Mauritius

Key Requirements

• Minimum paid-up capital of MUR 2,000,000 with quarterly capital adequacy certifications to FSC
• Broker-dealer platform enabling order matching and execution between virtual assets and fiat currencies
• AML/KYC procedures compliant with Mauritius Financial Sector Supervision Act with beneficial ownership verification
• Chief Compliance Officer with virtual asset regulatory experience and FSC fit-and-proper approval
• Professional indemnity insurance of minimum MUR 500,000 covering broker-dealer operations and errors
• Best execution policies and procedures documented with regular monitoring of execution quality
• Clear fee schedules and service terms disclosed to clients with fair complaint handling procedures
• Monthly trading activity reports and quarterly audited financial statements submitted to FSC

Application Process

1. 1.Submit VAITOS Class M license application to FSC with business plan and broker-dealer offerings
2. 2.Provide organizational structure and management CV for Chief Compliance Officer with background
3. 3.Include compliance manual with AML/KYC procedures, best execution policies, and customer terms
4. 4.Submit evidence of minimum capital MUR 2,000,000 and insurance certificate from approved provider
5. 5.FSC preliminary review and in-principle approval confirming application completeness
6. 6.Final FSC approval and license issuance upon confirmation of operational readiness and compliance

Ongoing Obligations

• Quarterly capital adequacy reports and annual independent audit by FSC-approved auditors
• Monthly AML suspicious activity reporting and annual KYC procedure adherence certifications
• Quarterly business activity reports including trading volumes, client base growth, and complaints
• Annual fit-and-proper assessments for Chief Compliance Officer with immediate VARA notification of changes
• Maintenance of professional indemnity insurance continuously with annual renewal certificates to FSC
• Quarterly execution quality monitoring reports analyzing spreads, slippage, and pricing vs. benchmarks

Key Requirements

• Minimum paid-up capital of MUR 2,500,000 with quarterly verification and maintenance at minimums
• Custodial wallet infrastructure with private key security controls and segregated client wallets per Act
• Hot and cold storage architecture meeting cybersecurity standards with regular penetration testing
• Chief Information Security Officer overseeing wallet security, key management, and incident response
• Professional indemnity and cyber liability insurance of minimum MUR 750,000 covering operations
• Clear wallet user agreements specifying key management, loss prevention disclaimers, and redemption
• Transaction monitoring and blocking of transfers to sanctioned addresses per sanctions requirements
• Monthly wallet reconciliation reports and quarterly audited statements of client fund balances

Application Process

1. 1.Submit VAITOS Class O license application with detailed wallet technology architecture and security
2. 2.Provide organizational structure with Chief Information Security Officer CV and cybersecurity credentials
3. 3.Include compliance manual with wallet user agreements, key management procedures, and AML protocols
4. 4.Submit evidence of minimum capital MUR 2,500,000 and insurance certificates for both coverages
5. 5.Provide technical documentation of hot/cold storage and security controls with third-party assessment
6. 6.FSC review and approval following evaluation of security framework and operational controls

Ongoing Obligations

• Quarterly capital adequacy reports and annual independent audit of financial statements and balances
• Monthly wallet reconciliation statements verified by independent custodian with certification to FSC
• Annual cybersecurity audits including penetration testing and vulnerability assessments to FSC
• Quarterly reporting of transaction volumes, wallet client base, and cybersecurity incidents
• Annual fit-and-proper assessment for Chief Information Security Officer with updates to FSC
• Maintain cyber liability insurance continuously and provide annual renewal certificates to FSC

Key Requirements

• Minimum paid-up capital of MUR 3,000,000 with quarterly maintenance and verification of minimums
• Segregated custody infrastructure as separate legal entity status for custodial operations per FSC
• Multi-signature wallet technology with minimum 2-of-3 or 3-of-4 signing and documented key management
• Chief Custody Officer with virtual asset custody experience and FSC fit-and-proper approval
• Professional indemnity, crime/fidelity, and cyber liability insurance of minimum MUR 1,000,000 coverage
• Comprehensive custody agreements specifying asset segregation, security procedures, and liabilities per FSC
• Independent security audits minimum annually by third-party auditors with penetration testing documented
• Monthly asset reconciliation and quarterly independent attestations verifying balances and segregation

