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The Virtual Asset and Initial Token Offering
Services Act 2021 (“VAITOS Act”) provides for
Virtual Asset Service Providers (“VASPs”) and
Issuers of Initial Token Offerings (issuers of “ITOs”).

The Act regulates two main categories of activities:

VIRTUAL ASSET SERVICE PROVIDERS (“VASPS”)

VASP, meaning a person that acts as a business conducts for or on behalf of another person one or more of the following activities:

(a) exchange between virtual assets and fiat currencies; (b) exchange between one or more forms of virtual assets; (c) transfer of virtual assets; (d) safekeeping of virtual assets or instruments enabling control over virtual assets; (e) administration of virtual assets or instruments enabling control over virtual assets; or (f) participation in, and provision of, financial services related to an issuer’s offer and sale of a virtual asset or an issuer’s offer or sale of a virtual asset.

Kindly note that different licences available under the VASP regime and Anagha Capital Ltd shall be pleased to discuss your specific requirements that shall match your intended business activities.

ISSUERS OF INITIAL TOKEN OFFERINGS (ISSUERS OF “ITOS”)

Issuers of ITOs, which are companies registered as such under the Act making “initial token offerings” or “ITOs”. An “initial token offering” or “ITO” is an offer for sale to the public of a virtual token in exchange for fiat currency or another virtual asset. ITO is to be registered and supervised by the FSC.

An issuer of ITO means a company making an offer for sale to the public of a virtual token (i.e. any cryptographically secured digital representation of a set of rights, including smart contracts, provided on a digital platform and issued or to be issued by an issuer of initial token offerings) in exchange for fiat currency or another virtual asset.

In addition to the VAITOS Act, the FSC has issued specific rules pertaining to various aspects of virtual assets concerning custody, client disclosure, capital and financial requirements, cybersecurity, advertisement publication, management, statutory reporting and travel. Furthermore, the FSC has released guidance notes concerning security tokens, security token offerings, non-fungible tokens (NFTs), anti-money laundering/combating the financing of terrorism (AML/CFT) measures, and the classification of virtual assets as an investment class for sophisticated and expert investors.

In early 2024, the FSC issued guidance notes clarifying the treatment of staking services and decentralised autonomous organisations under the VAITOS Act. These entities are now explicitly required to apply for appropriate VASP licenses if they operate within or target residents of Mauritius.

Also, From March 2025, enhanced AML/CFT obligations will come into effect for all VASPs operating in or from Mauritius, including mandatory transaction monitoring systems, real-time reporting of cross-border transfers above specified thresholds, and stricter beneficial ownership disclosures.