Detailed overview
Mauritius at a glance
Mauritius is one of the few African jurisdictions with live licensing across crypto, banking, payments and remote betting. The FSC licenses virtual assets under VAITOS. The Bank of Mauritius issues bank and payment licences. The Gambling Regulatory Authority issues remote bookmaker and digital gaming licences.
Last verified: March 2026.
Use Mauritius for crypto, banking, payments and existing-operator iGaming. A general online casino route is not available.
Is there a crypto licence in Mauritius?
Yes. Five VASP classes are available from the FSC under VAITOS.
Mauritius runs a live VASP regime under the Virtual Asset and Initial Token Offering Services Act 2021. No person may carry on VASP business in or from Mauritius without a licence. The applicant must be a company with a physical office in Mauritius. The business must be directed and managed from Mauritius. An FSC-approved senior executive must be a natural person resident in Mauritius.
Penalties: unlicensed VASP activity carries fines up to MUR 5,000,000 (about USD 107,672) and up to 10 years imprisonment.
VASP Class M (Broker-Dealer)
Best for crypto exchanges and OTC desks.
What it is: FSC licence to buy and sell virtual assets as principal or agent on behalf of clients.
Who it suits: crypto exchanges and OTC desks executing trades for retail or institutional clients in or from Mauritius.
Headline figures
- Processing fee: MUR 45,000 (about USD 969)
- Annual fee: MUR 90,000 (about USD 1,938)
- Minimum capital: MUR 2,000,000 (about USD 43,069)
- Decision SLA: not published
VASP Class O (Wallet Services)
Best for custodial wallet providers.
What it is: FSC licence to provide virtual asset wallet services.
Who it suits: custodial wallet providers and crypto neobanks offering storage and access to virtual assets on behalf of users.
Headline figures
- Processing fee: MUR 45,000 (about USD 969)
- Annual fee: MUR 85,000 (about USD 1,830)
- Minimum capital: 12-month fiat working capital
- Decision SLA: not published
VASP Class R (Custodian)
Best for institutional custodians.
What it is: FSC licence to hold and safeguard virtual assets or private keys on behalf of third parties.
Who it suits: institutional crypto custodians, fund administrators and prime brokers offering qualified custody for professional clients.
Headline figures
- Processing fee: MUR 70,000 (about USD 1,507)
- Annual fee: MUR 110,000 (about USD 2,369)
- Minimum capital: MUR 5,000,000 (about USD 107,672)
- Decision SLA: not published
VASP Class I (Advisory Services)
Best for crypto advisers and portfolio managers.
What it is: FSC licence to provide investment advice on virtual assets.
Who it suits: crypto advisers, portfolio managers and financial planners integrating digital assets into client portfolios.
Headline figures
- Processing fee: MUR 135,000 (about USD 2,908)
- Annual fee: MUR 220,000 (about USD 4,738)
- Minimum capital: sufficient working capital
- Decision SLA: not published
VASP Class S (Marketplace)
Best for token marketplaces and trading platforms.
What it is: FSC licence to operate a virtual asset trading platform or marketplace.
Who it suits: token marketplace operators and secondary trading platforms seeking a regulated Mauritian base.
Headline figures
- Processing fee: MUR 135,000 (about USD 2,908)
- Annual fee: MUR 220,000 (about USD 4,738)
- Minimum capital: MUR 6,500,000 (about USD 139,974)
- Decision SLA: not published
If the applicant gives an inadequate or no response within 2 months of the FSC's last query, the FSC will not proceed and a fresh application must be filed. ITO issuers are separately listed at MUR 90,000 processing fee (about USD 1,938).
Commercial Banking Licence
Best for well-capitalised banking groups.
What it is: full Bank of Mauritius authorisation to accept deposits and carry on banking business.
Who it suits: international banking groups, regional African banks and well-capitalised fintech ventures wanting a full banking licence.
Operational requirement: the licence is revoked if the bank fails to commence business within 12 months of issue.
Headline figures
- Minimum capital: MUR 400,000,000 (about USD 8,613,000)
- Processing fee: MUR 1,000,000 (about USD 21,534)
- Annual licence fee: MUR 3,000,000 to MUR 5,000,000 (about USD 64,601 to 107,672) by asset size
- Decision period: 60 working days after a complete file
Private Bank and Restricted Digital Bank
Best for private wealth and digital-first banking models.
What it is: reduced-capital entry routes for wealth-focused or digital-first banks, with mandatory scale-up to MUR 400,000,000 over time.
Who it suits: private wealth managers, family office banks and digital neobanks that can show a focused model and commit to Mauritian substance.
Capital thresholds by category
- Private bank initial capital: MUR 200,000,000 (about USD 4,307,000)
- Private bank target capital within 5 years: MUR 400,000,000 (about USD 8,613,000)
- Restricted digital bank initial capital: MUR 200,000,000 (about USD 4,307,000)
- Digital bank minimum annual operating costs: MUR 25,000,000 (about USD 538,350)
- Digital bank minimum full-time officers: 10 suitably qualified staff
Payment Service Provider (PSP) Licence
Best for fintech payments, remittance and e-money.
What it is: Bank of Mauritius licence to provide regulated payment services under the National Payment Systems Act.
Who it suits: fintechs offering remittance, e-money, payment initiation, acquiring, card issuance or account-information services.
Covers: account funding, basic payment execution, acquiring, payment instrument issuance, money remittance, payment initiation, account information, small e-money and large e-money.
