Seychelles
Seychelles — historically the registered home of major offshore exchanges — moved decisively with the VASP Act 2024, requiring licensing and substance for all virtual asset firms. The FSA is now actively de-registering non-compliant entities while building supervisory capacity.
Developing
Financial Services Authority (FSA Seychelles)
Virtual Asset Service Providers Act 2024 — licensing for exchanges, wallets, brokers; transition window closed 2025.
AML/CFT Act 2020 extended to VASPs; FSA supervisory inspections began 2025.
Partial — Travel Rule in VASP Act; cross-border data exchange standards still maturing.
Territorial regime; no CGT. Business tax applies to Seychelles-sourced income.
VASP Act disclosure and client-asset rules; FSA public register of licensees.
- —Legacy offshore structures still unwinding
- —Supervisory bandwidth thin relative to registered population
- —Reputational overhang from pre-2024 era
Ends the era of unregulated Seychelles crypto exchanges; mandatory licensing.
FATF-aligned baseline extended to virtual assets.
Post-transition enforcement sweep removes legacy IBC structures.
Domestic licensing regime becomes operational.
- 2020
AML/CFT Act modernised
- 2024
VASP Act enacted — licensing mandatory
- 2025
Transition window closes; inspections begin
- 2026
Enforcement sweep against non-compliant entities