Crypto license in
Seychelles 2025
Seychelles has rapidly become one of the world’s most attractive jurisdictions for cryptocurrency businesses, offering a transparent, efficient, and cost-effective regulatory framework. The introduction of the Virtual Asset Service Providers Act 2024 (VASP Act), effective from Q4 2024, brought Seychelles fully in line with FATF international AML/CFT standards.
Under this regime, businesses offering crypto-related services — such as exchanges, wallet providers, brokers, investment managers, and token issuers — must obtain a VASP license from the Seychelles Financial Services Authority (FSA).
Legalaes provides full, turnkey support for Seychelles crypto licensing — from incorporation and regulatory approvals to drafting compliance documentation and setting up operations. With 0% tax on international profits, competitive costs, and a broad scope of permitted activities, Seychelles offers an excellent balance between global credibility and operational flexibility.
Regulations for Crypto License in Seychelles
The Virtual Asset Service Providers Act 2024 is the primary legislation setting out the licensing and operational framework for crypto businesses in Seychelles. It defines the scope of regulated services, outlines the application process, and sets out ongoing compliance duties for license holders.
The Seychelles Financial Services Authority (FSA) is responsible for licensing and supervising VASPs, ensuring they meet stringent AML/CFT requirements, maintain strong governance, and implement operational safeguards. Key obligations include adopting a three lines of governance model, segregating client assets, and establishing effective cybersecurity controls.
Complementary laws, such as the Anti-Money Laundering and Countering the Financing of Terrorism Act and the Companies Act, further require transparent company registration, beneficial ownership disclosures, and regular reporting to the Financial Intelligence Unit (FIU). Together, these measures create a robust and internationally recognised framework for operating a compliant virtual asset business in Seychelles.
Types of Crypto Licensing in Seychelles
Licensing under the VASP Act 2024 is divided into four main categories:
| License type | Description of license |
|---|---|
| Type A — Virtual Asset Wallet Providers (Crypto Wallets) | Covers custodial and non-custodial wallet services, safekeeping and administration of virtual assets, facilitating transfers, and handling ICOs/NFTs linked to wallet services. |
| Type B — Virtual Asset Exchange (Cryptocurrency Exchange) | For businesses exchanging virtual assets for fiat or other crypto, including on-ramp/off-ramp services, custody, and transfers linked to exchange operations. |
| Type C — Virtual Asset Broking | For intermediaries facilitating trades between virtual assets and fiat or other crypto, including brokerage linked to ICO/NFT offerings. |
| Type D — Virtual Asset Investment Providers | For firms managing portfolios of virtual assets or providing investment advice on crypto assets, ICOs, and NFTs. |
With a Seychelles Crypto License, You Can Provide:
- Virtual Asset Exchange Services — operate platforms for fiat-to-crypto or crypto-to-crypto trading.
- Wallet & Custody Solutions — secure custodial and non-custodial crypto storage.
- Brokerage & Intermediation — facilitate client trades and settlements.
- Investment & Asset Management — manage client portfolios and provide advisory services.
- ICO & Token Issuance Support — structure and manage compliant token offerings.
- Third-Party Virtual Asset Services — offer custody, transfer, and execution for institutional clients.
Overview of Requirements to Obtain a Crypto License in Seychelles
Main requirements:
- Incorporate a Seychelles International Business Company (IBC) or Company Special License (CSL).
- Establish a physical office in Seychelles.
- Appoint at least one Seychelles-resident director.
- Meet minimum share capital requirement depending on license type (USD 25,000–100,000).
- Prepare AML/CFT, KYC, risk management, cybersecurity, and governance policies in line with FATF standards.
- Appoint a local Money Laundering Reporting Officer (MLRO) and a Compliance Officer.
- Draft a detailed business plan with financial projections.
- Open a corporate bank account in Seychelles.
Additional requirements:
- All directors and key persons must pass a fit and proper test.
- Provide proof of source of funds and wealth for shareholders.
- Engage an FSA-approved auditor.
- Obtain professional indemnity insurance.
- Maintain ongoing AML/CFT reporting and audit obligations.
- Ensure three lines of governance within the company for operational oversight.
ESTIMATED TIMEFRAMES TO OBTAIN THE LICENSE
Company incorporation
2-3 weeks
Document preparation
4-6 weeks
Submission & review (FSA)
3–6 months (avg.), up to 12*
Total estimated duration
4–9 months
*The timeline also depends on the workload of FSA and any clarifications and queries that FSA may request in relation to the application.
Legal Services for Obtaining Crypto License in Seychelles 2025
Basic Package
for startups and small-scale operators entering the Seychelles market
- Company registration in Seychelles (IBC or local entity).
- Payment of government fee for company incorporation.
