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Fintech Solutions

Building Your Digital Asset Business on Solid Regulatory Foundations

From tokenisation of real-world assets to DeFi platform design, blockchain payments to crypto custody, Aurevya provides the regulatory and strategic advisory that digital asset businesses need to operate with confidence in Mauritius and beyond.

Overview

Mauritius enacted its Virtual Assets and Initial Token Offering Services Act in 2021, establishing one of the most comprehensive virtual asset regulatory frameworks in Africa. The FSC Mauritius administers five distinct VA licence classes, covering operators, managers, brokers, custodians, and issuers, providing a clear legal basis for the full range of digital asset business models.

Mauritius's FATF white-listed status means that digital asset businesses licensed here benefit from international recognition and credibility. The framework incorporates FATF Recommendations 15 and 16, including travel rule obligations for virtual asset transfers, and requires all virtual asset service providers (VASPs) to implement comprehensive AML/CFT programmes proportionate to their risk exposure.

Beyond exchange and custody operations, the Mauritius framework provides a regulatory pathway for tokenisation of real-world assets, including real estate, securities, and commodities, as well as for DeFi-adjacent platforms, token issuance, and crypto payment services. Each use case requires careful analysis to determine which licence class applies and how the AML/CFT framework should be designed.

Aurevya provides full-spectrum digital asset advisory, from initial business model analysis and licence class determination, through application preparation and technology audit, to operational AML/CFT compliance and ongoing regulatory monitoring. We are the partner of choice for digital asset businesses seeking to build a credible, compliant presence in Mauritius.

5
Virtual Asset Licence Classes
Mauritius offers five VA licence classes, Operator (O), Manager (M), Broker (S), Custodian (R), and Issuer (I), covering the full range of digital asset business models.
FATF
White-Listed Jurisdiction
Mauritius is FATF white-listed, giving digital asset businesses licensed here international credibility and a compliant platform for global operations.
2021
VA Regulatory Framework Established
The Virtual Assets and Initial Token Offering Services Act established a comprehensive regulatory framework for VASPs, making Mauritius one of the first African jurisdictions with dedicated crypto legislation.

What We Do

Key Features of Our Digital Asset Advisory

01
VA Licence Class Determination
We map your digital asset business model against the five Mauritius VA licence classes, Operator, Manager, Broker, Custodian, and Issuer, and determine the precise combination of licences required for your activities.
02
Exchange and Trading Platform Licensing
We advise crypto exchanges, spot and derivatives trading platforms, and peer-to-peer marketplaces on their licensing obligations, application requirements, and operational compliance under the FSC VA framework.
03
Custody and Wallet Service Licensing
We guide digital asset custodians and wallet service providers through the Mauritius licensing process, including client asset segregation requirements, insurance arrangements, and technology security standards.
04
DeFi Regulatory Strategy
We advise DeFi protocols, liquidity platforms, and decentralised exchange operators on their regulatory exposure in Mauritius, mapping their activities to applicable licence classes and designing compliant operational frameworks.
05
AML/CFT Framework for VASPs
We design comprehensive AML/CFT frameworks for virtual asset service providers, including KYC/CDD, travel rule implementation, transaction monitoring, PEP and sanctions screening, and MLRO function establishment.
06
Tokenisation of Real-World Assets
We advise on the tokenisation of real estate, securities, commodities, and other real-world assets in Mauritius, structuring the token offering, determining regulatory obligations, and designing the AML/CFT framework for the issuance and secondary market.

