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Financial Services

Expert Digital Asset Advisory Under Regulatory Authority

The Class I Virtual Asset Advisory Services licence authorises participation in, or the provision of financial services related to, an issuer's offer or sale of virtual assets, per the Second Schedule of the VAITOS Act 2021. General virtual-asset portfolio or asset-allocation advice not tied to a specific issuer's offering sits outside this licence's current scope and needs its own regulatory basis before being offered under it.

Overview

What is a Class I Virtual Asset Advisory Services Licence?

Mauritius's Virtual Asset and Initial Token Offering Services Act 2021 (VAITOS) establishes the licensing framework within which the Class I operates. The Class I licence authorises participation in, or the provision of financial services related to, an issuer's offer or sale of virtual assets, per the Second Schedule of the VAITOS Act 2021. General virtual-asset portfolio or asset-allocation advice not tied to a specific issuer's offering sits outside this licence's current scope and needs its own regulatory basis before being offered under it.

It is ideally suited to firms supporting issuers bringing virtual asset offerings to market, family office service providers involved in issuer-linked digital asset transactions, and traditional financial services firms seeking to extend issuer-facing services into the digital asset space. The FSC applies disclosure and conduct of business requirements to Class I licensees, ensuring that services connected to an issuer's virtual asset offering are provided responsibly.

Aurevya guides Class I applicants from advisory model design through FSC application, suitability framework development, client agreement preparation, and operational launch, with practical insight into both the regulatory requirements and the commercial realities of digital asset advisory practice.

VAITOS
2021, FSC Licensed
Regulated under Mauritius's purpose-built virtual asset legislation, providing credible regulatory standing for investment advisers operating in the digital asset space.
Issuer-Offer
Scoped Licence
A precisely scoped licence under the Second Schedule of the VAITOS Act 2021, authorising participation in, or financial services related to, an issuer's offer or sale of virtual assets, distinct from general portfolio or asset-allocation advice.
Issuers &
Their Service Providers
Designed for firms participating in or servicing an issuer's virtual asset offering, rather than providing general digital asset investment guidance to individual clients.

Scope of Authority

Key Features

Issuer Offer Participation
Authorised to participate in an issuer's offer or sale of virtual assets, as set out in the Second Schedule of the VAITOS Act 2021, under the FSC's conduct of business framework for issuer-linked virtual asset services.
Issuer-Linked Financial Services
The Class I licence covers the provision of financial services related to a specific issuer's virtual asset offering, distinguishing it from general portfolio or asset-allocation advisory activity, which sits outside this licence's scope.
Offer Structuring Support
Assisting issuers with the structuring and presentation of their virtual asset offer or sale, within the regulatory parameters set by the FSC for participants in issuer offerings.
Disclosure Standards
Providing clients and prospective investors with the disclosure required in connection with a specific issuer's virtual asset offering, ensuring information relevant to that offer is presented accurately and completely.
Conduct of Business Framework
The FSC requires Class I licensees to operate within a defined conduct of business framework for issuer-offer participation, ensuring that services provided in connection with an issuer's offering meet regulatory expectations.
FSC Regulated
Full VAITOS regulatory standing, including ongoing FSC oversight, AML/CFT compliance, and conduct of business supervision, providing issuers and their counterparties with confidence in the regulatory standing of the Class I licensee.

Process

How It Works

01
Advisory Model Design
We work with the applicant to define the advisory model, client segments, virtual asset categories to be advised upon, advisory methodology, fee structure, and the scope of the advisory relationship, confirming the Class I licence as the appropriate vehicle and scoping the application requirements.
02
Corporate Structure
Establishment of the Mauritius corporate structure, typically a Global Business Company (GBC), with appropriate governance, ownership structure, and the key personnel required for the FSC application, including the qualified digital asset adviser.
03
FSC Application
Preparation and submission of the complete VAITOS Class I application, business plan, advisory model description, suitability framework, key personnel fit-and-proper submissions, financial projections, and AML/CFT programme, ensuring a complete and professionally presented application.
04
Suitability Framework
Design of the suitability assessment procedures required for Class I advisory, client financial profile assessment, risk tolerance evaluation, digital asset knowledge assessment, and the documentation standards required to demonstrate that advice is appropriate for each client.
05
Client Agreement Design
Preparation of the client-facing documentation required for regulatory compliance, advisory agreements, disclosure documents, risk warnings, and fee disclosure statements, ensuring the commercial relationship with clients is properly documented and FSC-compliant from inception.
06
Licence Grant
Active management of the FSC review process through to licence grant, followed by operational readiness coordination, ensuring the Class I adviser is prepared to onboard clients and deliver compliant advisory services from the moment the licence is granted.