- Registered legal address for 1 year.
- Standard AML/CFT and KYC policy drafting in line with FATF standards.
- Preparation and submission of VASP license application to the Seychelles Financial Services Authority (FSA).
- Drafting corporate documents (Memorandum & Articles of Association, shareholder register, resolutions).
- Representation before the FSA and handling official communication.
- Legal guidance during the application process.
- Fit & Proper evaluation coordination for key personnel.
Comprehensive package
for full-scope VASP operations and multi-service providers
- Full internal policy suite (AML/CFT, risk management, cybersecurity, complaints handling, governance).
- Tailored business plan and financial projections aligned with license category requirements.
- Regulatory and compliance advisory throughout the licensing process.
- Appointment of resident director and local key personnel (MLRO, Compliance Officer).
- Physical office leasing in Seychelles to meet substance requirements.
- Professional indemnity insurance arrangement (mandatory).
- Coordination of pre-application and follow-up meetings with the FSA.
- Assistance with corporate and bank account openings (traditional or EMI).
- Legal opinion on operational readiness.
Ready-Made CASP Solution
for fast-track market entry under Seychelles regulations
- Pre-registered Seychelles IBC or CSL with clean corporate record.
- Legal address in Seychelles for 1 year.
- Transfer of corporate documents and company control.
- Assistance with change of ownership filings.
- Capital top-up and policy alignment before VASP license application.
- Immediate engagement with FSA for license transfer or new application.
Eriks Fijalovs
Head of Blockchain and Crypto
Requirements for VASP License in Seychelles
To obtain a Virtual Asset Service Provider (VASP) license in Seychelles under the Virtual Asset Service Providers Act 2024, companies must meet specific legal, operational, and governance requirements. The application process involves preparing corporate, compliance, and personnel documentation, ensuring adequate share capital, and establishing a physical presence in Seychelles.
List of Required Documents
- Corporate documents:
- Certificate of Incorporation and Memorandum & Articles of Association (with crypto-related business objects).
- Shareholder register, UBO disclosures, and structure chart.
- Proof of registered office address in Seychelles.
- AML/CFT & compliance framework:
- AML/CFT policy in line with FATF standards.
- KYC onboarding procedures and transaction monitoring policy.
- Sanctions screening and suspicious transaction reporting procedures.
- Governance & operational policies:
- Internal compliance manual.
- Cybersecurity and data protection policy.
- Conflict of interest policy.
- Segregation of client assets policy.
- Business continuity and disaster recovery plan.
- Complaints handling procedures.
- Personnel documentation:
- Passport, proof of address, and CV for each director, shareholder, and key officer.
- Police clearance certificate for all key persons.
- Fit and proper declarations and reference letters.
Business Premises Requirements
- A physical office in Seychelles is mandatory.
- The office must be suitable for regulatory inspections and record-keeping.
- Technical solutions for secure client data storage must meet FSA cybersecurity standards.
Share Capital & Government Fees
- Type A Wallet Providers — USD 75,000 minimum capital.
- Type B Exchanges — USD 100,000 minimum capital.
- Type C Brokers — USD 50,000 minimum capital.
- Type D Investment Providers — USD 25,000 minimum capital.
- Government application and annual license fees vary per license type.
Personnel Requirements
- At least two directors (one must be resident in Seychelles).
- Local MLRO and Compliance Officer — independent from the Board.
- Staff must demonstrate relevant crypto/finance experience.
- Company governance should follow a three-line structure: operational management, compliance/risk oversight, and independent audit.
Roadmap to Obtaining a Seychelles VASP License
Eriks Fijalovs
Head of Blockchain and Crypto
Pre-Application Planning and Eligibility Assessment
The process begins with a detailed review of your business model to determine whether it falls within the scope of the Virtual Asset Service Providers Act 2024. This stage includes identifying the correct license category—wallet services, exchange, brokerage, or investment—and establishing whether additional authorisations such as a Securities Dealer License will be needed. Early in this stage, applicants should also consult with a Seychelles-licensed corporate services provider or legal advisor to confirm eligibility and ensure all requirements are clearly understood.
Company Incorporation and Structuring
Once eligibility is confirmed, the next step is to incorporate a Seychelles entity. This can be done as an International Business Company (IBC) or a Company Special License (CSL) if access to tax treaties is required. The incorporation process involves securing a registered office address in Seychelles, appointing at least one Seychelles-resident director, and drafting a Memorandum and Articles of Association that explicitly authorise virtual asset activities. In parallel, the initial governance framework should be outlined, including the principle of three lines of governance to ensure operational oversight.
