Why Operators Switch to Anjouan in 2026

If you licensed on Curaçao two years ago, the ground has moved under you. The island’s shift to the new LOK regime replaced a cheap, hands-off master-sub-licence with a proper regulator, a local entity, substance requirements and a longer, costlier approval. Operators who chose Curaçao precisely because it was fast and light are now paying for exactly what they were trying to avoid, and the ones scanning the market in 2026 keep landing on the same alternative. (We set Anjouan against every other Curaçao alternative in a dedicated comparison.)

The migration story is remarkably consistent. Startups, crypto-first casinos and lean operators run the numbers, look at a €17,828 flat fee against a rising Curaçao bill, and switch to Anjouan. This is the case for that move: what is genuinely driving it, and where Anjouan is the wrong answer.

What changed on Curaçao and why it pushed operators out

For a decade Curaçao was the default offshore gambling licence: one master licence holder issued sub-licences, the cost was low, and nobody asked hard questions about substance. The LOK reform ended that model. Under the new regime an operator applies directly to a real regulator, incorporates a local Curaçao entity, meets substance and representation requirements, and waits through an approval that runs materially longer than the old sub-licence rubber stamp.

None of that is unreasonable for a maturing market. But it removes the exact three things that made Curaçao attractive to the operators who chose it: low cost, no local footprint, and speed. A startup that budgeted for a sub-licence now faces entity setup, local representation and a compliance load closer to a mid-tier regime, without the reputational upside of Malta or the Isle of Man.

The transition period made it worse in the short term. Operators sat in application queues, existing sub-licensees faced uncertainty over how long their old permits would be honoured, and the effective cost of staying compliant crept up while the regulator found its feet. For a cash-tight startup, regulatory limbo is expensive in a way that never shows up on a fee schedule: every week you cannot confidently onboard players or sign a payment provider is a week of burn with no revenue. When the cost of the light-touch option climbs toward the cost of the serious option, the light-touch operators start shopping. That is the shift, and Anjouan is where most of them look first. We cover the mechanics of moving in our Curaçao-to-Anjouan migration guide.

The Anjouan case: what operators are actually switching to

The pull factor is as simple as the push factor. The Anjouan gaming licence is a single permit issued under the Computer Gaming Licensing Act, and it covers casino, sportsbook, poker, eSports and crypto gaming at once, so you do not license each vertical separately. The commercial terms are what close the deal:

The €17,828 is a flat, predictable government fee; the same amount issues the licence and renews it each year. There is no local office, resident director or on-island staff requirement, because the applicant company is set up in Costa Rica and the whole file is submitted remotely through an agent. That combination is what a founder who wants a live product rather than a compliance project is looking for. For a side-by-side against a regulated benchmark, see our Anjouan vs Malta comparison.

Speed and cost: the two numbers that decide it

Two figures drive most switching decisions, so it is worth being precise about both.

On timeline, the realistic end-to-end window is four to eight weeks, from “let’s do this” to accepting deposits, provided the paperwork is clean. The regulator’s own processing is faster; what stretches the calendar is document readiness. One incomplete UBO file or one policy that needs redrafting adds roughly a week per round, and that is entirely inside the operator’s control.

On cost, the €17,828 is only the licence line. Year-one totals (corporate structure, compliance infrastructure, policy drafting and payment setup) typically land between €40,000 and €70,000 depending on the operating model. That is still well under a serious Curaçao or Malta build, but it is the all-in number rather than the headline. We break down every line in the Anjouan gaming licence cost guide.

Crypto acceptance and mainstream scale

Two facts move Anjouan out of the “experimental” bucket that older guides still put it in.

First, crypto. Anjouan is widely used by crypto casinos, and its regulator publishes no crypto-specific rulebook, unlike Curaçao, whose 2026 crypto rules add a Travel Rule mandate and an exchange ban. For a crypto-first casino that means fewer regulator-side hurdles, but not fewer obligations: Travel Rule data, on-chain screening and sanctions checks still have to exist, because PSPs and banks will ask for them. The programme is simply yours to design rather than the regulator’s to prescribe.

Second, scale. The official public register now lists more than 1,500 valid licences. A jurisdiction that a dozen operators treated as a punt five years ago is now one of the highest-volume offshore regimes in the industry. Volume is not just a vanity metric: it is why game studios, aggregators and payment providers have standard onboarding for Anjouan-licensed merchants. A credential thousands of counterparties already recognise is easier to bank and integrate than a boutique licence nobody has a process for.

The limits: where switching is the wrong call

A fair case has to include the ceiling, because switching to Anjouan solves the cost and speed problem and nothing beyond it.

An Anjouan licence is authorisation to operate a gambling business. It does not give market access, and no offshore licence does. You still geoblock the regulated markets: the United Kingdom, the United States, France, Germany, Spain, the Netherlands, Austria, Australia and FATF-blacklisted countries. If your business plan depends on entering a licensed market (where a UK operator, for instance, faces the Remote Gaming Duty that rose to 40% from April 2026), Anjouan is the wrong licence. It is built for grey markets with no local regime, which is where its licensed operators actually run. Our restricted-countries guide lists exactly where you can and cannot operate.

The second limit is banking. Getting the licence takes weeks, while payment infrastructure takes far more work. Some Tier-1 banks and card processors decline offshore gambling regardless of how valid the licence is, because gambling is a high-risk category everywhere and offshore gambling doubly so. In practice you build around an EMI or neobank account, specialist high-risk acquirers and, where relevant, a payment agent incorporated in Cyprus. Plan that stack before you apply, so acquirer and EMI onboarding runs alongside the four-to-eight-week licence process; that sequencing decides whether you launch in weeks or stall for months.

Is switching right for you?

The decision is cleaner than the marketing around it suggests. If you are a startup, a crypto casino or an operator serving grey markets, and Curaçao’s new cost and substance load has made your original plan uneconomic, Anjouan is very likely the better home: flat €17,828, 0% on gaming revenue, no local presence, crypto accepted, live in weeks. If you need regulated-market access or Tier-1 banking relationships that only a top-tier licence unlocks, it is not, however much it saves.

The operators who regret the switch are almost always the ones who bought the licence without planning the payment stack, or who assumed offshore paper opened doors it never opens. Get both right and the move pays for itself in the first quarter. Switch for the right reason, though: the investigation into the consultancy behind Curaçao’s rulebook is a reputational story, and on its own it is no reason to abandon a live application. If you want a straight read on whether Anjouan fits your model, or a second opinion before you leave Curaçao, book a free consultation and we will walk the numbers with you.

Iryna H.

Gaming Licensing at Vantegris

Iryna H. is part of the Vantegris team, which prepares and files licence applications across 40+ jurisdictions. This article was reviewed by Vladyslav S. (Compliance & Legal).

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This article is for general informational purposes only and is not legal, tax or financial advice. Consult a qualified professional before acting.