Seychelles is actively developing a regulatory framework for Virtual Asset Service Providers (VASPs), with the Ministry of Finance, National Planning and Trade having published a public consultation response in 2025 outlining the proposed framework Virtual Asset Service Providers Framework Industry Consultation Response

The Seychelles Licensing Authority (SLA) is the primary licensing body for business activities, operating under the Licensing Act, and processes all business license applications within 14 days Business License Application - Seychelles Licensing Authority

The Central Bank of Seychelles (CBS) is involved in payment system regulation, and the Securities Act, 2007 is being amended to address emerging risks in the securities sector Cabinet Business -Thursday 12th September 2024 - News - State House Seychelles | Office of the President

As of the information available, no specific VASP or cryptocurrency exchange licenses have been issued under a dedicated digital asset framework, as the framework is still in the consultation and development phase Virtual Asset Service Providers Framework Industry Consultation Response

The practical reality is that businesses must currently operate under general business licensing requirements while awaiting the finalization of the dedicated VASP framework Home - Seychelles Licensing Authority

The Ministry of Finance, National Planning and Trade is the lead government body developing the Virtual Asset Service Providers framework, having published a formal Response to Public Consultation document Virtual Asset Service Providers Framework Industry Consultation Response

The Seychelles Licensing Authority (SLA) is the main regulatory agency responsible for issuing business licenses, operating since 1984, with its official website at https://www.sla.gov.sc/ Home - Seychelles Licensing Authority

The Licensing Act governs the business licensing process, and under its provisions, the SLA must deal with a license application within 14 days Business License Application - Seychelles Licensing Authority

The Securities Act, 2007 is the primary legislation for securities regulation in Seychelles, and the Cabinet of Ministers has approved key reforms to this Act to enhance regulation and compliance in response to market developments and emerging risks Cabinet Business -Thursday 12th September 2024 - News - State House Seychelles | Office of the President

The National Payment System (Licensing and Authorization) Regulations 2014 have been amended to introduce new criteria for licensing and authorization, including requirements that applications align with national interests and adhere to both the NPSR and Securities Act Cabinet Business -Thursday 12th September 2024 - News - State House Seychelles | Office of the President

The Central Bank of Seychelles (CBS) is the authority responsible for the payment system and has been approved to initiate the phased sun-setting of cheques, with the National Payment System regulations being modernized to align with international standards Cabinet Business -Thursday 12th September 2024 - News - State House Seychelles | Office of the President

The Cabinet of Ministers has approved the signing and adoption of the Multilateral Instrument (MLI) for the implementation of the Pillar Two Subject to Tax Rule (STTR) as developed by the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Cabinet Business -Thursday 12th September 2024 - News - State House Seychelles | Office of the President

The SLA maintains a list of Acts and Regulations that license holders must abide by, available at their Licences Act and Regulations page Licences Act and Regulations Archives - Seychelles Licensing Authority

The FSA (Financial Services Authority) has the power to exempt groups of licensees deemed as low risk from having to appoint compliance officers, indicating an existing securities licensing regime under FSA oversight News - Press Room - Ministry of Finance, National Planning and Trade

Any applicant must obtain a business license as a sole trader with a valid National Identity Number (NIN) or as a registered company or business with a valid Business Registration Number (BRN) Business License Application - Seychelles Licensing Authority

The business license application process includes: filling and submitting an application form, approval of application by the CEO or Deputy CEO of SLA, payment of license fee, and collection of the issued license Business License Application - Seychelles Licensing Authority

If the business license activity requires one or more premises, there is a process of inspection by inspectors and relevant consulting agencies including the Planning Authority, Public Health Department, Seychelles Tourism Board, Fire Safety & Rescue Agency, Department of Environment, Department of Information Communication Technology and Landscape & Waste Management Agency Business License Application - Seychelles Licensing Authority

Each application form contains the license fees, the relevant supporting documents needed, and any other specific requirements for the license Business License Application - Seychelles Licensing Authority

The SLA must deal with a license application within 14 days in accordance with the provisions of the Licensing Act Business License Application - Seychelles Licensing Authority

Foreigners applying for business licenses have a specific procedure outlined by the SLA Business license Procedure for foreigners - Seychelles Licensing Authority

The SLA provides specific licensing categories for professional services, including separate categories for Accountants and Auditors, indicating a sector-specific licensing approach Professional Services (Accountant) - Seychelles Licensing Authority

The Professional Services (Auditor) category has its own distinct licensing requirements under the SLA Professional Services (Auditor) - Seychelles Licensing Authority

The Financial Services Authority (FSA) has the authority to exempt groups of licensees deemed as low risk from having to appoint compliance officers, with a group of 5 licensees having been granted such exemption News - Press Room - Ministry of Finance, National Planning and Trade

