Jurisdiction reference
Mauritius
Regulator: FSC Mauritius. License/registration context: Licensing. 3 VASP/entity records are tracked by Plexo Institute in Mauritius. Official registry source: FSC Mauritius VASP. Data last updated: 2026-09-24.
Mauritius has a comprehensive, live regulatory framework under the Virtual Asset and Initial Token Offering Services Act (VAITOS Act) 2021, which came into force February 7, 2022. All stablecoin issuers must register as ITO issuers with the FSC. The framework focuses on asset-linked stablecoins backed by fiat, commodities, or virtual assets. Issuers must maintain minimum capital (MUR 5 million or 50% of annual operating expenses), hold liquid assets for orderly winding-up, maintain 1:1 reserves with quarterly audits, implement robust risk management, and provide daily reserve disclosures and weekly composition reporting. Fully algorithmic stablecoins are discouraged. All regulatory requirements align with FATF international standards.
Regulatory Status
- Jurisdiction code
- MU
- Regime
- Licensing
- Regulator
- FSC Mauritius
- Governing law
- Virtual Asset and Initial Token Offering Services Act 2021
- Travel Rule
- Legislated
- Tracked entities
- 3
- Recognized stablecoin backing
- fiat-backed, crypto-backed, commodity-backed, algorithmic
- Yield-bearing stablecoins
- Restricted
- Currency
- MUR
Regulatory approach
The FSC is Mauritius's primary financial regulator established under the Financial Services Act. It supervises and regulates virtual asset service providers and stablecoin issuers under the VAITOS Act 2021. The FSC has broad authority to issue rules, guidance, and conduct supervision of the crypto ecosystem. It operates transparently through public consultation on guidance notes and enforces strict compliance requirements including AML/CFT, cybersecurity, and prudential standards aligned with international frameworks (FATF, Basel Committee standards).
Licensed entities in Mauritius
3 regulated-entity records tracked in Mauritius by Plexo Institute.
| Entity | Status | License type |
|---|---|---|
| Coins.ph | Provisional | Class M, O, R, I |
| MINDEX Digital Custodian | Licensed | Class R (Virtual Asset Custodian) |
| Yellow Card | Licensed | VASP |
Stablecoin laws in Mauritius
Primary legal texts Plexo Institute tracks for Mauritius.
- FSC Guidance Notes on Stablecoins (Draft) (enacted 2023-07-24)
The FSC Guidance Notes operationalize stablecoin regulation under the VAITOS Act, defining the FSC's regulatory policy and mandatory requirements for stablecoin issuers and service providers. Despite "draft" designation, the FSC has stated that it may direct licensees to comply and non-compliance may entail regulatory actions and constitute an offence. The guidance applies a "substance over form" approach using the "same risks, same rules" principle.
- Virtual Asset and Initial Token Offering Services (VAITOS) Act 2021 (enacted 2021-12-16)
The VAITOS Act constitutes the primary legislation establishing comprehensive regulatory authority for virtual assets and stablecoins in Mauritius. The Act empowers the Financial Services Commission (FSC) to license Virtual Asset Service Providers (VASPs) and register Initial Token Offering (ITO) issuers, including all stablecoin issuers and service providers. Requires VASP licensing across six classes, Broker-Dealer (Class M), Wallet Services (Class O), Custodian (Class R), Advisory Services (Class I), Marketplace/Exchange (Class S), and other activities, for entities conducting stablecoin exchange, transfer, custody, or advisory services. Stablecoin issuers must register as ITO issuers before offering stablecoins to the public, submitting white papers disclosing reserve composition, custodian identity, risk factors, and redemption mechanisms.
Relationship Graph
Jurisdiction FAQ
Who regulates Mauritius?
The current Plexo Institute record lists FSC Mauritius as the regulator for Mauritius.
How many VASPs are tracked in Mauritius?
3 VASP/entity records are tracked by Plexo Institute in Mauritius.
What is the Travel Rule status in Mauritius?
The current Plexo Institute record lists the Travel Rule status for Mauritius as Legislated.
Source Evidence
This profile is compiled from official legislation and regulator records. Source confidence: official source evidence.