FSC VASP licence structuring, application preparation, AML/CFT, governance and operational-readiness support for virtual-asset businesses establishing in Mauritius.
The engagement is built around the actual services and licence class combination. Class selection, local governance, financial resources, AML/CFT, technology and client-asset controls are assessed together before the application file is built.
The Financial Services Commission publishes five VASP licence classes under the Virtual Asset and Initial Token Offering Services Act. More than one class may be relevant where the operating model combines several regulated functions.
Virtual Asset Broker-Dealer.
Virtual Asset Wallet Services.
Virtual Asset Custodian.
Virtual Asset Advisory Services.
Virtual Asset Market Place.
Capital, governance, fit-and-proper evidence, AML/CFT, custody/customer-asset controls, technology and local substance should be assessed together. A multi-class exchange/custody model is materially different from a single advisory or brokerage route.
FSC licensing criteria combine incorporation, ownership due diligence, board composition, local office information and a staffing plan. These are application requirements, not post-licensing items to be added later.
FSC criteria expressly contemplate individuals, corporate bodies and other ownership vehicles in the promoter/shareholder/beneficial-owner review. Each material owner and the ultimate ownership chain is subject to fit-and-proper and CDD scrutiny.
The licensing criteria require statutory filings showing incorporation of the applicant in Mauritius. The licensed VASP is therefore a Mauritius applicant rather than a foreign entity relying only on an overseas incorporation.
The FSC Class M criteria require a board of at least three directors, at least 30% independent directors and at least one director resident in Mauritius. Equivalent class-specific criteria should be checked for the exact licence combination.
The applicant provides details of its registered office / office in Mauritius and lease arrangements where applicable, plus a three-year staffing plan. Compliance Officer, MLRO and Deputy MLRO appointments form part of the licensing file.
The FSC requires a VASP to maintain the greater of its own-funds requirement, the prudential requirement or another amount imposed by the Commission. Multiple licences carry combined own-funds requirements.
Assessment of the activity model, class selection and critical readiness dependencies before the FSC application build.
Application preparation for a clearly scoped single-class VASP model.
Enhanced workstream where the model combines several services or presents material client-asset, custody or market-infrastructure risk.
Support connecting the application assumptions with the actual Mauritius operating model.
Ongoing regulatory and AML/CFT support after authorisation, scoped to the licence class and operating model.
The FSC application is not treated as a set of documents independent from the operating model. LEX ARTA aligns class selection, governance, AML/CFT, financial assumptions, technology and local implementation before the file is submitted.
The transaction and custody model is mapped to the correct Class M/O/R/I/S permissions before the application scope is fixed.
Risk assessment, customer controls, sanctions, monitoring and governance are tied to the products and counterparties.
Resident management, local functions, office, outsourcing and third-party dependencies are treated as core readiness items.
Mauritius-qualified corporate, legal, audit and other professional inputs are coordinated where local law or regulator practice requires them.
Map activities, transaction flows, custody and client assets.
Confirm licence class or combination and identify critical requirements.
Structure ownership, management, local substance and financial resources.
Prepare regulatory, AML/CFT, financial, governance and operational evidence.
Address FSC questions, local implementation and post-licence obligations.
A fixed headline price before class selection and operating-model review is not reliable for Mauritius VASP work. LEX ARTA issues a written proposal defining the workstreams, assumptions, exclusions, professional fees and third-party cost categories after the initial assessment.
The FSC codified list identifies Class M broker-dealer, Class O wallet services, Class R custodian, Class I advisory and Class S marketplace.
Potentially yes, depending on the services and how they are legally and operationally structured. The class combination should be determined from the actual activity and transaction flows.
It should not be marketed that way. Governance, AML/CFT, local implementation and ongoing FSC supervision are material parts of the licensing proposition.
No, unless expressly stated in the engagement proposal. Official fees and third-party costs are identified separately.
No. A Mauritius VASP licence does not provide MiCA passporting into the EU/EEA.
Start with activity and class mapping so that the governance, AML/CFT, technology and local-substance workstreams match the actual licence scope.
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