Seychelles — crypto regulation

Status: legal · Last reviewed 2026-11-05

Former light-touch offshore hub now under active supervision. The Virtual Asset Service Providers Act 2024 requires an FSA licence for all virtual asset services, and in 2026 the FSA has been clearing out applicants that were operating under transitional rules: BitMEX's Seychelles entity withdrew and wound down (Jul 2026), and rejections of BitMart and others were made public. The FSA said in May 2026 that stablecoins in their current form are not virtual assets under the Act, though exchange, custody and advice services involving them may need a licence. It also enforces a ban on crypto-related words in unlicensed company names.

Legislation

• Virtual Asset Service Providers Act, 2024 (Act 12 of 2024) (2024)
• VASP (Licensing and Ongoing Requirements) Regulations, 2024 (SI 73) (2024)
• VASP (Capital and Financial Requirements) Regulations, 2024 (SI 72) (2024)
• Anti-Money Laundering Act, 2020 (as amended) (2020)