Only those firms that have been registered in accordance with the provisions of the Law of Jurisdiction, issued in 2001, can apply for such a permit as a VASP license in Mauritius. VASPs are required to have a physical office in Mauritius.
The category of providers dealing with virtual assets and possibility to get cryptolicense in Mauritius may apply to those companies that have the official right to carry out the following activities.
- Virtual asset exchanges for fiat, its transfers, management and storage.
- Exchange of different virtual assets among themselves.
- Storage of tools for company to implement VA controlling – virtual assets.
- Management of tools for company to implement VA controlling.
- Take part in transactions for sales of virtual assets – professional advice.
Monitoring of activities under crypto license in Mauritius
Crypto businesses in Mauritius are required to run business within Mauritius territory. To revise whether an activity is run and controlled from jurisdiction’s territory, the following points will be taken into account:
- place for making decisions regarding operating strategy and risks mechanisms;
- location of executives who are involved in making significant organizational decisions;
- place of meeting of directors of the company;
- the location of the meetings of the company’s executives, which are initiated for making political decisions;
- location and address of residence of employees and persons holding management positions. This clause also applies to directors.
Law also describes activities under cryptocurrency exchange license in Mauritius. It refers to platforms of a centralized or decentralized type, using which you can exchange VA for fiat or others. Operations are carried out on the guarantee of third parties for a fee – a certain commission. Exchanges can also store and control VA in order to make exchanges as easy as possible for clients. Exchanges can buy VA from a seller and resell it to a buyer if the parameters of deals and orders are identical.
Licenses for cryptocurrencies in Mauritius and permitted activity
- Category M – BA market maker, broker-dealer. The firm has the right to exchange virtual currencies for real money, or exchange different VAs among themselves.
- Category O – virtual wallet; VA transfers.
- Category R – holders of these Mauritius VASP licenses may provide VA storage and management, as well as tools for the company to implement control over VA.
- Category I – advice on issues and operations related to virtual assets sales and offers.
- Category S – the firm can function as platform for VA.
Placement of virtual tokens
The VASP license in Mauritius also covers ITO – proposals for the sale, which were put forward by token issuers, for another form of virtual asset or fiat. The issuer must provide accurate disclosures in the White Paper. Particularly, we are talking about the following information:
- brief information about the firm’s senior management, directors, key personnel and persons acting as advisers to issuer;
- ITO purpose, incl. info regarding the objectives of the project to be managed and operated by the issuer;
- the main characteristics inherent in a virtual token;
- amount needed for ITO project performance;
- description of the procedure for using the funds allocated for project implementation;
The White Paper is published on a web resource owned by the issuer or a third party representing the issuer. Potential buyers must be able to download the document during the entire offer period and within 15 days from offer’s closing.
Requirements to be met to obtain VASP license in Mauritius
After obtaining a crypto license in Mauritius, VASPs must always and fully comply with the following criteria:
- carry out their actions based on the principles of honesty and justice;
- exercise an appropriate level of skill, diligence and care;
- adhere to high standards of professionalism;
- not engage in any conduct that could be illegal or inappropriate;
- maintain own solvency and resource capacity in an adequate state;
- ensure proper fulfillment of measures to protect consumer monetary and other assets;
- apply effective corporate rules;
- implement and support appropriate application of mechanisms to preserve confidentiality of service consumer data;
- implement a policy of preventing illegal circulation of funds and terrorist activities supporting.
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