In an effort to widen the service offerings of Mauritius’ financial services sector, the Government has introduced the Virtual Asset and Initial Token Offering Services Act 2021 (hereinafter referred to as the “Act") on 7 February 2021.

The Act lays the groundwork for the regulation and supervision of business activities of Virtual Assets Services Providers (VASPs) and Issuers of Initial Token Offerings (IITOs) in Mauritius.

ITL released a newsletter on 23 March 2022, which elaborates on the salient features from the Act. The publication also covers the main AML/CFT obligations for VASPs and IITOs – initially published in February 2022 and later updated in July 2022 - in this new line of business.

In case you missed the newsletter, you can access it here

Subsequently, the Financial Services Commission (FSC) shared the fee schedule as well as the licensing criteria for VASPs and IITOs, and released a communique to inform the public that applications for the relevant licence(s)/registration(s) under the Act may henceforth be submitted through the FSC One Platform.

Access the full communique from the FSC for the prescribed fees and licensing criteria here