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Crypto license in - Seychelles

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To establish a crypto business in the Seychelles, you must obtain a license from the Financial Services Authority (FSA) under the Virtual Asset Service Providers Act 2024. This process applies to exchanges, wallet providers, brokers, ICO and NFT event platforms, and other crypto-related activities. In the Seychelles, cryptocurrency operations are legal and governed by clear rules that align with international standards. We will help you understand, educate, and manage every step of the crypto licensing process in the Seychelles, ensuring compliance with all legal requirements and company registration regulations.

Seychelles

Key laws and regulatory bodies

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    Virtual Asset Service Providers Act, 2024 (VASP Act)

    Sets out who must be licensed, what activities are permitted, application procedures, and compliance duties.

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    Anti-Money Laundering and Countering the Financing of Terrorism Act, 2020 (AML/CFT Act)

    Imposes due diligence, record-keeping, and reporting obligations for all VASPs.

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    Securities Act, 2007

    Applies to digital tokens classified as securities after review by the FSA.

Main requirements for obtaining a Seychelles crypto license

The requirements are defined by the type and scale of virtual asset services you provide. Key criteria include:

Company incorporation

The applicant must be a Seychelles-registered entity and maintain a local operational presence.

Resident director

At least one director must be a Seychelles resident. Regular board meetings are expected to be held locally.

Application documentation

A robust business plan, AML/CFT policies, and operational procedures must be submitted.

Fit and proper checks

Directors and beneficial owners should have clean legal and financial backgrounds.

Economic substance

You need a registered office and compliance officer based in Seychelles.

Minimum capital

The exact requirement varies—this is assessed based on your business model.

Insurance

Adequate insurance cover for risks related to virtual assets is expected.

Cybersecurity

Demonstrate strong IT and cyber risk management policies.

Step-by-step overview of the Seychelles crypto licensing process

  • Step 01

    Business preparation

    • Develop your crypto business model and define the exact range of services.
    • Establish your Seychelles company (local or IBC), appoint local resident director(s), and set up your office and key controls.
  • Step 02

    Application submission

    • Compile all documents, including AML/CFT framework, business plan, and director profiles.
    • Pay the application fee (SCR 75,000 ≈ USD 5,750) and registration fee (SCR 22,500 ≈ USD 1,700).
    • Deliver your application package to the FSA.
  • Step 03

    Regulatory review

    • The FSA checks completeness, legitimacy, and substance.
    • The licensing team may request further documentation or clarification.
    • The business model is scrutinized for compliance with law and best practice.
  • Step 04

    Approval or refusal

    • If successful, the license is issued and entered into the public registry.
    • If refused, re-application is possible after six months.

Permissible and prohibited crypto activities in Seychelles

  • Category Examples of Permissible Activities Prohibited Activities
    Wallet providers Custodial, non-custodial crypto wallets for clients –
    Exchanges Crypto-to-crypto, crypto-to-fiat, NFT, ICO trading –
    Brokerage Broking, facilitation and safekeeping of virtual assets –
    Investment Crypto investment management, advice, portfolio services –
    ICO / NFT Issuing, managing, or trading ICOs and NFTs –
    Mining/tumbling – Operating mining or mixer/tumbler
    Use of certain terms – Use of “blockchain”, “cryptocurrency”, “currency”, “exchange”, “ICO”, “NFT” and similar in name unless licensed
  • Tax Type Details Rate
    Corporate tax (residents) On profits sourced in Seychelles 25%
    Corporate tax (offshore) On profits sourced outside Seychelles 0%
    VAT On goods and services provided in Seychelles 15% (exemptions apply for some goods/services)
    Capital gains tax On asset appreciation or disposal None
    Withholding tax On payments to non-residents None
    Inheritance tax On inheritance transfers None
    Social security contributions Employee and employer payments based on payroll 25% (15% employer, 10% employee)
    Personal income tax Employees’ salary/wages, progressive 0%–30%, based on salary

Frequently asked questions about obtaining a crypto license in Seychelles

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What is a crypto license in Seychelles and who needs it?

A crypto license in Seychelles is official approval from the Financial Services Authority (FSA) to operate virtual asset businesses, such as crypto exchanges, wallet providers, ICO/NFT platforms, and related services. Any company or person offering crypto activities in or from Seychelles must get this license before starting operations.

Which types of crypto activities are allowed under the Seychelles license?

The license covers crypto-to-crypto and crypto-to-fiat exchanges, wallet and custody services, crypto broking, portfolio and investment management, and running ICO or NFT platforms. Mining, mixers, and tumblers are not allowed.

What are the main requirements for obtaining a crypto license in Seychelles?

Your company must be registered in Seychelles, have at least one resident director, a local office, and conduct board meetings locally. You need to appoint a compliance officer, have solid anti-money laundering (AML) and cybersecurity policies, meet minimum capital requirements set by the FSA, and show that key staff are qualified and trustworthy.

How long does the licensing process take and what fees apply?

The process usually takes 3 to 12 months. The government charges an application fee of SCR 75,000 (around $5,750) and a registration fee of SCR 22,500 (around $1,700). Ongoing compliance requirements may also involve additional annual costs.

What are the tax obligations for crypto companies in Seychelles?

Offshore earnings (from clients or business outside Seychelles) are not taxed at the corporate level. Domestic income is taxed at 25%. There is no capital gains, inheritance, or withholding tax on offshore transactions. VAT is 15% for goods and services in Seychelles.

What happens if a business provides crypto services without a license?

Operating without a license is a criminal offense. Penalties include heavy fines and possible imprisonment. The FSA regularly monitors and enforces compliance.

Are ICOs and NFTs regulated under Seychelles law?
Yes. Companies offering ICOs or NFTs must register with the FSA, comply with disclosure and regulatory obligations, and adhere to consumer protection standards.

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