Mauritius Crypto Licence.
The FSC virtual asset regime under the VAITOS Act 2021 — five licence classes, published capital thresholds, and an 80% partial exemption that takes VASP income to roughly 3%. Sovera has licensed more than ten virtual asset service providers in Mauritius, filing through our licensed management company in Port Louis.
Mauritius crypto licence at a glance.
The five classes, what each costs, what capital each demands, and what the FSC will actually test.
Every class, with the real numbers.
Most providers publish ranges — “processing USD 1,000 to 3,000, annual USD 1,900 to 5,000”. Those ranges are correct and useless, because you pay one figure, not a range. Here is the per-class schedule from Government Notice No. 119 of 2026, alongside the capital the FSC will expect.
| Class | Activity | Minimum capital | Processing | Annual | Typical applicant |
|---|---|---|---|---|---|
| Class M | Broker-dealer | MUR 2,000,000 | USD 1,000 | USD 2,000 | OTC desks, brokers, crypto-fiat dealing |
| Class O | Wallet services | 12 months’ operating costs | USD 1,000 | USD 1,900 | Custodial wallet and transfer providers |
| Class R | Custodian | MUR 5,000,000 + 3 months prudential | USD 1,500 | USD 2,500 | Safekeeping and key management |
| Class I | Advisory | Working capital to meet debts | USD 3,000 | USD 5,000 | Advisers to issuers and investors |
| Class S | Marketplace | MUR 6,500,000 + 3 months prudential | USD 3,000 | USD 5,000 | Centralised and decentralised exchanges |
| ITO issuer | Initial token offering | Risk and model dependent | USD 2,000 | None | Token launches from Mauritius |
FSC fees are stated at cost from the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2026, Government Notice No. 119 of 2026, in operation from 1 July 2026, and are the same for every provider in Mauritius. MUR equivalents are set out in the same instrument: Class M MUR 45,000 / 90,000; Class O MUR 45,000 / 85,000; Class R MUR 70,000 / 110,000; Class I and Class S MUR 135,000 / 220,000; ITO issuer MUR 90,000. Capital thresholds are minimums, not ceilings — the FSC sets the requirement against your business model, transaction volumes and risk profile, and routinely requires more than the floor where the model warrants it.
Which class does your model actually need?
The Mauritius FSC determines your class by what you do with client assets and client orders, not by what you call the product. Getting it wrong means refiling, and refiling means starting the review cycle again.
You match third-party orders →
Class S, Virtual Asset Marketplace. If you operate a venue where third parties exchange virtual assets for fiat or for other virtual assets — centralised or decentralised — this is the licence. MUR 6,500,000 plus three months’ prudential capital. If you also hold client assets or run the order book as principal, you will usually need Class M alongside it, and the capital requirements are cumulative.
You deal as principal or agent →
Class M, Virtual Asset Broker-Dealer. Exchanging fiat for virtual assets or one virtual asset for another, dealing, broking, quoting prices, negotiated block trades and bilateral settlement. The most common single class and the lowest capital floor at MUR 2,000,000. If you are an OTC desk or a market maker rather than a venue, this is your starting point.
You hold client keys →
Class R, Virtual Asset Custodian. Safekeeping and administration of virtual assets, including private key control on behalf of clients. MUR 5,000,000 plus three months’ prudential capital, and the heaviest governance expectations of the five — wallet architecture, key ceremony, segregation and insurance all get tested. If your smart contracts take control of deposited tokens, assume you are in custody until advised otherwise.
You move assets for clients →
Class O, Virtual Asset Wallet Services. Transfer of virtual assets on behalf of clients, including custodial wallet provision. Capital is set by reference to twelve months of projected operating costs rather than a fixed sum, which means your own financial model becomes the threshold — and a thin model produces a thin licence condition.
You advise on issuance or investment →
Class I, Virtual Asset Advisory Services. Advising issuers or investors on the issuance, offering or sale of virtual assets. Capital is working capital sufficient to meet debts as they fall due, but the fee is at the top of the scale at USD 3,000 and 5,000 — a reminder that the FSC prices by supervisory burden, not by balance sheet.
You are issuing a token →
ITO issuer registration. A separate route under the VAITOS Act for initial token offerings, with a USD 2,000 processing fee and no recurring annual fee. Registration is not a VASP licence and does not permit exchange, custody or wallet activity — if the project also operates a venue or holds client assets, it needs the corresponding class as well.
