VAITOS Class M -Broker-Dealer
License for conducting virtual asset broker-dealer services including exchange between VA and fiat currencies.
VAITOS Act 2021 Sec. 5-15, FSC Rules 2021
Capital Required
MUR 2,000,000 (approx. USD 45,000)
Timeline
3-6 months
Fees
USD 1,000-2,000 application + USD 1,900-3,000 annual
Regulatory Body
Financial Services Commission (FSC) Mauritius
Legislative Framework
Virtual Asset and Initial Token Offering Services Act 2021 (VAITOS Act), Financial Services Act 2007, Securities Act 2005
Last updated: August 2025
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
Submit VAITOS Class M license application to FSC with business plan and broker-dealer offerings
Provide organizational structure and management CV for Chief Compliance Officer with background
Include compliance manual with AML/KYC procedures, best execution policies, and customer terms
Submit evidence of minimum capital MUR 2,000,000 and insurance certificate from approved provider
FSC preliminary review and in-principle approval confirming application completeness
Final FSC approval and license issuance upon confirmation of operational readiness and compliance
Expected Total Timeline
3-6 months
Ongoing Obligations
After obtaining your VAITOS Class M -Broker-Dealer, these are the continuing compliance requirements you must maintain.
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
Cost Summary
Capital Requirement
MUR 2,000,000 (approx. USD 45,000)
Application & Licensing Fees
USD 1,000-2,000 application + USD 1,900-3,000 annual
Jurisdiction Setup Cost
$15,000-$35,000
Annual: $20,000-$50,000
Other Mauritius Licenses
Explore other license types available in Mauritius.
VAITOS Class O -Wallet & Transfer
VAITOS Class R -Custodian
VAITOS Class I -Advisory
VAITOS Class S -Marketplace/Exchange
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