Operational requirement: principal place of business in Mauritius, full-time senior staff including a CEO, and a board of at least 3 natural persons (one independent director). E-money customer funds must be held in a segregated trust account. Cash withdrawals are not permitted. Business must commence within 6 months or the licence may be revoked.
Headline figures
- Processing fee (all categories): MUR 25,000 (about USD 539)
- Determination period: 30 days completeness review, then 60 working days
Annual fee and capital by category
- Account funding and basic payment execution: MUR 100,000 annual, MUR 5,000,000 capital (about USD 2,153 and 107,672)
- Acquiring and payment instrument issuance: MUR 500,000 annual, MUR 5,000,000 capital (about USD 10,767 and 107,672)
- Money remittance: MUR 50,000 annual, MUR 3,000,000 capital (about USD 1,077 and 64,601)
- Payment initiation services: MUR 100,000 annual, MUR 3,000,000 capital (about USD 2,153 and 64,601)
- Account information services: MUR 50,000 annual, MUR 1,000,000 capital (about USD 1,077 and 21,534)
- Small e-money issuer: MUR 50,000 annual, MUR 3,000,000 capital (about USD 1,077 and 64,601)
- Large e-money issuer: MUR 100,000 annual, MUR 5,000,000 capital (about USD 2,153 and 107,672)
Where a PSP provides more than one service, annual fees are cumulative.
Is there an iGaming licence in Mauritius?
Partly. No general online casino route. Remote bookmaker and digital gaming licences are available.
Section 91 of the GRA Act, the broad interactive gambling provision, is not in operation. Mauritius does not offer a single general online casino licence. The two live online routes are remote bookmaker licences for fixed-odds betting on local races and foreign football, and digital gaming licences tied to existing land-based operators.
Penalties: section 91A prohibits persons in Mauritius from accessing offshore interactive gambling. It empowers blocking and payment-stop directions against ISPs and financial institutions.
Remote Bookmaker Licence
Best for licensed sportsbook operators.
What it is: GRA licence to accept fixed-odds sports bets by internet or other remote communication on local horse races or foreign football.
Who it suits: licensed bookmakers and established sportsbook operators wanting a lawful online betting channel.
Covers: fixed-odds betting on local races and on foreign football. The foreign-football route allows up to 20 outlets with Board approval.
Headline figures
- Annual fee (principal): MUR 5,000,000 (about USD 107,672), payable in 4 instalments
- Additional facility fee: MUR 50,000 (about USD 1,077)
- Extra events fee: MUR 250,000 per event (about USD 5,384) beyond foreign football and local or international races
- Decision SLA: not published
Key conditions
- Applicant must be a company.
- Application must list directors, managers, officers and persons with direct or indirect interests.
- Certificate of character required, issued not earlier than 6 months before application.
- Renewal must be filed at least 30 days before expiry.
Digital Gaming Licence
Best for existing land-based operators adding an online channel.
What it is: GRA licence permitting an existing casino, gaming house or limited payout machine operator to conduct gaming through a digital channel.
Who it suits: existing licensed land-based operators wishing to extend operations online. Not available as a standalone online casino licence.
Operational requirement: the applicant must already hold a casino, hotel casino, gaming house A or LPM licence from the GRA.
Headline figures
- Annual fee: MUR 1,000,000 (about USD 21,534), payable in 4 instalments
- Eligible categories: casino, hotel casino, gaming house A, LPM
- Decision SLA: not published
Costs and timelines at a glance
- VASP Class M: MUR 45,000 processing, MUR 90,000 annual, MUR 2,000,000 capital (about USD 969 / 1,938 / 43,069)
- VASP Class O: MUR 45,000 processing, MUR 85,000 annual (about USD 969 / 1,830)
- VASP Class R: MUR 70,000 processing, MUR 110,000 annual, MUR 5,000,000 capital (about USD 1,507 / 2,369 / 107,672)
- VASP Class I and S: MUR 135,000 processing, MUR 220,000 annual (about USD 2,908 / 4,738)
- VASP decision period: not published, process-based
- Commercial bank: MUR 400,000,000 capital, MUR 1,000,000 processing (about USD 8,613,000 / 21,534)
- Bank determination period: 60 working days after complete file
- PSP remittance: MUR 25,000 processing, MUR 50,000 annual, MUR 3,000,000 capital (about USD 539 / 1,077 / 64,601)
- PSP large e-money: MUR 25,000 processing, MUR 100,000 annual, MUR 5,000,000 capital (about USD 539 / 2,153 / 107,672)
- PSP determination period: 60 working days after complete file
- Remote bookmaker annual fee: MUR 5,000,000 (about USD 107,672)
- Digital gaming annual fee: MUR 1,000,000 (about USD 21,534)
- General interactive gambling licence (s.91): not available; provision not in operation
Who Mauritius suits and who it does not
Suitable for
- Crypto exchanges and OTC desks (Class M)
- Wallet providers and custodians (Class O, Class R)
- Token issuers and crypto advisers (ITO, Class I)
- Full banks and private wealth banks
- Digital banks that can meet the MUR 25,000,000 annual opex floor
- PSPs, remittance and e-money operators
- Sportsbook operators using the remote bookmaker licence
- Existing casino or gaming operators adding a digital channel
Not suitable for
- Operators wanting a standalone online casino licence
- General interactive gambling businesses (section 91 not in force)
- VASPs unwilling to build real Mauritian substance
- Digital banks unable to meet the MUR 25,000,000 annual opex floor
- Offshore-only structures with no Mauritius presence