Compliance Framework Development
During this phase, applicants must design and document a complete compliance and operational control system. This includes preparing AML/CFT policies in accordance with FATF standards, setting up client onboarding and due diligence procedures, implementing transaction monitoring systems, developing cybersecurity and data protection policies, drafting a Business Continuity Plan, and establishing procedures for the segregation of client assets. These internal controls must be detailed in formal manuals and aligned with the FSA’s expectations for VASPs.
Appointment of Key Personnel and Operational Readiness
At this stage, the company appoints its core governance and compliance team, including a Money Laundering Reporting Officer (MLRO) residing in Seychelles, a Compliance Officer, and senior management with proven experience in crypto or finance. These roles must be independent from the Board of Directors and fully documented in the application. Additionally, applicants must engage an FSA-approved auditor, arrange professional indemnity insurance, and establish secure storage solutions for accounting and client records.
Application Preparation and Submission
Once the corporate structure and compliance systems are in place, the full application is compiled for submission to the Seychelles Financial Services Authority (FSA). This includes corporate documents (Certificate of Incorporation, M&A, shareholder register), due diligence documents for all key persons, proof of paid-up share capital, insurance certificates, the detailed business plan, and all internal policies. The application is submitted with the applicable government fee, and the FSA begins its formal review.
Regulatory Review and Clarifications
The FSA will conduct a detailed assessment of the application, including verifying the “fit and proper” status of directors and key personnel, reviewing the financial and operational plans, and evaluating the compliance framework. Applicants may be required to provide clarifications, submit additional documents, or attend interviews with the regulator. The speed of this stage largely depends on the completeness of the initial submission and the responsiveness of the applicant to any FSA queries.
License Approval and Post-Licensing Compliance
Upon successful completion of the review process, the FSA issues the VASP license, formally listing the company in the public register of licensed Virtual Asset Service Providers. Once licensed, the company can begin operations within the approved scope but must continue to meet ongoing obligations such as filing annual audited financial statements, maintaining effective AML/CFT controls, submitting compliance reports, and notifying the FSA of any material business changes. Regular internal audits and continuous staff training are also recommended to ensure ongoing compliance.
Detailed Timeframes to Obtain a Seychelles VASP License
1. Pre-Application Planning & Eligibility Check
Time Frame: 3-5 working days
- Assessing your planned business activities and matching them to the correct VASP license category (Exchange, Wallet, Broker, Investment Provider).
- Verifying eligibility of shareholders, UBOs, and key officers under the “Fit & Proper” criteria.
- Identifying additional regulatory requirements (e.g., ICO registration, investment advisory).
- Outlining the optimal corporate structure and operational model for FSA alignment.
- Drafting a preliminary compliance roadmap, including office, personnel, and capital requirements.
2. Company Incorporation
Time Frame: 2-3 weeks
- Incorporating an International Business Company (IBC) or Company Special Licence (CSL) with crypto-compatible activity codes.
- Appointing a minimum of two directors, including at least one Seychelles resident.
- Securing a registered legal address and arranging a physical office lease for substance compliance.
- Preparing and filing the Memorandum & Articles of Association, shareholder register, and initial resolutions.
- Obtaining apostilled corporate documents and bank reference letters.
3. Document Preparation
Time Frame: 4-6 weeks
- Drafting and finalising all mandatory internal policies: AML/CFT, KYC onboarding, risk management, cybersecurity, complaints handling, governance, and segregation of client assets.
- Preparing a comprehensive business plan with financial projections and compliance structure.
- Collecting due diligence documentation for all directors, shareholders, and key personnel (passport, proof of address, CV, police clearance, reference letters).
- Arranging professional indemnity insurance quotes from FSA-approved providers.
- Selecting and appointing an external auditor.
4. Submission to the FSA
Time Frame: 1-2 days
- Compiling the full VASP license application package, including policies, business plan, and Fit & Proper forms.
- Filing the application with the Seychelles Financial Services Authority and paying the government application fee.
- Ensuring all supporting documents are in English or accompanied by certified translations.
- Securing confirmation of submission and official case number from the FSA.
5. FSA Review & Clarifications
Time Frame: 3–6 months (average), up to 12 months in complex cases
- Coordinating with the FSA throughout the review process.
- Responding to regulator queries, requests for clarification, or additional documentation.
- Participating in interviews or compliance meetings with the FSA if required.
- Amending or expanding policies and procedures in line with regulator feedback.
- Completing final capital verification and confirming local substance requirements before approval.
6. License Issuance
Time Frame: 1–3 business days after final approval
- Securing official approval and VASP license certificate.
- Arranging publication of company name and license details in the FSA public register.
- Facilitating operational launch: opening accounts, integrating KYC tools, onboarding staff, and implementing reporting systems.
- Establishing an ongoing compliance reporting schedule for the first year of operations.