Process

How We Build Compliant Digital Asset Businesses

01
Business Model Mapping
We map your digital asset business model, exchange, custody, brokerage, issuance, DeFi, or tokenisation, against the Mauritius VA framework to determine your regulatory obligations and optimal licensing architecture.
02
VA Licence Class Identification and AML/CFT Design
We determine the applicable VA licence class or classes, then design your AML/CFT framework, including KYC/CDD procedures, transaction monitoring, travel rule implementation, and MLRO appointment.
03
FSC Application Preparation
We prepare a comprehensive FSC application, business plan, compliance framework, AML/CFT manual, technology description, fit-and-proper documentation, and all required supporting materials, for submission to the FSC.
04
Technology Audit and Licence Grant
We conduct a regulatory technology audit, reviewing your platform's security architecture, wallet management, key custody, and access controls, and manage the FSC review process through to licence grant.
05
Operational Compliance and Ongoing Monitoring
We support operational launch, including staff AML training, system testing, and monitoring framework activation. Post-launch, we provide ongoing compliance support and regulatory monitoring as the Mauritius VA framework evolves.

Ideal Clients

Who This Service Is For

01
Crypto Exchanges and Trading Platforms
Spot and derivatives exchange operators seeking a credible, FATF-compliant Mauritius licence to serve institutional and retail clients across Africa and beyond.
02
Digital Asset Custodians
Businesses providing institutional-grade crypto custody and wallet services, requiring a licensed, regulated framework for client asset safeguarding in Mauritius.
03
Token Issuers and RWA Platforms
Businesses planning to issue tokens, whether representing real-world assets, utility functions, or investment interests, requiring regulatory clarity and a compliant issuance structure in Mauritius.
04
DeFi and Blockchain Infrastructure
DeFi protocols, blockchain payment networks, and decentralised finance infrastructure operators seeking regulatory guidance on their Mauritius exposure and an appropriate compliance framework.

FAQ

Frequently Asked Questions

What are the 5 virtual asset licence classes in Mauritius?
The five VA licence classes under the Mauritius VA Act are: Class O (Operator), operating a virtual asset exchange or trading platform; Class M (Manager), managing virtual asset portfolios; Class S (Broker), acting as a broker or intermediary in VA transactions; Class R (Custodian/Registrar), providing custody or registry services for virtual assets; and Class I (Issuer), issuing virtual assets or conducting initial token offerings. Many businesses require multiple classes.
Do I need a licence to run a crypto exchange in Mauritius?
Yes. A crypto exchange providing a platform for buying, selling, or trading virtual assets requires at minimum a Class O (Operator) licence from the FSC. The application requires a detailed business plan, technology description, AML/CFT framework, and fit-and-proper assessment of key personnel. Operating without a licence exposes the business to criminal penalties.
What is the travel rule and how does it apply to crypto businesses?
The travel rule (FATF Recommendation 16) requires VASPs to collect and transmit originator and beneficiary information for virtual asset transfers above specified thresholds. In Mauritius, licensed VASPs must comply with the travel rule as part of their AML/CFT obligations. This requires technical integration with travel rule compliance solutions and appropriate policies for transfers to unhosted wallets.
Can I tokenise real estate or securities in Mauritius?
Yes. Mauritius provides a regulatory pathway for tokenisation of real-world assets. Tokenised securities may fall under both the VA framework and the Securities Act, requiring careful structuring. Tokenised real estate typically requires a Class I issuer licence. The appropriate structure depends on the nature of the asset, the rights attached to the token, and the intended investor base.
What AML obligations apply to a VASP in Mauritius?
VASPs licensed in Mauritius must implement comprehensive AML/CFT programmes including customer due diligence (CDD) and enhanced due diligence (EDD) for higher-risk clients, ongoing transaction monitoring, PEP and sanctions screening, suspicious transaction reporting to the FIU, travel rule compliance, and an appointed MLRO. The FSC conducts AML examinations of licensed VASPs.
How is DeFi regulated in Mauritius?
DeFi presents novel regulatory challenges globally. In Mauritius, the analysis depends on whether the DeFi protocol involves a sufficiently centralised operator that can be characterised as providing VA services. Protocols with identifiable operators providing exchange, brokerage, or custody-like functions are likely to require VA licences. Truly decentralised protocols present more complex questions that require case-by-case regulatory analysis.

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Ready to Build Your Digital Asset Business?

Speak with our digital asset advisory team to determine your licence class, design your AML/CFT framework, and begin your FSC application.

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