Crypto licence in SeychellesOverview
For many years Seychelles was used to incorporate crypto businesses without a dedicated licensing framework. That changed with the Virtual Asset Service Providers Act, 2024, which brought virtual asset activities carried on in or from Seychelles under the supervision of the Financial Services Authority. Existing operators were required to file licence or registration applications by 31 December 2024, and since late 2025 the FSA has been conducting detailed reviews of transitional applicants with a focus on governance and operational readiness.
The Act defines four licensable services that may be held alone or in combination: virtual asset wallet services (custody), virtual asset exchange, virtual asset broking and virtual asset investment services. Initial coin offerings and NFT issuances follow a separate registration track under their own regulations. Some activities are prohibited outright in or from Seychelles, including mining facilities, mixers and tumblers, and the FSA has clarified that contracts for difference referencing virtual assets fall under the Securities Act 2007 rather than the VASP Act.
The regime is substance-driven. Applicants must be a Seychelles company or an International Business Company, maintain at least two natural-person directors of whom at least one is resident, run a staffed physical office in Seychelles where records are accessible and complaints are handled, and hold their board and management meetings locally. Capital, insurance and solvency requirements are set by the VASP capital and financial requirements regulations, with paid-up capital calibrated to each licensed activity and cumulative for multi-service firms.
Seychelles therefore suits operators that want an offshore base with a recognised licensing framework and are prepared to build genuine local presence. It is not a passport into the EU or UK, and firms serving those markets will usually need MiCA authorisation or UK registration alongside it.
Key benefits
- Dedicated statutory framework for virtual asset businesses with a clear licensing perimeter
- Four licence classes that can be combined in a single entity
- Licence has no fixed expiry, subject to annual fees and filings
- Use of a familiar Seychelles IBC or domestic company structure
- Separate, simpler registration path for token and NFT issuances
- Time-zone position suited to serving Africa, the Middle East and Asia
Requirements
- Applicant incorporated as a Seychelles company or IBC; individuals and overseas companies cannot hold the licence
- At least two fit and proper natural-person directors, at least one resident in Seychelles
- A fully staffed physical office in Seychelles with records accessible locally
- At least two board meetings and four management meetings each year held in Seychelles
- Compliance officer, AML/CFT compliance officer and an alternate drawn from senior management or staff
- Minimum paid-up capital under the VASP capital regulations for each licensed activity
- Professional indemnity insurance at a minimum, plus solvency and segregation of client assets
- Auditor appointed within 30 days of licensing and IFRS audited accounts within six months of year-end
- Comprehensive AML/CFT, cyber-security and business continuity framework under the AML/CFT Act 2020
Licence options & capital
Virtual asset wallet service provider
Custody and safekeeping of client virtual assets and private keys, with segregation and reconciliation obligations.
Virtual asset exchange
Operating a platform that matches or executes exchange between virtual assets, or between virtual assets and fiat.
Virtual asset broking
Arranging or executing transactions on behalf of clients, including OTC and introducing models.
Virtual asset investment provider
Management of investment portfolios or schemes that invest in virtual assets.
ICO / NFT registration
Separate registration for token and NFT issuers under dedicated regulations, rather than a VASP licence.
Step-by-step process
- 1
Structuring and feasibility
Confirm which licence classes are required, the capital that applies to each and whether Seychelles substance is realistic for the business.
- 2
Incorporation and local set-up
Form the Seychelles company or IBC, appoint the resident director, secure office premises and recruit key staff.
- 3
Prepare the application file
Assemble constitutional documents, personal questionnaires, business plan, financial forecasts and the full suite of policies and manuals.
- 4
Submission and completeness review
File digitally through the FSA portal with the SCR 75,000 fee; the FSA confirms completeness, and incomplete files are refused.
- 5
Substantive assessment
Respond to information requests, interviews and system demonstrations within the deadlines the FSA sets.
- 6
Licensing and post-licence steps
Pay the annual fee, appoint the auditor within 30 days and begin regular reporting.
Typical documents
- Signed cover letter and completed FSA application form with proof of fee
- Certified constitutional documents and registers of directors and shareholders
- Personal questionnaires, police and tax clearance certificates and CVs for key persons
- Due diligence on shareholders and ultimate beneficial owners, with source of funds evidence
- Business plan and financial forecasts (or two years of audited accounts for existing VASPs)
- Proof of physical premises in Seychelles
- Insurance quotation for professional indemnity cover
- AML/CFT manual, institutional risk assessment and compliance manual
- Cyber security, business continuity, segregation of assets and record-keeping policies
- Technology provider service level agreements
How Legal Wealth helps
Legal Wealth helps clients judge whether a Seychelles VASP licence fits their strategy and, where it does, builds the application around real substance rather than paper compliance. We coordinate incorporation, local directors and premises with licensed providers, prepare business plans and policy manuals tailored to the actual operating model, and manage dialogue with the FSA through to licensing. Throughout, we treat beneficial ownership and personal data with strict confidentiality, and we can align the licensed entity with the principals' wider holding, banking and succession arrangements.
Enquire with Legal WealthFrequently asked questions
Can a Seychelles IBC hold a VASP licence?
Yes. The FSA accepts applications from companies under the Companies Act 1972 and IBCs under the IBC Act 2016. Individuals and overseas companies cannot be licensed.
Do we really need staff in Seychelles?
Yes. The guidelines require a fully staffed physical office, at least one resident director and board and management meetings held in Seychelles, together with local complaint handling and record access.
How long does licensing take?
The FSA's stated service standard is between three months and two years depending on complexity. Completeness alone can take up to 90 working days, so a complete first submission matters.
Is there a fixed licence term?
No. The licence remains valid until revoked, suspended or surrendered, but the annual fee, compliance form, substance report and cyber security report must be filed every January.
Can we offer crypto CFDs under a VASP licence?
No. The FSA has confirmed that CFDs on virtual assets fall under the Securities Act 2007, so a securities dealer licence is needed instead.
Last reviewed: 2026-10. Requirements, fees and timelines change. Information is general, reviewed on the date shown, and is not legal or tax advice.
