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Cryptos – Seychelles – FSA

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Virtual Asset Service Providers (VASP) License - Seychelles

The Financial Services Authority (FSA) Seychelles has implemented a regulatory framework to oversee Virtual Asset Service Providers (VASPs), which also aligns with the international Anti-Money Laundering and Counter-Terrorism Financing standards.

Below, you can find a summary of the application procedure to obtain a license as a Virtual Asset Service Provider in Seychelles.

Licensing Requirements

The entity must:

  1. Be incorporated in Seychelles as a domestic entity or International Business Company.
  2. Have an appointed Compliance Officer, residing in Seychelles.
  3. Have at least 2 natural persons appointed as ‘Fit and Proper’ Directors. For CIGA requirements, one of the two Directors need to be a resident.
  4. Operating a fully manned office in Seychelles.

VASP applicants may apply for undertaking of one or a combination of the permissible activities which include:

No. Class of License Business Activities Initial Capital
1. Virtual Asset Wallet Providers Offering secure digital wallets to store, transfer, and manage virtual assets like cryptocurrencies. This includes custody and safeguarding of users’ virtual assets. USD 75.000
2. Virtual Asset Exchange Facilitating the exchange of virtual assets between customers. This includes operating platforms where users can trade between different virtual assets or fiat currency. USD 100.000
3. Virtual Asset Broking Acting as an intermediary to match buyers and sellers of virtual assets. Brokers may also provide advice and facilitate transactions on behalf of clients for a commission or fee. USD 50.000
4. Virtual Asset Investment Providers Offering management services for virtual asset investments. This includes providing investment advice or managing portfolios that contain virtual assets like cryptocurrencies. USD 25.000

Process of acquiring the license with the FSA:

  1. Initial Application: Submit a complete application with required documents (e.g., company incorporation, Business Plan, AML/CFT policies, details of Directors and Shareholders).
  2. Application Review: The FSA assesses the application. If incomplete, it will be refused.
  3. Proceed to Assessment: If the application is complete, the FSA informs the applicant, moving it to the assessment stage for final determination.
  4. Assessment Stage: FSA may request additional information with a deadline for response. Extensions can be granted with valid reasons.

 

Entities already licensed by the Authority for a separate license e.g. Securities Dealer License and wishing to apply for a VASP license (dual licensees):

  1. Can apply under their existing corporate entity (no need for a separate entity to be created for a VASP license);
  2. Are required to complete the “Existing Licensees Application Declaration Form”.
  3. Can rely on documentation previously submitted.
  4. Must submit addendums and supplementary information and documentation that is specific to VASP intended activities.