Mauritius VASP Crypto License

Structure Requirements

Applicants for a VASP licence in Mauritius are required to establish a defined local governance and compliance structure. This includes the appointment of at least two Mauritius-resident directors, ensuring that the company has sufficient local oversight and management presence.

In addition, the applicant must designate key compliance roles, including a Money Laundering Reporting Officer (MLRO), a Deputy MLRO (DMLRO), and a Compliance Officer. These roles form part of the regulatory framework designed to support ongoing compliance and internal controls.

The company must also maintain a registered office address in Mauritius and be directed and managed from within the jurisdiction. This means that core management functions, oversight, and operational decision-making are expected to be exercised locally, rather than being conducted entirely from abroad.

Application Requirements

The application for a VASP licence in Mauritius is subject to specific regulatory and eligibility conditions. Before an application can be submitted, written approval must first be obtained from the relevant regulator, including the Bank of Mauritius, after which the application specifying the relevant class or sub-category of licence is submitted to the Financial Services Commission.

Certain VASP licence classes, including class “M”, class “O”, and class “S”, may only be issued to subsidiaries of a bank or a National Payment System licensee, rather than to the bank or licensee itself. The applicant must be a duly registered company carrying on business activities in or from Mauritius, be directed and managed from Mauritius, and maintain a physical office within the jurisdiction.

In addition, each controller, beneficial owner, associate, and officer must satisfy the fit-and-proper criteria of the Financial Services Commission. In assessing whether an applicant is effectively directed and managed from Mauritius, the regulator may consider factors such as the location of strategic, risk management, and operational decision-making, the location of executive management and board meetings, and the place of residence of key officers, employees, or directors.

Tax Rate

Virtual Asset Service Providers in Mauritius are subject to a flat corporate income tax rate of 15% on taxable income. This rate applies to licensed entities operating under the VASP framework.

In addition, the Finance Act 2025 introduced a Fair Share Contribution (FSC) of 2% on chargeable income for companies with a turnover exceeding MUR 50 million. This contribution applies alongside other recent tax measures and forms part of the current corporate tax environment in Mauritius.

Minimum Share Capital

The minimum capital requirement for a VASP licence in Mauritius ranges between MUR 2,000,000 and MUR 5,000,000, depending on the nature of the licensed activities. The applicable capital level is determined based on the specific scope and risk profile of the business.

This capital requirement forms part of the licensing assessment process and is intended to ensure that licensed entities have adequate financial resources to support their operations and regulatory obligations.