# Virtual Asset Broker-Dealer (Class M) (Mauritius)

Source page: https://protegra.io/licensing/licences/vasp/mauritius-class-m/

The Virtual Asset Broker-Dealer (Class M) is issued by Financial Services Commission (FSC) under Virtual Asset and Initial Token Offering Services Act 2021. The legal decision period is No fixed statutory deadline; Section 17C(2)(b) of the Financial Services Act 2007 explicitly exempts applications for licences under the Second Schedule to the VAITOS Act 2021 from the 10-working-day determination requirement in Section 17B. The application fee is MUR 2,000,000 minimum capital requirement.

## At a glance

| Official name | Virtual Asset Broker-Dealer (Class M) [1] |
| --- | --- |
| Issued by | [Financial Services Commission](https://protegra.io/licensing/regulators/fsc-mauritius/) |
| Jurisdiction | [Mauritius](https://protegra.io/licensing/jurisdictions/mauritius/) |
| Licence family | [Virtual asset service provider (non-MiCA)](https://protegra.io/licensing/licences/vasp/) |
| Legal basis | Virtual Asset and Initial Token Offering Services Act 2021 [1] |
| Passporting | Domestic only |
| Application fee | MUR 2,000,000 minimum capital requirement [2] |
| Statutory decision time | No fixed statutory deadline; Section 17C(2)(b) of the Financial Services Act 2007 explicitly exempts applications for licences under the Second Schedule to the VAITOS Act 2021 from the 10-working-day determination requirement in Section 17B [3] |

## What it lets you do

- [Virtual asset exchange (FATF)](https://protegra.io/licensing/activities/vasp-exchange/)

- **Virtual asset exchange (FATF).** Exchanging virtual assets for fiat currency or for other virtual assets as a business, as defined in the FATF glossary.

## Where it is valid

_Valid in Mauritius._

## Cost

_Regulatory costs from the official sources above. Professional fees, staff, office and audit come on top and depend on the business model._

## Buying a company that already holds it

**Prior approval required.** Under Section 23 of the Financial Services Act 2007 and Section 16 of the VAITOS Act 2021, any issue or transfer of shares or legal or beneficial interest in a licensee requires the prior approval of the FSC, and any unauthorized transfer is void. Prior approval is not required for transfers under 5% (unless resulting in an individual holding over 20% or a change of control) or transfers to existing shareholders that do not alter control, both of which require written notification to the Commission. A controller is defined as any person holding or controlling not less than 20% of shares or voting power, or able to exercise significant influence, or holding board appointment/removal powers. Controllers and beneficial owners are subject to fit and proper vetting. [3]

## Laws behind it

- [The Virtual Asset and Initial Token Offering Services Act 2021](https://protegra.io/licensing/laws/mu-vaitos-act-2021/): Act No. 21 of 2021

## Sources

1. [lawsofmauritius.govmu.org: web](https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=VmlydHVhbCBBc3NldCBhbmQgSW5pdGlhbCBUb2tlbiBPZmZlcmluZyBTZXJ2aWNlcyBBY3QgMjAyMQ==&docnumber=&doctype=act): retrieved 2026-09-24
2. [salvusfunds.com: establishing a vasp under the vaitos act in mauritius in 202](https://salvusfunds.com/2026/03/18/establishing-a-vasp-under-the-vaitos-act-in-mauritius-in-2026/): retrieved 2026-09-24
3. [lawsofmauritius.govmu.org: web](https://lawsofmauritius.govmu.org/portal/viewlegislationdocument/web/?doctitle=RmluYW5jaWFsIFNlcnZpY2VzIEFjdA==&docnumber=&doctype=act): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.