← Regulations / Mauritius / Operating Models / Self-custodial wallet

Self-custodial wallet / non-custodial software in Mauritius

Publisher of software where users hold their own private keys. The publisher never holds, controls, or has access to user funds.

Permitted AI-Generated · Unreviewed

Self-custodial wallet is permitted in Mauritius with no licensing burden.

Verdict Details

Permitted
yes
Local entity required
No
Licensing burden
None
Last updated
2026-07-13

AML Obligations

  • No AML obligations attach because the publisher does not control, safeguard, or access user private keys or funds — the service falls outside the definition of a 'custodian wallet service' under Section 2 of the VAITOS Act 2021, and therefore outside VASP classification.
  • If the software publisher were to additionally provide custodial services, it would become a VASP/reporting entity under the VAITOS Act and FIAMLA 2002, triggering CDD, EDD, ongoing monitoring, STR/SAR filing with the FIU, and record-keeping obligations.

Key Restrictions

  • The publisher must not at any point hold, safeguard, or control user private keys, virtual assets, or instruments enabling control over virtual assets — doing so would trigger VASP licensing under VAITOS Act 2021.
  • The software must not offer custodial features (e.g. hosted wallets, key recovery services by the publisher) that would meet the 'custodian wallet service' definition.
  • No local entity is required for a pure non-custodial software publisher, as the activity does not constitute a licensable virtual asset service in Mauritius.
  • Any marketing or promotion directed at Mauritian residents must not imply the publisher is a regulated VASP or create consumer expectation of custodial protections.

Key Risks

  • Regulatory boundary risk: If the software includes features like a built-in swap/aggregator or fiat on-ramp that generates revenue, the FSC could recharacterize the operator as engaging in virtual asset exchange or transfer services.
  • Consumer-protection expectation: Even non-custodial wallets could attract consumer complaints (loss of funds, phishing), drawing FSC scrutiny or public warnings.
  • FATF grey-list history: Mauritius exited the FATF grey list in 2021 but continues to face pressure for robust AML/CFT enforcement — regulatory interpretations may broaden over time to capture software that facilitates transactions.
  • No specific non-custodial wallet exemption exists in Mauritian law; the favorable determination relies on the interpretation that 'custodian wallet service' requires custody, which the publisher does not perform.

Evidence

This verdict synthesizes the following facts. Each fact links to its primary source(s).

licensing 60% confidence

Definition of Custodian Wallet Service (Section 2, VAITOS Act 2021): "a service to safeguard virtual assets or instruments enabling control over virtual assets, on behalf of natural or legal persons."

[secondary] fscmauritius.org — Virtual Asset And Initial Token Offering Services Act 2021 Final Version Gazetted [secondary] fscmauritius.org — Fsc Rules Virtual Asset And Initial Token Offering Services 2022 [secondary] fscmauritius.org — Guidance Notes On Aml Cft For Vasps Final Version
licensing 60% confidence

Virtual Asset and Initial Token Offering Services Act 2021 (VAITOS Act 2021): This Act defines various virtual asset services and mandates licensing for providers.

[secondary] fscmauritius.org — Virtual Asset And Initial Token Offering Services Act 2021 Final Version Gazetted [secondary] fscmauritius.org — Fsc Rules Virtual Asset And Initial Token Offering Services 2022 [secondary] fscmauritius.org — Guidance Notes On Aml Cft For Vasps Final Version
licensing 60% confidence

FSC Rules (Virtual Asset and Initial Token Offering Services) 2022: These rules provide specific details and requirements for implementing the VAITOS Act.

[secondary] fscmauritius.org — Virtual Asset And Initial Token Offering Services Act 2021 Final Version Gazetted [secondary] fscmauritius.org — Fsc Rules Virtual Asset And Initial Token Offering Services 2022 [secondary] fscmauritius.org — Guidance Notes On Aml Cft For Vasps Final Version
aml 60% confidence

The Virtual Asset and Initial Token Offering Services Act 2021 (VAITOS Act 2021): This is the cornerstone legislation specifically regulating virtual assets and VASPs. It designates VASPs as "reporting entities" and brings them under the scope of AML/CFT obligations. It provides for the licensing, regulation, and supervision of VASPs by the Financial Services Commission (FSC).

[secondary] fscmauritius.org [secondary] fiumauritius.org
aml 60% confidence

The Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA 2002) (as amended): This is the overarching AML/CFT legislation in Mauritius. It establishes the general AML/CFT framework, defines "money laundering," sets out the obligations of reporting entities (including VASPs by virtue of the VAITOS Act), and empowers the Financial Intelligence Unit (FIU).

[secondary] fscmauritius.org [secondary] fiumauritius.org

Verdict Attribution

Source:
AI-Generated · Unreviewed
AI synthesized:
2026-07-13 (deepseek-chat)
Last updated:
2026-07-13
Confidence:
medium

This verdict was produced by an AI model from the underlying facts. Confirm with counsel before relying on it for material decisions.

Yes — a pure non-custodial wallet software publisher does not trigger VASP licensing or AML obligations in Mauritius because it neither safeguards nor controls client virtual assets, falling outside the statutory definition of "custodian wallet service" under the VAITOS Act 2021.

Questions this verdict aims to answer

  • Does software publishing trigger VASP / MSB classification?
  • Do AML obligations attach when no custody exists?
  • What disclosure or consumer-protection rules apply?