VAITOS Class R -Custodian
License for providing custodial services for virtual assets including secure storage and segregation.
VAITOS Act 2021, FSC Custodian Guidance
Capital Required
MUR 3,000,000 (approx. USD 67,000)
Timeline
3-6 months
Fees
USD 1,500-2,500 application + USD 2,500-3,500 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 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
Submit VAITOS Class R custodian license application with detailed custody infrastructure documentation
Provide organizational structure with Chief Custody Officer CV and virtual asset custody background
Include compliance manual with custody procedures, segregation protocols, and security measures per FSC
Submit evidence of minimum capital MUR 3,000,000 and insurance certificates for all coverage types
Provide technical documentation of multi-signature wallet and security controls with security assessment
FSC review and approval following evaluation of custodial security and operational controls
Expected Total Timeline
3-6 months
Ongoing Obligations
After obtaining your VAITOS Class R -Custodian, these are the continuing compliance requirements you must maintain.
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
Cost Summary
Capital Requirement
MUR 3,000,000 (approx. USD 67,000)
Application & Licensing Fees
USD 1,500-2,500 application + USD 2,500-3,500 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 M -Broker-Dealer
VAITOS Class O -Wallet & Transfer
VAITOS Class I -Advisory
VAITOS Class S -Marketplace/Exchange
Need help with VAITOS Class R -Custodian?
Our team manages the full Mauritius licensing process -from application preparation through post-approval implementation.
The information provided on this website is for general informational purposes only and does not constitute legal, financial, or tax advice. No attorney-client relationship is formed by use of this site. LegalWrapper.io is a product of Enterslice. Content on this site may not reflect the most current legal or regulatory developments. Consult with a qualified legal professional before making any structuring, licensing, or compliance decisions. Regulatory requirements and outcomes vary by jurisdiction and are subject to change. Prior engagements do not guarantee specific regulatory approvals or timelines.