Adhering to detailed and strict criteria

A new bill has been unanimously passed by the Seychelles National Assembly to regulate virtual asset providers.The bill was submitted by the Minister of Finance, Economic Planning, and Trade, Naadir Hassan.

According to Minister Hassan, the bill aims to strengthen a national strategy to combat financial risks associated with virtual assets and virtual asset service providers (VASPs). The bill is closely linked to the National Anti-Money Laundering and Counter-Terrorism Financing Committee (NAC) and related regulations.

The law will also ensure that virtual assets and VASPs operate responsibly, reducing the risk of misuse by illegal actors. As stated by the Minister, VASPs must establish a company, either in Seychelles or abroad, by the Seychelles Companies Act or the International Business Companies Act (IBC) to be eligible.

To obtain a license, candidates must demonstrate a substantial presence in Seychelles, such as having a resident director. They are required to maintain an office in Seychelles with a team of qualified workers, and all records must be accessible at this office. Applicants must adhere to detailed and strict criteria to address vulnerabilities directly related to the services offered to secure a license.

The Financial Services Authority (FSA) has been designated as the regulatory body responsible for implementing the law.