Eternity Law International News Crypto license in Seychelles

Crypto license in Seychelles

Published:
January 10, 2024

Seychelles is located on the shores of the endless azure expanses of the Indian Ocean. In addition to the fact that the islands are known throughout the world for their attractiveness as a tourist and recreational center, the Seychelles are quickly becoming a progressive and prosperous stronghold of crypto-business. This trend towards transforming the islands into a crypto-hub is largely driven by favorable local policies that are pro-business and encourage commercial expansion and innovation. About 20% of all world crypto-exchanges are registered here. Next, we will look at the main features of the industry in the country, the procedure for obtaining this type of permit and other details.

Our company offers highly qualified professional assistance in general establishment and licensing of companies. We also have an extensive list of ready-made licenses for sale, in particular, EMI in Lithuania, gambling permit in Malta, crypto-permit in Estonia and much more.

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Regulation and position of cryptocurrency in Seychelles

The main factor that contributes to the influx of crypto-companies to the Seychelles is the incredibly well-formed and attractive tax structure. In addition to tax privileges, capital holders are also attracted by a very clear and clearly defined regulatory framework.

Currently, the use of crypto-currencies such as Bitcoin, Etherium, Litecoin, Dogecoin, Tether, Cardano, USDT, XRP and Monero is legal in the Seychelles. However, these digital currencies are not recognized by the government as legal tender, meaning that they are not officially used for trade or other commercial activities in the country. But, in order to be able to offer consumers any services related to crypto-currency, the firm must obtain an appropriate license, which must be issued by the local regulatory authority.

There are no specific laws or sanctions related to the use or trading of crypto-currencies in Seychelles. However, general financial laws and regulations still apply to crypto-transactions. Any illegal activity, such as fraud and facilitating the illicit circulation of funds using crypto-currencies, is punishable in accordance with the current legislation of the country.

Seychelles measures to ensure transparency and strict enforcement of AML/CFT policies

Currently, government authorities are taking every step to tighten controls over the industry. To some extent, this is due to the fact that the number of complaints against registered crypto-platforms has been increasing. The complaints included, among other things, allegations of fraudulent transactions and concerns regarding the overall security of crypt-trading on the islands.

As such, local government authorities have adopted sweeping changes in terms of law regarding the crypto-sector in order to bring it in line with global regulatory standards. The regulator and government have demonstrated their commitment to ensuring the transparency and integrity of the crypto-industry by establishing strict financial guidelines designed to combat illicit cash flows and the injection of funds in support of terrorist activities.

The introduction of mandatory licensing requirement norms for firms dealing in crypto-currencies marked a turning point in the Seychelles approach to the overall regulation of the crypto-asset environment, eliminating many of the regulatory shortcomings previously observed in the jurisdiction. Thus, Seychelles has become one of the modern crypto-centers, attracting hundreds of capital holders from all over the world.

Our team is ready to provide you with comprehensive assistance in obtaining a crypto-license in this jurisdiction, as well as other permits. In particular, we have ready-made EMI-licenses in Switzerland, Sweden, Denmark, Germany and other countries.

Advantages of a crypto-license in Seychelles for entrepreneurs

This jurisdiction offers the following beneficial advantages for interested capital holders.

  1. Favorable regime for paying taxes.
  2. Flexible, however, strict and clear regulatory parameters regarding the administration of the enterprise.
  3. Stable political and economic environment.
  4. Availability of a large number of skilled workers resources.

Taxation of crypto-firms in Seychelles

Within the jurisdiction, no special taxes are levied on capital gains on transactions involving crypto-assets. However, tax rules may change as governments around the world in general and local governments in particular continually adapt tax systems for digital assets.

Dividends, interest, royalties or other payments made by Seychelles firms will be exempt from tax if calculated from income received outside the islands.

Crypto-licensing requirement basis and general procedure

Both local and foreign companies have the opportunity to obtain a crypto-license in the Seychelles. In the case of a foreign company, if necessary, it is possible to open a local branch, and the process of registering a new firm does not exceed 24 hours. The applicant intending to get this permit will need to provide the regulator with the following documents to obtain a crypto-license.

  1. Correctly completed application form.
  2. Detailed business-plan.
  3. Documentation relating to all directors and owners of the firm.
  4. Anti-Money Laundering Policy Guide.
  5. A complete description of the service range the firm offers.
  6. Copies of firm registration documents confirming their legality.

If the organization has already engaged in similar activities, financial statements will be required. 

With regard to guarantees provided by payment of initial capital, the regulator allows this norm to be met by paying the full amount in cash. Alternatively, you can seek help from local insurers who offer this service in exchange for a fee. 

Obtaining a crypto-license in the Seychelles requires compliance with certain conditions.

  1. Organizational structure. Firms must register locally and appoint a minimum of two directors with residency. The firm must be physically present in the jurisdiction and have a local representative.
  2. Development and implementation of effective AML/CFT policies, as well as procedures for conducting due diligence on clients and monitoring ongoing transactions.
  3. Development and implementation of strict technical and operational standards for the functioning of the firm. This includes, but is not limited to, security measures to protect customer assets and data.
  4. Ensuring that staff meet the criteria for appropriate professional status.

Price of getting this permit is calculated individually. We’re ready to give estimated cost prior to entering into cooperation. 

Why do you need to contact our specialists?

Our team of professional lawyers provides an extensive range of services for quick licensing while minimizing the cost of your resources. We offer the following.

  1. Consulting and practical assistance in selecting the optimal legal form for establishing a firm in any jurisdiction around the world.
  2. Direct establishment of a firm.
  3. Preparation of documents for submission to the local regulator.
  4. Filling out the application and providing support throughout the entire process.

We also offer other licenses for sale, such as PSP-license in Spain, Forex and gambling permits in hundreds of jurisdictions. Our professionals will provide you with comprehensive and comprehensive support, guaranteeing the most effective results for you.

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