Eternity Law International News Crypto regulation in Seychelles 2023

Crypto regulation in Seychelles 2023

December 7, 2022

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.

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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:

  • there are a certain number of local VASPs established as international firms (IBCs); it shows the interest of foreign businesspersons in local market;
  • a large number of crypto-currency startups are established there, which attract considerable investment from local entrepreneurs.

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.

If you want to learn more about opening a company and obtaining crypto license Seychelles, please contact our specialists. We will assist you in getting this permit, as well as offer many shelf companies for sale in other jurisdictions. Our experts are always ready to cooperate.

Is crypto regulated in Seychelles?

Jurisdiction has more lenient regulative basis for crypto firms. Crypto-transactions are covered by monitoring of local financial niche authorities.

How to get a cryptolicense in Seychelles?

Getting such permit requires the establishment of companies within the jurisdiction. Our experts will help you at all stages of licensing until you get a successful result.

Is crypto-currency legal in Seychelles?

Cryptocurrency-related activities are allowed on the islands. Crypto-companies must comply with certain requirements that are put forward in relation to other financial sector enterprises operating in the jurisdiction.

How much do crypto licenses cost in Seychelles?

Cost of obtaining this permit depends on many factors and is formed individually. We will help you accurately calculate the required amount, based on the needs of your business and your commercial plans.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

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