoring, recordkeeping, internal audit, and risk assessment aligned with the VAITOS Act.
Our Role
At AAcapital, we provide end-to-end support for VASP licensing—from advisory to application and post-licence compliance. We assist with:
- Evaluating licence class applicability
- Structuring the entity to meet FSC substance requirements
- Drafting business plans, compliance manuals, and internal controls
- Preparing and submitting licence applications
- Ongoing support for regulatory reporting and governance obligations
- Provision of Compliance Officer, MLRO, and DMLRO where required
If you're looking to establish a virtual asset business in Mauritius, AAcapital offers the technical depth, regulatory insight, and operational experience to get you licensed and operational—compliantly and efficiently.