A worked example. A platform that lets users deposit crypto, routes deposits through smart contracts for yield, and provides a dashboard to manage trades is doing two regulated things: facilitating the trade and controlling client assets. That is Class S and Class M, with a combined capital requirement around MUR 8.5 million. Structuring it as one licence to save capital is the single most common reason a VAITOS application is sent back.
Mauritius Crypto Licence Cost: Full Breakdown (2026)
How much does a Mauritius crypto licence cost?
| Component | Payable to | Cost |
|---|---|---|
| Global Business Company — the licensed entity itself | Sovera Global | From $3,500 all-in |
| FSC processing fee, by class | FSC | USD 1,000–3,000 at cost |
| FSC annual licence fee, by class | FSC | USD 1,900–5,000 at cost |
| Minimum unimpaired capital — held, not spent | Company balance sheet | MUR 2m–6.5m by class |
| Physical office in Mauritius | Landlord / serviced provider | Market rate |
| Resident directors, Compliance Officer and MLRO | Management company | Quoted on engagement |
| AML/CFT framework, IT and cyber policies, business continuity plan | Sovera Global | Quoted on engagement |
| Licensing engagement — preparation, filing and FSC correspondence | Sovera Global | Quoted per engagement |
Why the licensing engagement is quoted rather than listed
A Class I advisory application and a Class S marketplace application are not the same job. The marketplace file carries wallet architecture, order-book governance, client asset segregation, market abuse controls and an IT security review that the advisory file does not. Publishing one number for both would be marketing rather than pricing. We scope it against the class, the model and the volume, and put it in writing before anything is filed.
The capital is not a fee
Minimum unimpaired capital is held on the company’s balance sheet as evidence of financial soundness. It is not paid to the FSC and it is not consumed by the application. What it does do is sit there, so a Class S applicant needs MUR 6.5 million of genuinely available capital plus three months’ prudential cover, and must be able to evidence its source. Applications fail on source-of-funds evidence more often than on the amount.
Government fees are pro-rated in the first year
Under Part III of the First Schedule to the 2026 Rules, the first annual fee is charged for the quarter in which the licence is granted rather than for a full year. That applies across the FSC’s licence categories, so the timing of grant — which you partly control through when you file — affects the first-year cost.
A real regime, at roughly 3%.
Mauritius is not the cheapest crypto licence and does not pretend to be. It is one of the few that is genuinely FATF-aligned, sits on a credible corporate platform, and still delivers a low effective tax rate. These are the reasons operators choose it.
VASP income qualifies for the 80% exemption
This is the point most crypto-licence comparisons miss. A licensed VASP engaged in exchange, transfer, safekeeping and administration of virtual assets is eligible for the 80% partial exemption on income derived from those activities, taking the effective corporate rate to roughly 3%. No capital gains tax and no withholding on outbound dividends. Conditional, as always, on the CIGA substance test.
FATF-aligned, not light-touch
Mauritius was among the first jurisdictions in Eastern and Southern Africa to implement a dedicated, FATF-aligned virtual asset framework, rather than bolting crypto onto a generic AML registration. It left the FATF list of jurisdictions under increased monitoring in October 2021. For counterparties, correspondent banks and institutional clients running diligence on your licence, that distinction is the whole conversation.
A corporate platform underneath
The licensed entity is a Global Business Company, which means the licence sits on a vehicle that banks, funds and holding structures already use. You can put a holding company above it, a fund alongside it, and a treaty position behind it. Very few crypto jurisdictions offer that on the same platform.
Five classes, so the licence matches the product
Broker-dealer, wallet, custodian, advisory and marketplace are licensed separately. That looks like complexity and is actually an advantage: you are supervised for what you do rather than forced into a single catch-all authorisation, and the capital requirement scales with the risk you actually carry rather than with the largest activity in the category.
Banking that recognises the licence
A licensed Mauritius VASP is a regulated entity in a jurisdiction with an established banking sector and correspondent reach into Africa, India and Europe. That is a materially different conversation from onboarding an unregulated offshore company. It is still not automatic — see the honest note in the banking section below.
What it will not do for you →
A Mauritius VASP licence gives you no EU market access — that requires a MiCA CASP authorisation. It does not guarantee a bank account. It does not confer treaty benefit without a Tax Residence Certificate. And it will not be granted to a company that is run from somewhere else. If any of those is the actual requirement, we will point you at the right jurisdiction instead.
