Virtual Asset Service Providers
As the global financial landscape evolves, Seychelles is emerging as a forward-thinking jurisdiction for digital finance and innovation. One of the most significant developments in this space is the regulation and licensing of Virtual Asset Service Providers (VASPs).
A Virtual Asset Service Provider (VASP) is any business that facilitates the exchange, transfer, safekeeping, or administration of virtual assets such as cryptocurrencies, or offers financial services related to virtual assets. This includes cryptocurrency exchanges, wallet providers, and businesses involved in token issuance or trading.
key offerings
Virtual Asset Service Providers License
01
Virtual Asset Wallet Services
Offering safe storage and management of virtual assets & facilitating transactions where the service provider does not directly hold the virtual assets.
02
Virtual Asset Exchange Services
Facilitating the exchange of virtual assets for fiat currencies or other virtual assets through digital platforms, allowing clients to trade securely.
03
Virtual Asset Broking
Acting as intermediaries in transactions involving virtual assets, assisting clients in buying and selling tokens, cryptocurrencies, and other digital assets.
04
Virtual Asset Investment Services
Managing investment portfolios that include virtual assets and tokens for individuals and institutions & providing strategic advice on investments in virtual assets.
Benefits
Benefits of VASP
Regulatory Clarity
Compliant with FATF standards under the Virtual Assets Act, 2023.
Global Credibility
Enhances trust with banks, partners, and international clients.
International Reach
Legally offer virtual asset services to global markets.
Tax Benefits
No capital gains tax or withholding tax on dividends/royalties.
Efficient Licensing
Clear process with defined requirements and timelines.
Legal Recognition
Virtual assets and services are officially recognized under Seychelles law.
Offshore Reputation
Operate from a respected and established financial hub.
Flexible Scope
License covers exchanges, wallets, transfers, and token issuance.
VASP License
Who Can Apply for a VASP License?
Eligible Entities
Companies incorporated under the Companies Act, 1972 (excluding overseas companies)
International Business Companies (IBCs) under the IBC Act, 2016
Not Eligible
Natural persons (individuals)
Foreign companies not registered in Seychelles
Key Features
Key Eligibility Requirements
Local Presence
- Must have a physical office in Seychelles
- Appoint at least one resident director
Corporate Structure
- Minimum two directors
- At least one shareholder (no residency requirement)
Financial Requirements
- Paid-up capital between USD 25,000 – USD 100,000 (based on service type)
- Sufficient financial reserves for operations
Compliance & Governance
- Robust AML/CFT framework
- Appoint a qualified compliance officer
- Directors and officers must meet “fit and proper” criteria
Operational Requirements
- Hold at least 2 board meetings and 4 management meetings per year in Seychelles
- Strong cybersecurity policies
- Maintain local access to business records
Regulatory Approval
- Entities already licensed under the Financial Institutions Act, 2004 require approval from the Central Bank before applying
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