On 7 February 2022, the Virtual Asset and Initial Token Offering Services Act 2021 came into force. According to this Act, a Virtual Asset Service Provider (VASP) is obligated to maintain a physical office and conduct core business activities within the Mauritius, with key-personnel situated in Mauritius. If a foreign entity intends to provide virtual asset services predominantly outside of Mauritius, it must establish a company in Mauritius and apply for a global business license.
"2. Interpretation 
In this Act – [...]
“virtual asset” means –
(a) a digital representation of value that may be digitally traded or transferred, and may be used for payment or investment purposes; but
(b) does not include a digital representation of fiat currencies, securities and other financial assets that fall under the purview of the Securities Act; […] 
“virtual asset service provider” means a person that, as a business, conducts one or more of the following activities or operations for, or on behalf of, another person –
(a) exchange between virtual assets and fiat currencies;
(b) exchange between one or more forms of virtual assets;
(c) transfer of virtual assets;
(d) safekeeping of virtual assets or instruments enabling control over virtual assets;
(e) administration of virtual assets or instruments enabling control over virtual assets;
(f) participation in, and provision of, financial services related to –
(i) an issuer’s offer and sale of a virtual asset;
(ii) an issuer’s offer or sale of a virtual asset;
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3. Application of Act
(1)  This Act shall apply to any virtual asset service provider, and to any issuer of initial token offerings, that carries out its business activities in or from Mauritius. [...]
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Sub-Part A – Virtual Asset Service Provider Licence
7. Requirement to be licensed
(1) No person shall carry out the business activities of a virtual asset service provider in or from Mauritius unless he is the holder of a virtual asset service provider’s licence. [...]
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8. Application for licence
(1) No person, other than a company, shall carry out the business activities of a virtual asset service provider.
(2) Subject to subsection (3), an application for a licence shall –
(a) be made in such form and manner as the Commission may approve;
(b) specify the class of licence being applied for; and
(c) be accompanied by –
(i) the certificate of incorporation of the company; [...]
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10. Office premises of virtual asset service provider
(1) A virtual asset service provider shall have a physical office in Mauritius.
(2) The business activities of a virtual asset service provider shall be directed and managed from Mauritius and, in determining whether it complies with this requirement, the Commission may consider, inter alia, the following factors –
(a) where the strategy, risk management and operational decision making of the virtual asset service provider occurs;
(b) whether the presence of executives who are responsible for, and involved in, the decision making related to the business activities of the virtual asset service provider are located in Mauritius; and [...]
(e) the residence of the officers or employees of the virtual asset service provider; and
(f) the residence of one or more directors of the virtual asset service provider. [...]" (THE VIRTUAL ASSET AND INITIAL TOKEN OFFERING SERVICES ACT 2021, 16 December 2021, Articles 2, 3, 7, 8, and 10)
THE VIRTUAL ASSET AND INITIAL TOKEN OFFERING SERVICES ACT 2021, 16 December 2021, Articles 2, 3, 7, 8, and 10
[<a href="https://mauritiusassembly.govmu.org/mauritiusassembly/wp-content/uploads/2023/03/act2121.pdf">Act</a>],[<a href="https://bowmanslaw.com/insights/corporate-services/mauritius-an-overview-of-the-new-regulatory-framework-of-virtual-assets-and-initial-token-offerings/">Other</a>]