Ten-plus Mauritius VASPs,
filed and licensed.
Government fees at cost, a written scope before anything is filed, and a class recommendation based on what your product actually does.
Requirements and substance
The FSC does not assess a form. It assesses whether the business will genuinely be directed and managed from Mauritius, whether the people behind it are fit and proper, and whether the control environment is real. These are the three files it opens.
Corporate & mind and management
- A Mauritian company — in practice a Global Business Company licensed under section 72 of the Financial Services Act 2007. An Authorised Company cannot hold a VASP licence: it is managed and controlled outside Mauritius by definition, and a VASP must be directed and managed from within.
- A physical office in Mauritius. Not a registered address. The FSC examines where strategy and executive decisions are actually made.
- Resident directors and board meetings held on the island, with officers’ residency taken into account.
- Appointed Compliance Officer and MLRO, with a deputy MLRO, resident and reachable.
- Bank of Mauritius approval first where the applicant is a bank or a National Payment Systems Act licensee applying for Class M, O or S.
100% foreign ownership is permitted. What is not permitted is a Mauritius licence over a business run entirely from elsewhere — that is the single most common reason an application is refused rather than merely delayed.
Fit and proper, and capital
- Controllers, beneficial owners, associates and officers must satisfy the FSC fit-and-proper criteria on integrity, competence and financial soundness.
- Minimum unimpaired capital by class, evidenced and available — with documented source of funds.
- Three months’ prudential capital in addition, for Class R and Class S.
- A detailed business plan with the model, markets, volumes and flow of funds. The FSC reads it; a generic plan is a delay.
- Adequate financial resources on an ongoing basis, not only at grant, with quarterly financial statements filed.
Capital thresholds are floors set against a standard risk profile. The FSC ties the requirement to your model and forecast, and will require more where volumes, custody exposure or client numbers warrant it.
Controls the regulator opens first
- AML/CFT framework on a risk-based approach under FIAMLA 2002 and the 2018 Regulations, aligned to the FSC AML/CFT Handbook.
- CDD and enhanced due diligence, transaction monitoring, suspicious transaction reporting and sanctions screening.
- FATF Travel Rule controls for originator and beneficiary information on virtual asset transfers.
- Client asset protection — segregation, wallet governance, key management and reconciliation.
- IT security, cyber and business continuity documentation, plus incident response.
- Client disclosure — clear written information about services and applicable regulation before any transaction.
These are drafted for the model, not templated. A custody applicant that files a broker-dealer AML manual has told the FSC something about itself, and the review cycle lengthens accordingly.
Ten-plus Mauritius VASPs, licensed.
Most firms writing about the VAITOS Act have not filed under it.
| What we do on a VASP mandate | Handled by |
|---|---|
| Class determination against the actual product, before incorporation | Sovera, in writing |
| Global Business Company incorporation and FSC licensing | Licensed management company, Port Louis |
| Fit-and-proper files for controllers, beneficial owners and officers | Sovera compliance desk |
| Business plan, financial model and capital evidence | Sovera, with your finance team |
| AML/CFT framework, Travel Rule controls, IT and cyber policies | Sovera compliance desk |
| Compliance Officer, MLRO and deputy MLRO appointments | Management company, Port Louis |
| FSC correspondence and requests for information through to grant | Sovera, locally in Port Louis |
| Post-licence: quarterly filings, annual fees, ongoing supervision | Sovera, continuing engagement |
Sovera Global L.L.C-FZ is licensed in the Meydan Free Zone, Dubai under Commercial Licence 2531729 and supervised as a designated non-financial business and profession by the UAE Ministry of Economy. Mauritius applications are filed through an FSC-licensed management company in Port Louis, which is the only lawful route by which a Global Business Company may be administered. Client identities are confidential and are not published.
Why a licensed VASP pays roughly 3%
This is the part that separates Mauritius from the zero-tax offshore alternatives, and from the higher-tax onshore ones. It is also conditional, and the condition is the same one that governs every Mauritius structure.
A Global Business Company pays corporate income tax at 15%. Where income derives from FSC-licensed virtual asset activity — exchange, transfer, safekeeping and administration of virtual assets — the 80% partial exemption is available, leaving an effective rate of approximately 3% on that income.
