Regulatory Sandbox License (RSL)

The Regulatory Sandbox License framework is pivotal for the development of innovative products and services, including fintech-enabled services, for which there are currently no regulatory structure under the Mauritian Law. The RSL is issued by the Economic Development Board. The Regulatory Sandbox License is one of the best in the world, offering the investor the legal certainty and economic freedom that he is looking for.


OVERVIEW

The introduction of the Regulatory Sandbox License to the Mauritian business landscape has undoubtedly marked the ambition of Mauritius to position itself as a serious and innovative nation in the pursuit of establishing itself as a reputable financial centre as well as an international hub for blockchain start-ups.


ELIGIBILITY

Any investor, with an innovative project for which there exists no legal framework or adequate provisions covering the materialization of the project, will be eligible to apply for this license.

In relation to Fintech Projects, to be eligible for the RSL, the investor must demonstrate the following:

  • The product, service or solution being developed is genuinely innovative, that is, it is novel and not similar to those already available in the market;
  • The project will contribute to the development of local skills and know-how;
  • The provision of the new product, service or solution is either wholly or partly incompatible with the current regulatory requirements in Mauritius; and
  • The applicant has conducted an assessment to demonstrate the usefulness and functionality of the product, service or solution and understands the associated risks.

BENEFITS OF THE REGULATORY SANDBOX LICENSE

The RSL offers a ‘safe place’ to test promising projects within set parameters which act as temporary frameworks and that are inspired from proven worldwide best practices. This measure acts as a time-saving device pending the provision of a legislative framework, a key fundamental in attracting high-level entrepreneurs who can spearhead the high-tech SME sector in Mauritius. In addition, the RSL also facilitates the upgrading of existing regulations following proven efficient and adequate legislation. Through the RSL, the promoter is provided with the terms and conditions of the project as well as the information relating to the framework.