Crypto Law Profile

Mauritius Virtual Asset and Initial Token Offering Services Act 2021

Mauritius framework for licensing VASPs and registering ITO issuers, with FSC supervision, AML/CFT controls, custody safeguards, disclosure duties and sanctions.

Mauritius Effective Act Feb 7, 2022

At a glance

Status In force since Feb. 7, 2022 under Proclamation No. 12 of 2022.
Regulator FSC Mauritius supervises VASPs and issuers of initial token offerings.
Core Scope Applies to VASP and ITO business carried on in or from Mauritius.
Main Focus Licensing, registration, AML/CFT, custody, disclosure and sanctions.

Overview

The Virtual Asset and Initial Token Offering Services Act 2021, commonly referred to as the VAITOS Act, is Mauritius’s principal statute for virtual asset service providers and initial token offerings. As of July 22, 2026, the Act is in force. It was assented on Dec. 16, 2021, proclaimed with effect from Feb. 7, 2022, and is administered by the Financial Services Commission, Mauritius, within the non-bank financial services sector.

The Act creates a statutory perimeter for businesses carried on “in or from Mauritius” and should be read with FSC rules, AML/CFT guidance, and subsequent amendment Acts. This profile summarizes the framework for legal-reference purposes and does not provide legal, tax, investment, or compliance advice.

Key provisions of the Mauritius VAITOS Act

The VAITOS Act applies to virtual asset service providers and issuers of initial token offerings. It defines a virtual asset as a digital representation of value that may be digitally traded or transferred and used for payment or investment purposes, while excluding digital representations of fiat currencies, securities, and other financial assets under the Securities Act.

  • Licensing: VASPs must hold an FSC licence before carrying on virtual asset service provider activities in or from Mauritius.
  • Registration: ITO issuers must be registered with the FSC before carrying out initial token offering business in or from Mauritius.
  • Local substance: a VASP must have a physical office in Mauritius, and its business activities must be directed and managed from Mauritius.
  • Client asset safeguards: VASPs with custody of client virtual assets must maintain sufficient assets for clients, and client assets are not treated as the VASP’s own property.

Virtual asset service provider licensing

The licensing provisions cover activity classes including broker-dealer, wallet, custodian, advisory, and marketplace activities. Applications are made to the FSC, which may consider the applicant’s proposed activities, capacity, client and public interests, international standards, and information from foreign regulators. The consolidated text also reflects 2024 amendments requiring a VASP to have a senior executive and requiring FSC approval before that appointment.

Initial token offerings and white paper disclosures

For initial token offerings, the Act establishes a registration pathway and requires an application to be made through a Mauritius virtual exchange, or an equivalent acceptable to the FSC, at least 45 days before the offer period starts. Applications must include a white paper and a legal opinion on compliance with the Act. The white paper must be made available to potential purchasers and cover matters such as the project, token characteristics, proceeds, risks, transfer restrictions, refund mechanisms, smart contracts, AML procedures, and disclaimers.

The Act also preserves the securities perimeter. Where the FSC assesses that a virtual token is a security, the applicant must withdraw the VAITOS registration application and may proceed under the Securities Act.

AML/CFT, custody and market integrity

The framework is explicitly linked to AML/CFT policy. FSC publications state that the Act was developed with reference to Financial Action Task Force standards for managing money laundering and terrorist financing risks associated with virtual asset activities. The Act contains transfer-information obligations for originator and beneficiary information, requires audited financial statements, enables inspections, and gives the FSC supervisory and sanction powers.

Custody and market-integrity provisions are central to the framework. VASPs holding client assets must segregate those assets from other business accounts, and Class “S” virtual asset marketplaces must maintain systems and controls to detect suspicious price spikes, prevent abusive trading strategies, and restrict or suspend trading when market manipulation or abusive trading is found.

Status, amendments and watch items

The National Assembly record lists the Act as Act No. 21 of 2021, introduced on Nov. 30, 2021, passed on Dec. 10, 2021, assented and gazetted on Dec. 16, 2021, and in force on Feb. 7, 2022. The FSC consolidated text notes amendments including Act No. 12 of 2023, Act No. 10 of 2024, and Act No. 11 of 2024. The 2026–2027 Budget Speech annex says further amendments are expected to clarify senior executive requirements and prohibit unlicensed solicitation of investors in Mauritius for virtual asset transactions or ITOs; those measures should be treated as proposed until reflected in enacted law.

Key provisions

VASP licensing requirement

No person may carry on VASP business in or from Mauritius unless licensed by the FSC; only companies may carry out VASP business.

Licensing Feb 7, 2022 Source

Mauritius office and management

VASPs must maintain a physical office and direct and manage business activities from Mauritius, with FSC considering governance and decision-making factors.

Local substance Feb 7, 2022 Source

Initial token offering registration

ITO issuers must register with the FSC and apply through a Mauritius virtual exchange or acceptable equivalent at least 45 days before the offer period.

Token issuance Feb 7, 2022 Source

White paper disclosure

ITO white papers must be published and cover project, token, proceeds, risks, transfer restrictions, refund mechanisms, smart contracts and AML procedures.

Disclosures Feb 7, 2022 Source

Custody and client assets

VASPs with custody must hold sufficient client virtual assets, segregate accounts, and ensure client assets are not treated as the VASP’s property.

Custody Feb 7, 2022 Source

AML/CFT and supervisory powers

The Act and 2024 amendments impose transfer-information, risk reporting, inspection, sanction and enforcement mechanisms under FSC oversight.

AML/CFT Jul 25, 2024 Source

Senior executive approval

A 2024 amendment requires each VASP to have a senior executive and bars appointment of that senior executive without prior FSC approval.

Governance Jul 27, 2024 Source

Timeline

  1. Bill introduced

    National Assembly record lists introduction of the Virtual Asset and Initial Token Offering Services Bill.

    Introduced Source
  2. Passed by National Assembly

    National Assembly passed Act No. 21 of 2021.

    Passed Source
  3. Assented and gazetted

    Assented to and gazetted as Government Gazette No. 183 of Dec. 16, 2021.

    Enacted Source
  4. Entered into force

    FSC communiqué and consolidated text state commencement by Proclamation No. 12 of 2022.

    In force Source
  5. AML/CFT amendment enacted

    Act No. 10 of 2024 amended section 38 to add risk-information duties for VASPs and ITO issuers.

    Enacted Source
  6. Finance Act 2024 amendment

    Act No. 11 of 2024 amended section 15 on senior executive appointment.

    Enacted Source
  7. Budget 2026–2027 proposal

    Budget annex signaled further amendments on senior executive criteria and unlicensed solicitation.

    Proposed Source

Who it affects

Actors

Financial Services Commission Mauritius, Initial token offering issuers, National Assembly of Mauritius, Virtual asset service providers

Asset classes

Cryptocurrencies, Virtual assets, Virtual tokens

Official sources

Editorial note

Status verified July 22, 2026. The FSC consolidated text states the Gazette version remains authoritative and should be checked for statutory quotation work.

Budget 2026–2027 amendments are treated as proposed until enacted.