Mauritius FSC Regulatory License Inquiry Process | How to Verify Forex and Crypto Platform Compliance with the Mauritius Financial Services Commission

1. What is FSC? Regulatory Background and Status

The Financial Services Commission (FSC) of Mauritius was established in 2001 and is the main regulator of non-bank financial services and global business industries in Mauritius.

📌 Main functions of FSC

• Issuance of financial licenses : including investment companies, foreign exchange brokers, fund managers, payment and virtual asset service providers;

• Investor protection : preventing fraud, false advertising, money laundering and terrorist financing;

• Rulemaking : Setting standards for AML/KYC, capital adequacy, and corporate governance;

• International cooperation : FSC is a member of IOSCO (International Organization of Securities Commissions) and has signed information sharing agreements with regulatory authorities in many countries.

2. Why do you need to check the FSC license?

1. Common registration locations for forex and crypto platforms

• Many forex and CFD platforms choose to register in Mauritius due to its mature legal framework and tax benefits.

2. Risk Identification

• Compliant companies must hold a Global Business License (GBL1 or GBL2) issued by FSC and be traceable in the FSC database.

• If the company is only registered in Mauritius but not licensed by FSC → the risk is extremely high.

3. Preventing false advertising

• Some fraudulent platforms will write the "Mauritius license number" on their official website, but in fact there is no record in the FSC registry.

4. Investor Protection

• The FSC regularly publishes warning lists and penalty announcements , allowing investors to avoid high-risk platforms in a timely manner.

📌 Official website:

• 🔗 FSC Mauritius Official Website

• 🔗 FSC Licensees Search

3. Types of FSC-regulated licenses

1. Investment and Foreign Exchange

• Investment Dealer License

• Full Service Dealer (Including Underwriting)

• Broker Dealer (Execution Only)

• Investment Dealer (Full Service Excluding Underwriting)

• Investment Adviser License

• Fund Manager / Collective Investment Schemes (CIS)

2. Banking and Payments (partially in collaboration with central banks)

• Global Business Company (GBL)

• Payment Service Providers (PSP)

3. Virtual Asset Service Provider (VASP)

• Established under the Virtual Asset and Initial Token Offering Services Act (VAITOS Act) 2021:

• Exchange Services

• Wallet & Custody Services

• Token Issuance & Advisory

IV. FSC License Inquiry Process (Step-by-Step)

Step 1: Enter the FSC official registration form

👉 FSC Register

Step 2: Select a category

• You can search by "Licensees" category (Investment Dealer, VASP, Fund Manager, etc.);

• Or enter the company name/license number directly.

Step 3: Confirm the license plate type

• Whether the user is an Investment Dealer (foreign exchange/derivatives trading) ;

• Whether it is a VASP (crypto asset service provider) ;

• Whether it is Advisory/Fund Management .

Step 4: Check Status

• Licensed / Active → Compliant;

• Revoked / Terminated → Revoked;

• Struck Off → Company deregistration.

Step 5: Cross-validation

• Check whether the license number provided on the company's official website is consistent with the FSC data;

• If no company is found → High risk.

Step 6: Check the penalty notice

👉 FSC Warnings

• If the company is on the warning list → it is recommended to avoid it.

5. Practical Cases

✅ Compliance Examples

• Company Name : ABC Brokers Ltd (Example)

• Category : Investment Dealer (Full Service Excluding Underwriting)

• Status : Licensed

• Conclusion : Compliant✅

❌ Risk Examples

• Company Name : An overseas CFD platform

• Promotion : "Holding FSC supervision"

• Query result : No such company is found in the FSC registry

• Conclusion : False advertising → High risk ❌

VI. Typical Penalty Cases

• 2019 : The FSC revoked a broker’s license for failing to maintain minimum capital requirements;

• 2021 : The FSC rejected the application of a crypto exchange under the VAITOS Act;

• 2023 : Several virtual asset companies were fined and announced for failing to fulfill their AML/KYC obligations.

VII. Investor Protection Mechanism

1. FSC Registry : Publicly verifiable list of licensees;

2. AML/KYC requirements : All licensed companies must comply with international anti-money laundering rules;

3. Penalty transparency : FSC publishes all warnings and penalties;

4. Cross-border cooperation : The FSC cooperates with IOSCO, FATF, and other regulators in Africa and Asia;

5. Investor Complaint Mechanism : Investors can submit complaints to the FSC.

8. Comparison between FSC and international regulation

👉 Conclusion: The FSC is relatively authoritative among offshore jurisdictions, but its overall strictness is still lower than that of first-tier regulators such as the FCA/ASIC.

9. Common Misconceptions

1. Misconception that company registration = regulation ❌;

2. I thought all FSC licenses were valid for forex trading. It must be an Investment Dealer license.

3. Only read the official website propaganda, do not check the FSC announcement ❌;

4. Ignoring the new VASP regulations and failing to confirm its virtual asset license status❌.

10. Investor Recommendations

• You must check the FSC Register + warning notice before investing;

• Check whether the company name, license number and category are consistent;

• Avoid investing in platforms that only have company registration but no FSC license;

• Priority will be given to companies with Investment Dealer (Licensed) + Active status .

11. Conclusion

The Mauritius FSC is an important regulatory body in Africa and the offshore financial sector .

• Compliant companies : can be found in the FSC registry and have an Investment Dealer or VASP license;

• Risky company : only registered with the Industrial and Commercial Bureau, pretending to be FSC licensed.

Investors must strictly follow the Step 1 – Step 6 process and refer to the warning list published by the FSC to avoid falling into the trap of false advertising.