Crypto License in Mauritius
Get to business with the Mauritius VASP license. Fast licensing process and ability to open a bank account.
- Reputable jurisdiction and regulatory authority
- Licensing process takes just 30 days
- Standard compliance requirements (AML-KYC)
- Synergy with other Mauritius FSC licenses
Legal experts in designing solutions for crypto licensing worldwide.
Corporate finance specialist and expert about FinTech regulations worldwide.
Crypto regulation/legislation in Mauritius – Pricing & Process
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.
It stands reminding that the FSC and Mauritius have been focusing on international compliance and scrapping its former image of a tax haven. Therefore, despite advantageous taxation, the Mauritius crypto license is a hybrid of offshore and onshore regulatory framework for virtual assets.
Introducing the Mauritius VASP Licenses
The Virtual Asset and Initial Token Offering Services Act of 2021 is the backbone of the cryptocurrency regulation in Mauritius pertaining to businesses. It is completed by a set of guidelines and especially by the FSC Rules (as stated in Article 52 of the Act). The Mauritius Financial Services Commission has the right and authority to directly manage a subset of rules pertaining to the licensing and regulation of virtual asset services in Mauritius.
Mauritius Crypto License: Process and Duration
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).
Types of crypto licenses in Mauritius
Types and scope of crypto licenses in Mauritius
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.
Similarly, stablecoins are not regulated by the Mauritius crypto regulation (as stated explicitly in Article 3(2)b of the Act).
| Activities | Minimum capital | Processing fee | Annual fee | |
|---|---|---|---|---|
| M - Virtual Asset Broker Dealer | Exchange between virtual assets and fiat currencies & crypto-crypto exchange | 2M Mauritian Rupees or equivalent (about 41,000 EUR) | 1,000 USD | 2,000 USD |
| O - Virtual Asset Wallet Services | Transfer of virtual assets | 12 months worth of forecasted working capital | 1,000 USD | 1,900 USD |
| R - Virtual Asset Custodian | Safekeeping & administration of virtual assets | 5M Rupees or equivalent (about 103,000 EUR) | 1,500 USD | 2,500 USD |
| I - Virtual Asset Advisory Services | Participation in and provision of financial services related to an issuer’s offer and/or sale of virtual assets | Sufficient working capital for solvency | 3,000 USD | 5,000 USD |
| S - Virtual Asset Market Place | Virtual asset exchange | 6,5M Rupees or equivalent (about 133,500 EUR) | 3,000 USD | 5,000 USD |
| Issuers of ITO | Initial Token Offerings | Sufficient working capital for solvency | 2,000 USD | / |
Inquire about getting a crypto license in Mauritius
Currently, LegalBison only offers tailored legal services in regards to the VASP licenses in Mauritius. Please leave a request specifying your interest for the Mauritius crypto license with a detailed explanation of the project (note: we can sign a NDA in the early stages of the conversation). Our consulting team will address your inquiry individually.
Stories of success achieved with LegalBison's assistance
LegalBison helped us navigate a space that’s often uncertain and complex, which gave us the confidence to move forward with our project.
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As a result of the fruitful cooperation with LegalBison, Yellow Card obtained a VASP registration, fast and without any legal complications.
Best company for Crypto Licenses! Kudos to the team for making the incorporation of our company really smooth
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Virtual Asset and Initial Token Offering Services Licenses in Mauritius
The Mauritius Financial Services Commission (FSC) overlooks the crypto companies registered and licensed in this exotic African state.
5 different types of licenses pertaining to virtual assets, including 1 specific to ITOs, are granted by the FSC.
- Crypto Law and Regulation
- Licensing process
- Requirements
- Company registration
- Taxation
- Obligations
Cryptocurrency regulation in Mauritius
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
Registry of Crypto Licensed Companies in Mauritius
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.
Licensing process for crypto companies in Mauritius
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.
Governmental Statements on Crypto in Mauritius
If one wonders what is the government's position on cryptocurrency, one should acknowledge that the virtual asset and ITO act has been signed by the President of Mauritius himself.
Requirements for companies engaged in crypto activities in Mauritius
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.
LegalBison can assist you with all of these elements as part of our services.
Company set-up in Mauritius to prepare for crypto license application
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.
Taxation for cryptocurrency companies in Mauritius
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.
Obligations for crypto companies in Mauritius
Common obligations applies: monitoring and reporting in virtue of the AML-CFT and KYC regulations (based on the FATF Recommendations). The crypto companies in Mauritius are also due to an annual renewal fee of the license (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
Sanctions resulting from infringing the Virtual Asset and ITO Act in Mauritius is described within the law, for every type of possible breach.
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
Reach out now for a free consultation
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Alternatives to a crypto license in Mauritius
Our team has curated the following jurisdictions as being worthy alternatives to a crypto licensed company in Mauritius.
Crypto License in El Salvador
on request-
Bitcoin is legal tender
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Pro-crypto regulations
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High reputation
Crypto License in Georgia
on request-
Fast crypto licensing
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Simple framework
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Free Zone advantages
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Fastest licensing process
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Lowest price in 2024
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Available ready-made companies
Crypto License in Anjouan
on request-
Very fast licensing process
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Low requirements
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Recognized by banking institutions
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Fastest crypto license in Asia
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Free Zone setup with no taxes
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Very simple requirements
Crypto License in Panama
from 1.700 USD-
Cheap crypto license
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Quick set-up
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Low requirements
About the Crypto License in Mauritius
The Mauritius VASP license’s regulatory structure is such that one cannot give an honest one-size-fits-all price. The requirements are set in a way that, depending on the exact activity, different licenses, corporate structure, legal documents will be necessary and different course of actions will be taken. This is why we encourage you to address an inquiry detailing your project details, to benefit from a consultation whose goal is to provide you with an offer that suits your activity and budget.
Though the licensing process is due to last a maximum of 30 days, the complete preparation of the corporate structure and legal requirements can take significantly more time, depending on the applicant and its forecasted activities. A realistic timeframe would then go from 4 to 5 months.
The minimum share capital to apply for a VASP license in Mauritius depends on the activities to be regulated. A table summarizing the capital requirements set by the FSC can be found on top of this page.
Yes, the Mauritius FSC expects crypto companies to conduct their business activity and management from the soil of Mauritius. A physical office is required and key personnel such as the compliance officer and the senior executive (for representation) must also be approved by the FSC.
Mauritius VASP companies are subject to the same corporate income tax rate as other domestic companies: 15%.
Start your crypto company in Mauritius today
Request more information about the crypto license in Mauritius. Our consultants will provide you with full guidance on how to get the Mauritius VASP License and provide you with a full overview of the cost and process. Send a request now and receive an answer within the next 24 business hours.
Legal experts in designing solutions for crypto licensing worldwide.
Corporate finance specialist and expert about FinTech regulations worldwide.