Practical Considerations

Requirements & Timeline

Regulatory Requirements

  • Ongoing compliance with the FSC's solvency test — the licensee must be able to pay its debts as they fall due
  • At least three directors, of whom at least 30% must be independent and at least one must be ordinarily resident in Mauritius
  • Qualified digital asset adviser with relevant expertise approved by the FSC
  • Suitability assessment procedures for all advisory relationships
  • Client disclosure documents, advisory agreement, risk warnings, fee disclosure
  • AML/CFT compliance programme
  • Fit-and-proper assessment for all key personnel and beneficial owners
  • Ongoing FSC reporting including financial returns and compliance disclosures

Indicative Timeline

  • Corporate Setup: 2–3 weeks from completion of KYC and structure documentation
  • Application Preparation: 4–7 weeks, the suitability framework and advisory documentation are typically the primary preparation elements
  • FSC Review: 10–16 weeks from submission, the adviser qualifications and suitability framework are core elements of the FSC review
  • Operational Launch: 2–4 weeks post-licence grant for client onboarding and operational setup

Common Questions

Frequently Asked Questions

No. The Class I licence authorises participation in, or the provision of financial services related to, an issuer's offer or sale of virtual assets, it does not permit the holder to execute trades or hold client assets on their behalf. An entity wishing to combine issuer-offer participation with trading and custody would require the Class M (Virtual Asset Broker-Dealer) licence. Many Class I licensees work in conjunction with Class M broker-dealers, providing issuer-linked advisory services while directing execution to a separate licensed trading entity. Aurevya advises on structuring these arrangements appropriately within the VAITOS framework.
The FSC requires Class I licensees to demonstrate appropriate digital asset expertise through the qualifications and experience of their key personnel. While there is no single prescribed qualification, the FSC will assess whether the proposed personnel possess the combination of financial services experience, digital asset knowledge, and professional background appropriate for the issuer-linked services proposed. Traditional financial services qualifications combined with demonstrated digital asset knowledge are typically well-received. Aurevya advises on presenting personnel credentials in the most favourable light for the FSC's assessment.
Class I licensees are required to assess the suitability of a prospective investor's or counterparty's engagement in connection with a specific issuer's virtual asset offer or sale before providing services. This requires collection and assessment of information on the client's financial situation (assets, liabilities, income), investment objectives, risk tolerance, and knowledge and experience of virtual assets, as these relate to that particular offering. The licensee must document the basis on which participation in the issuer's offer is assessed as suitable for each client and must update the assessment when material changes in the client's circumstances occur. Aurevya designs suitability frameworks that are both FSC-compliant and practically workable for issuer-linked advisory operations.
The Class I licence authorises participation in, or the provision of financial services related to, an issuer's offer or sale of virtual assets, without executing trades or holding assets. The Class M licence is a full broker-dealer authorisation, permitting the holder to trade, exchange, and hold virtual assets on behalf of clients. The Class M carries significantly higher capital requirements, technology review obligations, and operational compliance burdens reflecting its trading and custody activities. The Class I is the appropriate licence for issuer-offer-linked advisory practices; the Class M is required where the licensee also wishes to execute transactions or hold client assets.
Class I licensees are subject to ongoing FSC reporting obligations, including annual financial returns, AML/CFT compliance reports, and any material change notifications required by VAITOS. The licensee must also maintain records of all issuer-linked engagements, suitability assessments, and services provided, which are subject to FSC inspection. Aurevya's compliance support services assist Class I licensees in maintaining their ongoing reporting obligations efficiently, ensuring continuous regulatory compliance without disrupting operations.

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We licence virtual asset advisers under Class I and support their ongoing compliance obligations.

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