Legal frames under which crypto regulation in Seychelles is performed, establishes fairly loyal conditions for ICO projects. Here, digital assets are not a currency and are not considered a payment instrument that is offered by financial firms. But at the same time, cryptocoins are more widely used locally. Thus, cryptocurrency is legal in Seychelles and covered by specific rules.
Taking into account popularity of deals with digital assets, Committee on preventing monetary means illegal circulation and terrorism supporting outlined a rather strict and uncompromising position of the state in relation to virtual funds in which they appear, in accordance with the developed policy. Jurisdiction seeks to control crypto exchanges in Seychelles and circulation of virtual assets services companies (VASPs) registered locally to follow FATF standards.
VASPs’re companies that provide the exchange of virtual assets, incl. cryptographic currencies, non-fungible tokens, or utility tokens, such as Filecoin. In order to more clearly outline monitoring of crypto license in the Seychelles, local authorities have conducted a national risk assessment of digital means.
Event was attended by the banking sector, corporate service providers, the insurance industry, the securities sector, and specialists in legal, accounting and auditing issues. As a result, it was revealed there’re many VASPs functioning locally, but since there’s no clear organizational structure for such enterprises, organizations must comply with a set of rules and regulative basis. Now in Seychelles, a system is being formed that could minimize the vulnerabilities associated with VASP.
Crypto-currency firms get same Seychelles crypto license to operate as existing fiscal niche licensees, particularly, banking institutions. Locally, licensing for VASPs follows 15 FATF norms.
More lenient terms and regulations that act as norms for such organizations, combined with a high level of security and privacy, are one of the main reasons why more VASPs are being opened in this state. Crypto-currencies are already actively demonstrating their strengths, appearing in operations worldwide, so the authorities of the jurisdiction and private entrepreneurs have decided to contribute to their active promotion on the islands.
Randolph Samson, Acting Director of Financial Services Division, provided an overall report to commercial community which read as follows:
When assessing the risks, it turned out some companies, although they are certified in Seychelles, nevertheless, don’t conduct operations directly within the jurisdiction. Establishing licensing for Seychelles cryptocurrency exchange will help to clearly identify which organizations are operating within the islands. Now state is working to monitor the crypto-licensing process and take crypto-currency firms under stricter control.
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