Application Process

1. 1.Submit VAITOS Class R custodian license application with detailed custody infrastructure documentation
2. 2.Provide organizational structure with Chief Custody Officer CV and virtual asset custody background
3. 3.Include compliance manual with custody procedures, segregation protocols, and security measures per FSC
4. 4.Submit evidence of minimum capital MUR 3,000,000 and insurance certificates for all coverage types
5. 5.Provide technical documentation of multi-signature wallet and security controls with security assessment
6. 6.FSC review and approval following evaluation of custodial security and operational controls

Ongoing Obligations

• Monthly asset reconciliation and independent attestation of balances from third-party custodian
• Quarterly capital adequacy reports and annual independent audit of financial statements and procedures
• Annual cybersecurity audits including full penetration testing and vulnerability assessments with remediation
• Quarterly reporting to FSC of custodial client base, total assets under custody, and insurance status
• Annual fit-and-proper assessments for Chief Custody Officer with mandatory updates to FSC
• Maintain all insurance coverage continuously at specified minimums with immediate lapse notification

Key Requirements

• Minimum paid-up capital of MUR 3,000,000 with quarterly capital adequacy reports to FSC
• Comprehensive advisory framework with documented investment advisory process and suitability procedures
• Conflict-of-interest management policies addressing tied relationships, fee arrangements, and trading restrictions
• Chief Compliance Officer with investment advisory experience and FSC fit-and-proper approval
• Professional indemnity insurance of minimum MUR 750,000 covering advisory errors and liabilities
• Clear advisory agreements aligned with Securities Act specifying service scope, fees, and disclaimers
• Portfolio management documentation systems recording investment recommendations and assessments
• Annual professional development requirements for advisory staff with maintained certifications documented

Application Process

1. 1.Submit VAITOS Class I advisory license application with description of advisory services and segments
2. 2.Provide organizational structure with Chief Compliance Officer CV and investment advisory background
3. 3.Include compliance manual with suitability assessment procedures, conflicts-of-interest policies, and standards
4. 4.Submit sample advisory agreements, fee schedules, and prospectuses aligned with FSC transparency
5. 5.Provide evidence of minimum capital MUR 3,000,000 and professional indemnity insurance certificate
6. 6.FSC review and approval following evaluation of advisory process and client protection framework

Ongoing Obligations

• Quarterly compliance certifications confirming adherence to suitability standards and conflicts management
• Quarterly capital adequacy reports and annual independent audit by FSC-approved auditors
• Annual fit-and-proper assessments for Chief Compliance Officer with mandatory VARA notification of changes
• Annual review of professional indemnity insurance with renewal certificates provided to FSC
• Quarterly reporting of material client complaints and disputes with written analysis and actions
• Maintain documentation systems for regulatory audits with full access to advisory files and communications

Key Requirements

• Minimum paid-up capital of MUR 6,500,000 with quarterly maintenance at minimums and FSC certification
• Order-matching and settlement infrastructure with documented matching algorithms and procedures per FSC
• Comprehensive market surveillance systems with real-time monitoring for abuse, manipulation, and trading
• Chief Risk Officer and Chief Compliance Officer with exchange operations and market conduct experience
• Professional indemnity and cyber liability insurance of minimum MUR 1,500,000 for platform security
• Fair and transparent fee schedules with clear disclosure of all charges and published market rules
• Market circuit breaker mechanisms and trading halts procedures documented in rules with FSC pre-approval
• Quarterly market surveillance reports identifying suspicious transactions, violations, and corrective actions

Application Process

1. 1.Submit VAITOS Class S marketplace license application with detailed business model and surveillance
2. 2.Provide organizational structure with management CVs for Chief Risk Officer and Chief Compliance Officer
3. 3.Include comprehensive compliance manual with market conduct rules, surveillance, and settlement procedures
4. 4.Submit evidence of minimum capital MUR 6,500,000 and insurance certificates for both coverages
5. 5.Provide detailed market surveillance technology documentation and testing results for abuse detection
6. 6.FSC review and approval following evaluation of governance, risk management, and surveillance framework

Ongoing Obligations

• Quarterly capital adequacy reports and annual independent audit by FSC-approved auditors
• Monthly market surveillance reports identifying suspicious activity, violations, and regulatory referrals
• Annual fit-and-proper assessments for Chief Risk Officer and Chief Compliance Officer with updates
• Quarterly market surveillance committee meetings with documented review of patterns and actions
• Annual review and update of exchange rules and fees with FSC notification within 10 days
• Maintain professional indemnity and cyber liability insurance continuously with annual renewal certificates