As of the current information available, there are NO entities that have been licensed specifically as Virtual Asset Service Providers or cryptocurrency exchanges under a dedicated digital asset framework, as the VASP framework is still in the consultation and development phase Virtual Asset Service Providers Framework Industry Consultation Response

The amendments to the National Payment System (Licensing and Authorization) Regulations 2014 include enhanced measures for fraud prevention, data security, and business continuity for Payment Service Providers and Operators Cabinet Business -Thursday 12th September 2024 - News - State House Seychelles | Office of the President

The Financial Services Authority (FSA) requires certain licensees to appoint compliance officers, though it has the power to exempt groups of licensees deemed as low risk from this requirement News - Press Room - Ministry of Finance, National Planning and Trade

The revised National Payment System regulations require applications for licensing and authorization to adhere to both the NPSR and Securities Act, which would encompass compliance obligations Cabinet Business -Thursday 12th September 2024 - News - State House Seychelles | Office of the President

The proposed VASP framework as detailed in the Ministry of Finance consultation response addresses these obligations within the context of the overall regulatory approach Virtual Asset Service Providers Framework Industry Consultation Response

The Cabinet of Ministers approved the implementation of mandatory electronic cash registers and Point of Sale (PoS) systems across various economic sectors effective January 2025, which is a compliance enhancement measure rather than an enforcement action Cabinet Business -Thursday 12th September 2024 - News - State House Seychelles | Office of the President

No specific enforcement actions, fines, penalties, or arrests related to cryptocurrency or digital asset securities violations have been documented in the provided source materials

The regulatory reforms to the Securities Act, 2007 have been initiated to address emerging risks, suggesting that enforcement capabilities are being strengthened proactively Cabinet Business -Thursday 12th September 2024 - News - State House Seychelles | Office of the President

No tax guidance has been issued for virtual assets in the provided source materials

The Cabinet of Ministers has approved the adoption of the Multilateral Instrument (MLI) for the Pillar Two Subject to Tax Rule (STTR), which enables Seychelles to impose an additional tax on certain cross-border payments not subject to a minimum tax rate of 9% in the recipient's country Cabinet Business -Thursday 12th September 2024 - News - State House Seychelles | Office of the President

The STTR MLI adoption supports international efforts to combat tax avoidance and aligns with global standards on tax transparency and fairness, which may have implications for digital asset transactions Cabinet Business -Thursday 12th September 2024 - News - State House Seychelles | Office of the President

The VASP framework is still in the consultation response phase, meaning there is currently no finalized, operational licensing regime specifically for cryptocurrency businesses in Seychelles Virtual Asset Service Providers Framework Industry Consultation Response

Businesses engaging in cryptocurrency activities currently fall under the general business licensing regime of the SLA, which was not designed specifically for digital asset operations Business License Application - Seychelles Licensing Authority

The Securities Act, 2007 reforms have been approved but the implementation timeline and specific provisions for digital assets are not yet publicly detailed Cabinet Business -Thursday 12th September 2024 - News - State House Seychelles | Office of the President

The National Payment System regulations have been amended, but the interaction between payment system regulation and VASP regulation for cryptocurrency businesses remains to be clarified Cabinet Business -Thursday 12th September 2024 - News - State House Seychelles | Office of the President

The Central Bank of Seychelles is modernizing the payment landscape, including the phasing out of cheques, but the role of CBS in overseeing cryptocurrency payment systems is not clearly defined in the available documentation Cabinet Business -Thursday 12th September 2024 - News - State House Seychelles | Office of the President

There is no publicly available information confirming whether any cryptocurrency exchange or VASP has been licensed, creating regulatory uncertainty for market entrants Home - Seychelles Licensing Authority

The FSA's exemption of certain licensees from compliance officer requirements suggests a risk-based approach, but the criteria for such exemptions in the context of digital assets is not publicly detailed News - Press Room - Ministry of Finance, National Planning and Trade

Businesses must navigate the SLA's 14-day processing timeline for license applications, which may not account for the complexity of digital asset business models Business License Application - Seychelles Licensing Authority

Virtual Asset Service Providers Framework Industry Consultation Response

Home - Seychelles Licensing Authority

Cabinet Business -Thursday 12th September 2024 - News - State House Seychelles | Office of the President

Business License Application - Seychelles Licensing Authority

Professional Services (Accountant) - Seychelles Licensing Authority

Licences Act and Regulations Archives - Seychelles Licensing Authority

News - Press Room - Ministry of Finance, National Planning and Trade

Business license Procedure for foreigners - Seychelles Licensing Authority

Professional Services (Auditor) - Seychelles Licensing Authority