Eternity Law International — News — Crypto license in Mauritius

Crypto license in Mauritius

Published:
January 11, 2024

Over plenty of years, we’ve successfully supported various business-structures in getting a variety of permits in Mauritius. Our workers regularly study innovations and modifications in local legislative and regulative framework; it ensures our quick response to current events and resolve issues locally. We’re ready to assist in the process of getting a cryptocurrency permission in a given country, and offer ready-made organizations with the appropriate permits available for purchase.

We successfully provide services such as Forex-broker, PI and insurance permits. Currently, with emergence of possibilities of licensing crypto-operations in Mauritius, we’re ready to provide full support in this matter. We provide opportunities to select from a huge list of ready-made structures in other jurisdictions, particularly, we offer ready-made companies in the Marshall Islands, Seychelles, Antigua, Vanuatu and others.

Regulation of crypto-environment in Mauritius

Law-abiding firms may ask for a VASP-license; it allows them to transact in digital currencies. Permits for such business-activities may give firms a high level of safeguard and steadiness when trading digital assets, spreading intermediary services or investing, as opposed to using offshore organizations to operate with crypto-currency.

VASP-firms acting locally are regulated by the FSC. To deal with cryptographic assets both within and outside jurisdiction, a firm needs to submit a licensing application to the FSC.

Companies from other jurisdictions intending to offer digital monetary means services need to establish their organization on the island. If a foreign person requires a permit, but his/her key focus of activity is directed mainly outside the country, he/she needs another permit, with which our company’s specialists will help.

Virtual assets are a digital representation of value being able to be exchanged or transferred digitally, and used for payment or investment-schemes. Nevertheless, it isn’t a digital equivalent of fiat currency, securities and other financial assets covered by Securities Act of 2005.

VASP may be defined as individual capital-holder or organization providing next-mentioned service range.

  1. Class M. Broker-dealer of digital assets. Firms possess rights to work with the exchange of digital currencies and fiat, and between digital assets.
  2. Class O. Organization of centralized wallets for digital assets. Companies with such a permit may spread digital currency transfer services.
  3. Class R. Digital currency holders. They are responsible for the secure storage of digital assets.
  4. Class I: Providing digital asset recommendation services. This category includes professional consultancy on trading, investment instruments and other similar service ranges.
  5. Class S. For marketplaces with virtual assets. Organizations with such permission organize a space for trading and exchanging digital assets.

Our experts are ready to give fully-covering support in getting and purchasing any of the designated types of permits. We offer Forex-licenses in Belize, Germany, Estonia, Latvia and others. 

Procedure for getting a permit

To obtain a crypto-license locally, capital-holders need to pass through next-mentioned phases:

  • filling out questionnaires for directors and shareholders;
  • provision of mandatory documentation, including internal regulations and anti-money laundering policies;
  • contribution of initial capital;
  • hiring of 2 directors with local residency.

After submitting the mandatory documentation to the regulative authority and receiving approval, the firm may register and begin its business-activities.

Placing virtual tokens

Procedure is an essential part of the VASP-license and includes conducting ITO – offering tokens for sale. Token issuers are obligated to provide detailed data in the White Paper, including information about the company’s management, the goals of the project, the main characteristics of the virtual token, the amount required to implement the ITO project, and the terms of use of the token.

White paper must be kept freely available on a site belonging to the firm or its representative. Clients need to be able to download it.

  1. By registering as a VASP in this jurisdiction, service providers are required to meet professional criteria such as honest and fair work, professionalism and care, maintaining standards and preventing illegal conduct.
  2. They’re required to be financially strong, be sure to protect client funds, apply control rules and guarantee the confidentiality of client data.
  3. Implementation of mechanisms to combat illicit money trafficking and terrorism is mandatory.

Our expert team offers licensing services for crypto-firms on the island, providing full support throughout the entire registration process. We’re ready to offer you MSB-licenses in Australia, China, Hong Kong, the Marshall Islands and other jurisdictions.

Requirement basis

Crypto-services providers need to possess a physically-set local office and the regulator assesses whether the firm is suitable for licensing by checking next-mentioned points:

  • the location from which strategic, operational decisions and enterprise risk management are made;
  • presence of board members responsible for decision-making on the island;
  • residence of board members and workers.

Participants and shareholders are needed to possess an impeccable reputation and provide transparent, documented evidence of the origin of their funds. Key participants and managers need to possess relevant expertise in this area.

It’s essential to demonstrate a business-plan with financial forecasts for a three-year-period. Firm needs to demonstrate a clear business-model that includes technical aspects. It’s worth indicating the key suppliers and contractors.

Responsibilities in further activities

After receiving crypto-permission to conduct business-activities, service providers need to strictly follow next-mentioned rules.

  1. Carry out business-activities in correspondence with the principles of honesty and transparency of functioning.
  2. Demonstrate skill, hard work and diligence.
  3. Keep highly-set standards of professional conduct.
  4. Avoid engaging in any activities violating laws or good practice.
  5. Keep a stable financial position.
  6. Implement new mechanisms to protect clients’ financial and other assets.
  7. Meet established control rules in the company.
  8. Create, implement and keep mechanisms to ensure the anonymity of customers’ data.
  9. Combat illicit money circulation and terrorist financing.

Experienced lawyers of our team provide fully-covering support when getting a permit for a crypto-business in Mauritius and in others. Turn to us in any pleasant way.

Our advantages

As a firm specializing in assisting you in the option to obtain crypto-licenses in Mauritius, we offer you next-mentioned services and privileges.

  1. Providing free consultancy on getting a crypto-license, analyzing the client’s business-model and assessing the approach to getting a permit.
  2. Excellent knowledge of law basis and regulatory processes for crypto-activities.
  3. Support in the process to register a firm, providing a legal address and selecting an office in accordance with the requirement basis of the regulator.
  4. Professional analysis of the business-plan with recommendations.
  5. Development of internal policies and regulation mechanisms.
  6. Preparing an application for licensing and negotiating with the regulator (FSC).
  7. Support in opening banking accounts for deals with cryptographic currencies.
  8. Support in hiring local workers and managers if essentially for your business-project.
  9. Providing fully-covering legal support at all stages of interaction with the regulator and in resolving other legal issues related to business-activities.
  10. Guarantee of a high level of security and confidentiality in the processing of business-data.
  11. Establishing partnerships with local regulators for efficient interaction in the process of the option to get a permit.

These services are aimed at ensuring a successful and stress-free start to your crypto-business in Mauritius.

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