The exemption is not a rate and it is not automatic. It depends on the Core Income Generating Activity conditions assessed by the Mauritius Revenue Authority: the activity must be carried out in or from Mauritius, with an adequate number of suitably qualified people employed directly or indirectly, and expenditure proportionate to the level of activity. For a VASP that is a lower bar than for a passive holding company, because a licensed exchange or custodian already has to run real operations on the island to satisfy the FSC. The two tests reinforce each other.
Where the CIGA conditions are not met, the exemption is disallowed and the full 15% applies to the same income. The flagship formation page sets out the substance test in full, including the Godolphin matter in which the MRA refused the exemption on precisely those grounds.
15% headline less the 80% partial exemption on qualifying virtual asset income, conditional on CIGA substance.
| Position | Treatment |
|---|---|
| Licensed VASP incomeExchange, transfer, safekeeping, administration — CIGA met | ~3% |
| Licensed VASP incomeCIGA conditions not met | 15% |
| Capital gainsNo capital gains tax regime in Mauritius | 0% |
| Dividends to non-resident shareholdersNo Mauritius withholding | 0% |
| Value added taxRegistration compulsory above MUR 6m turnover | 15% |
| Treaty accessRequires a Tax Residence Certificate from the MRA | 45 treaties |
Indicative and current as at August 2026. Treatment depends on the licence class, the income category, the substance genuinely maintained and the position taken by tax authorities in the jurisdictions where your clients and controllers are resident. Sovera Global structures, licenses and administers; we are not a tax advisory firm and we work alongside your tax counsel.
Mauritius vs other crypto licences.
Mauritius competes on effective tax and regulatory credibility. It does not compete on speed, and it cannot compete at all where EU market access is the requirement.
| Jurisdiction | Regulator | Capital | Timeline | Tax | EU access | Best for |
|---|---|---|---|---|---|---|
| Mauritius VASP | FSC | MUR 2m–6.5m | 4–9 mo | ~3% | No | Africa and Asia, tax efficiency with substance |
| Cayman Islands | CIMA | On request | 6–12 mo | 0% | No | Institutional capital, fund-adjacent |
| Dubai VARA | VARA | AED 5m (exchange) | 4–7 mo | 0–9% | No | Gulf, institutional MENA, residency |
| EU MiCA CASP | National / ESMA | EUR 50k–150k | 6–12 mo | Varies | Yes | EU retail market access, passporting |
| St Vincent (SVG) | FSA | On request | 1–3 mo | 0% | No | Speed and cost, lightest regime |
| Labuan | LFSA | MYR 500k | 3–6 mo | 3% | No | ASEAN and Asia-Pacific operators |
Capital, timelines and tax vary by licence class and by applicant profile in every jurisdiction listed. If EU retail access is the requirement, only a MiCA CASP authorisation delivers it and no amount of Mauritius substance substitutes — a common structure is a MiCA CASP for the EU alongside a Mauritius VASP for global offshore clients. Comparison is orientation, not advice on which regime fits your model.
From class decision to licence grant
The VAITOS Act obliges the FSC to approve or refuse within 30 days of a complete application. The words that matter are “complete application”. Realistically, budget 4 to 9 months from incorporation to grant.
Class determination & written scope
What the product actually does with client orders and client assets, mapped to Class M, O, R, I or S — and whether it needs more than one. This happens before incorporation, because the class drives the capital, the fee and the entire application file. You receive a dated, line-itemised scope with FSC fees shown at cost.
KYC, fit-and-proper & Bank of Mauritius, if applicable
Fit-and-proper files for every controller, beneficial owner, associate and officer. Sanctions, PEP and adverse-media screening run in-house as a supervised UAE trust and company service provider. Where the applicant is a bank or a National Payment Systems Act licensee applying for Class M, O or S, Bank of Mauritius approval is obtained first.
Incorporation & Global Business Licence
The Global Business Company is incorporated at the CBRD in 2 to 3 working days and licensed by the FSC under section 72. This is the entity that will hold the VASP licence. The physical office, resident directors and registered office are established at the same time.
The application file itself
Business plan and financial model, capital evidence with documented source of funds, AML/CFT framework under FIAMLA, Travel Rule controls, client asset protection and wallet governance, IT security and cyber policies, business continuity plan, client disclosure documents, and the Compliance Officer, MLRO and deputy MLRO appointments. This stage is the work.
FSC review & requests for information
Filing, then the review cycle. The FSC will come back — on the model, on capital, on wallet architecture, on where decisions are made. Each round trip costs weeks, which is why the file is built to anticipate them. Queries are answered locally from Port Louis, in the same working day rather than across time zones.
