Virtual Asset & Initial Token Offering Services · FSC Mauritius
Mauritius Virtual Asset Service Provider Licences
Mauritius regulates virtual asset service providers under the Virtual Asset and Initial Token Offering Services framework. The licence class depends on what the business actually does: broker-dealer activity, wallet transfer services, custody, advisory or operation of a virtual-asset marketplace.
Licence classes at a glance
Class M: Virtual Asset Broker-Dealer
Minimum capital: MUR 2,000,000.
Class O: Virtual Asset Wallet Services
Sufficient fiat working capital to continue business for 12 months, based on realistic forecasts.
Class R: Virtual Asset Custodian
Minimum capital: MUR 5,000,000.
Class I: Virtual Asset Advisory Services
Sufficient working capital to meet debts as they fall due.
Class S: Virtual Asset Market Place
Minimum capital: MUR 6,500,000.
Regulator: Financial Services Commission, Mauritius (FSC).
Virtual-asset transaction flow
What the regulator traces end to end.
What a VAITOS application needs to explain
The application is more than a policy pack.
For a virtual-asset business, the regulator needs to understand the technology and asset flows as clearly as the legal structure. Ylexium works from the operating model outward: products, assets, wallets, counterparties, custody, transaction monitoring, technology, governance and compliance.
- Exact virtual-asset services, target clients, jurisdictions and distribution model.
- Virtual assets / stablecoins and blockchain networks expected at launch, with a governance process for additions.
- End-to-end fiat and virtual-asset flows, including banks, payment providers, exchanges, liquidity providers and custodians.
- Wallet architecture, custody model, private-key / MPC arrangements and client-asset segregation, where applicable.
- Transaction monitoring, blockchain analytics, Travel Rule controls, sanctions screening and source-of-funds / wealth methodology.
- Cybersecurity, incident response, outsourcing, risk management, business continuity and client disclosures.
How Ylexium advises
- Class selection and regulatory-perimeter analysis.
- Business plan, asset / blockchain scope and end-to-end flow mapping.
- Custody / wallet / vendor / exchange architecture review.
- AML/CFT, blockchain-monitoring, sanctions and Travel Rule framework.
- Governance, cyber / risk / BCP policy architecture.
- FSC application and query management.
Assess My Virtual Asset Model
Describe the intended virtual-asset activity and Ylexium will identify the correct VAITOS class and application scope.