Establishing a VASP under the VAITOS Act in Mauritius in 2026
Mauritius continues to position itself as a leading International Financial Centre and an emerging hub for digital asset regulation in Africa and beyond. Since the introduction of the Virtual Asset and Initial Token Offering Services (VAITOS) Act in 2022, the jurisdiction has built a structured and internationally aligned regulatory framework for Virtual Asset Service Providers (VASPs).
In 2026, Mauritius remains one of the few African jurisdictions offering a dedicated, FATF-aligned licensing regime for virtual asset activities under the supervision of the Financial Services Commission (FSC).
This article outlines the key considerations for establishing a VASP under the VAITOS Act in 2026, including regulatory developments, licensing categories, capital requirements, and practical supervisory expectations.
In this article, the SALVUS Crypto Assets Licensing team outlines key insights on the benefits and requirements of obtaining a license under the VAITOS Act in Mauritius. The article is divided into the following sections:
1. Why establish a VASP in Mauritius?
2. What is the VAITOS Act?
3. License categories and capital requirements
4. How SALVUS can support your VASP application
1. Why establish a VASP in Mauritius?
Mauritius offers a strategic geographical location bridging Asia, Africa, Europe, and the Middle East, enabling global business operations within a favourable time zone.
Beyond geography, Mauritius provides:
- A stable political and legal system based on hybrid common and civil law traditions
- A sophisticated and well-capitalized banking sector
- A competitive corporate tax regime
- Access to a network of double taxation treaties
- A regulator (FSC) experienced in cross-border financial services supervision
Importantly, Mauritius maintains alignment with FATF Recommendation 15 regarding virtual assets and VASPs. In 2026, regulatory credibility and AML robustness remain critical factors for crypto businesses seeking banking relationships and global counterparties.
With increasing global regulatory convergence (notably the EU’s MiCA framework), Mauritius continues to attract businesses seeking a structured but commercially workable licensing environment outside the EU.
2. What is the VAITOS Act?
The VAITOS Act introduces a comprehensive regulatory framework tailored to the evolving fintech landscape in Mauritius. It establishes a strong foundation that ensures the regulation of virtual assets aligns with global standards, providing operators with clear guidelines for compliance and growth.
This legislation, along with the FSC-issued rules, addresses a broad range of critical areas, including:
- technical prerequisites,
- governance structures,
- risk management protocols,
- disclosure requirements for VASP, and
- the protection of clients’ rights engaging with VA.
Additionally, the FSC Mauritius has issued supplementary regulations under the VAITOS framework to enhance oversight. These include:
- Capital and Financial Requirements: Establishing the capital and liquidity requirements the VASP entities must maintain, based on the nature, scale, and complexity of their activities.
- Client Disclosure: Outlining the information that must be communicated to clients in a clear, fair, and non-misleading manner.
- Custody of Client Assets: Requiring VASP to implement adequate arrangements for safeguarding clients’ ownership rights and preventing the misuse of clients’ virtual assets for the VASP’s own account.
- Cybersecurity: Implementing appropriate systems and controls to manage cybersecurity and operational risks resulting from inadequacies or failures in the VASP’s processes and systems.
- Publication of Advertisements: Setting general requirements and standards for advertisements and disclosures to be disseminated to the public.
- Risk Management: Mandating effective strategies, processes, and systems for the ongoing assessment and maintenance of sufficient financial and non-financial resources, own funds, and unimpaired capital.
- Statutory Returns: Specifying the information that must be disclosed to the FSC Mauritius, along with requirements for approval of material changes and annual reporting obligations.
- Travel Rule: Outlining the information that must accompany domestic or cross-border wire transfers or virtual asset transactions sent or received by VASP and intermediary VASP entities. This information primarily pertains to the originator, the beneficiary, and transaction specifics.
Together, these measures ensure that the regulatory framework supports both innovation and market integrity, ensuring trust and stability in Mauritius’ fintech sector.
Contact us at info@salvusfunds.com if you are interested in obtaining a VASP license in Mauritius; our Crypto Assets Licensing team is ready to help you.
3. License categories and capital requirements
FSC Mauritius grants authorization for specific business activities based on the type of license issued. Applicants have the flexibility to apply for multiple license classes, depending on the scope of their operations. The table below provides an overview of the business activities allowed under each license category, along with the corresponding minimum initial capital requirements.
License category Business activities Capital requirements
Class M – Virtual Asset Broker Dealer Any virtual asset service provider that conducts one or both of the following:
• Exchange between virtual assets and fiat currencies,
• Exchange between one or more form of virtual assets.2,000,000 MUR or its equivalent in any other fiat currency.
Class O – Virtual Asset Wallet Services • Transfer of virtual assets. Sufficient working capital in fiat currency to continue business for a period of 12 months, based on realistic forecasts for the business in different market conditions, both negative and positive scenarios.
Class R – Virtual Asset Custodian • Safekeeping of virtual assets or instruments enabling control over virtual assets.
• Administration of virtual assets or instruments enabling control over virtual assets.5,000,000 MUR or its equivalent in any other fiat currency.
Class I – Virtual Asset Advisory Services • Participation in the provision of financial services related to an issuer’s offer and/or sale of virtual assets. Sufficient working capital to be capable of meeting debts as they fall due.
Class S – Virtual Asset Market Place • A Virtual Asset Exchange as a centralized or decentralized virtual platform, whether in Mauritius or in another jurisdiction which facilitates the exchange of VA or fiat currency or other VA on behalf of third parties for a fee, a commission, a spread or other benefit and which:
• holds custody, or controls VA, on behalf of its clients to facilitate an exchange, or
• purchases VA from a seller when transactions or bids and offers are matched in order to sell them to a buyer.6,500,000 MUR or its equivalent in any other fiat currency.
Issuers of Initial Token Offerings • Issuance of Initial Token Offerings Sufficient working capital to be capable of meeting debts as they fall due.
When a VASP chooses to apply for multiple licenses, it is obligated to fulfill the combined capital requirements for each license class. This entails proving the ability to meet the cumulative minimum capital thresholds set by the FSC Mauritius for all the license categories being pursued.
4. How SALVUS can support your VASP application
The SALVUS Crypto Assets Licensing team adopts a customized project management strategy, recognizing the distinct needs of each licensing project. By gaining a deep understanding of your business vision and goals, we offer a carefully tailored selection of license classes that align seamlessly with your business plan.
Leveraging our extensive experience with the FSC Mauritius, we streamline the process by gathering essential information and preparing detailed documentation to support a strong application. Additionally, we help clients optimize their financial resources by strategically integrating in-house capabilities, outsourcing arrangements, and partnerships with third-party providers.
Contact us at info@salvusfunds.com if you are interested in obtaining a VASP license in Mauritius; our Crypto Assets Licensing team is ready to help you.
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The information provided in this article is for general information purposes only. You should always seek professional advice suitable to your needs.