Grant, banking & going live
Licence granted, first annual fee paid on the pro-rated quarterly basis, and banking pursued in parallel rather than sequentially. A licensed VASP banks more easily than an unlicensed one, but approval still rests with the institution.
Supervision & quarterly filings
Quarterly financial statements, annual licence fee before it escalates, ongoing AML/CFT monitoring, Travel Rule compliance, and the CIGA substance file that keeps the 80% partial exemption available. Supervision is continuous, not annual.
Filed and answered from Port Louis.
A VASP application is a conversation with a regulator, not a submission. Being in the same city as the FSC is the difference between answering a request for information the same day and answering it next week.
FSC correspondence
The VASP application, the fit-and-proper questionnaires, the business plan and every subsequent request for information go to the Financial Services Commission through our licensed management company. Review queries are the pacing item on a VAITOS application, and they are answered locally.
CO, MLRO & resident board
Compliance Officer, MLRO and deputy MLRO appointments, resident directors, and board meetings held on the island. The FSC examines officers’ residency and where executive decisions are made — so these are working appointments, not names on a form.
Accounts for a licensed VASP
Mauritius Commercial Bank, SBM, AfrAsia, Bank One and Absa all bank licensed financial services businesses, and a granted VASP licence changes the conversation materially. It does not settle it. Virtual asset businesses face enhanced scrutiny everywhere, and we say so before the engagement starts rather than after.
Sovera Global L.L.C-FZ is licensed in the Meydan Free Zone, Dubai under Commercial Licence 2531729 and supervised as a designated non-financial business and profession by the UAE Ministry of Economy. Mauritius filings are made through an FSC-licensed management company in Port Louis.
Regulatory framework
Virtual asset activity in Mauritius is governed by the Virtual Asset and Initial Token Offering Services Act 2021, which came into force on 7 February 2022 and made Mauritius one of the first jurisdictions in Eastern and Southern Africa with a dedicated, FATF-aligned regime rather than a generic AML registration. The Financial Services Commission licenses the five VASP classes and registers initial token offering issuers.
The licensed entity is incorporated under the Companies Act 2001 and licensed as a Global Business Company under section 72 of the Financial Services Act 2007. Anti-money laundering obligations sit under the Financial Intelligence and Anti-Money Laundering Act 2002 and the 2018 Regulations, applied through the FSC’s AML/CFT Handbook on a risk-based approach.
Fees changed on 1 July 2026. The Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2026, Government Notice No. 119 of 2026, made 29 June 2026, set the current per-class processing and annual fees for every VASP category and for ITO issuer registration. First-year annual fees are pro-rated by the quarter of grant.
Where the applicant is a bank or a licensee under the National Payment Systems Act, Bank of Mauritius approval is required before applying for Class M, O or S, so that virtual asset operations and banking activity are assessed together for systemic stability.
Mauritius left the FATF list of jurisdictions under increased monitoring in October 2021 and participates in the OECD Common Reporting Standard. Licensed VASP income is eligible for the 80% partial exemption under the Income Tax Act 1995, subject to the Core Income Generating Activity conditions.
Ongoing supervision
A VAITOS licence is supervised continuously, not reviewed annually. The obligations below are what keeps it, and what keeps the 80% partial exemption available.
| Obligation | Frequency | Cost |
|---|---|---|
| FSC annual licence fee, by class | Annually | USD 1,900–5,000 at cost |
| Quarterly financial statements to the FSC | Quarterly | Quoted on engagement |
| Adequate financial resources and minimum unimpaired capital maintained | Continuous | Balance sheet |
| AML/CFT monitoring, sanctions screening, suspicious transaction reporting | Continuous | Quoted on engagement |
| FATF Travel Rule controls on virtual asset transfers | Continuous | Quoted on engagement |
| Client asset segregation and wallet governance | Continuous | Quoted on engagement |
| Audited financial statements, prepared and audited in Mauritius | Annually | Charged by auditor |
| CIGA substance file supporting the 80% exemption | Continuous | Quoted on engagement |
Straight answers on VAITOS licensing.
Class first, then everything else.
Tell us what the product does with client orders and client assets. We respond within twenty-four hours with a class recommendation and a written scope, with the FSC fees shown at cost.
Republic of Mauritius
United Arab Emirates
Get the class right first.
A written scope within twenty-four hours: the class your model requires, the capital it carries, the FSC fees at cost, and a realistic timeline rather than a marketing one.