Virtual Asset Service Providers (VASPs) • A VASP is any person that, as a business and for or on behalf of another person, carries out one or more of the following activities or operations: • Exchange services between VAs and fiat currencies. • Exchange services between one or more forms of VAs. • Transfer of VAs. • Safekeeping or custody of VAs or instruments that enable control over VAs. • Administration of VAs or instruments that enable control over VAs. • Participation in, or provision of, financial services related to an issuer's offer and sale of a VA, or to an issuer's offer or sale of a VA. • Applicants seeking a VASP licence or ITO registration under the VAITOS Act may also apply for a Global Business Licence (GBL) in order to operate as a Mauritian global business entity while carrying out virtual-asset activities. • An application to the FSC for a VASP licence must specify the relevant class or sub-category of licence sought, and the applicant must: • Be a duly registered company carrying on business activities in or from Mauritius. • Be directed and managed from Mauritius. • Have a physical office in Mauritius. • Ensure that each of its controllers, beneficial owners, associates and officers satisfies the 'fit and proper' criteria of the FSC.