Tips for Faster Seychelles VASP License Approval
To speed up the Seychelles crypto license application process, work with a legal team experienced in Seychelles FSA requirements and the Virtual Asset Service Providers Act 2024. Ensure all corporate and personal documents — including IDs, CVs, reference letters, and certificates — are complete, compliant, and translated into English with proper notarisation when required. Preparing a detailed, regulator-ready business plan and fully aligned AML/CFT, KYC, and cybersecurity policies before submission significantly reduces review time.
Maintaining clear and consistent communication with the Seychelles Financial Services Authority, and responding quickly to any requests for clarification, can help you obtain your Seychelles VASP license in the shortest possible timeframe and begin regulated crypto operations without unnecessary delays.
Advantages of the Seychelles VASP License
01
International Credibility and Global Recognition
Seychelles’ VASP regime is fully aligned with FATF recommendations, which enhances the credibility of licensed companies in the eyes of banks, payment providers, and institutional partners. This alignment allows businesses to operate internationally with reduced legal risk and greater trust from regulators in other jurisdictions.
02
Tax-Neutral Business Environment
Licensed crypto companies operating internationally from Seychelles benefit from a 0% corporate tax regime, no capital gains tax, and no withholding taxes on dividends or interest. This tax neutrality maximises profitability while keeping operational costs predictable and low.
03
Flexible and Cost-Effective Licensing Structure
Compared to many competing jurisdictions, Seychelles offers competitive minimum capital requirements and government fees tailored to different business activities. This makes it a cost-effective choice for both startups and established platforms seeking regulatory legitimacy.
04
Transparent and Efficient Regulatory Framework
The Seychelles Financial Services Authority (FSA) provides clear guidelines, consistent supervision, and an efficient licensing process. Applicants benefit from regulatory certainty, which helps streamline operations and reduce delays in launching services.
05
Comprehensive Range of Permitted Services
The VASP license covers a wide scope of activities, including exchanges, wallets, brokerage, asset management, ICO support, and advisory services. This broad coverage allows companies to diversify offerings without the need for multiple separate licenses.
06
Established Crypto Industry Ecosystem
Seychelles is home to some of the world’s most recognised exchanges, such as KuCoin and OKX, creating a well-established ecosystem for networking, partnerships, and market expansion. Licensed entities benefit from being part of a recognised global crypto hub.
07
Supportive Operational Substance Requirements
The requirement for at least one local director and a physical office ensures compliance while still allowing flexible operational structures. Companies can use leased offices and nominee services to meet local presence requirements cost-effectively.
08
Access to Crypto-Friendly Financial Services
Seychelles’ regulatory clarity makes it easier to establish relationships with crypto-friendly banks, EMIs, and payment providers. This facilitates smoother global transactions and supports efficient integration with trading platforms.
Links for Legislation Related to Crypto Business in Seychelles
Primary regulator overseeing Seychelles VASP licensing and compliance.
Full legal framework for crypto licensing in Seychelles.
III. AML/CFT Act 2020
Seychelles’ anti-money laundering and counter-terrorism financing requirements.
Governs incorporation and operation of IBCs in Seychelles.
Tax administration and guidance for Seychelles-registered companies.
International standards for VASP AML/CFT compliance.
Taxation of Cryptocurrency Companies in Seychelles
Seychelles offers one of the most competitive tax regimes for licensed Virtual Asset Service Providers (VASPs) worldwide, combining regulatory credibility with exceptionally low operational tax burdens.
1. Corporate Tax on Worldwide Income
1. Corporate Tax on Worldwide Income
Licensed VASPs in Seychelles are subject to a flat corporate income tax rate of 1.5% on their worldwide gross income, as stipulated under the Business Tax Act (Seventh Schedule).
- This rate applies regardless of whether revenue is earned domestically or internationally.
- For VASPs whose income is generated entirely outside Seychelles, the effective burden remains minimal while still satisfying the jurisdiction’s economic substance requirements.
2. Taxation for Local Staff Based in Seychelles
2. Taxation for Local Staff Based in Seychelles
Local and expatriate employees physically working in Seychelles — including directors, compliance officers, and operational staff — are taxed under a progressive personal income tax (PAYE) system:
- 0% on monthly income up to SCR 8,555
- 15% on SCR 8,556 – SCR 10,000
- 20% on SCR 10,001 – SCR 83,000
- 30% on income above SCR 83,000
Employers must withhold and remit PAYE to the Seychelles Revenue Commission within 21 days after month-end.
3. Taxation for Foreign Shareholders and Non-Resident Staff
3. Taxation for Foreign Shareholders and Non-Resident Staff
For non-residents — such as foreign owners or remote personnel — different rules apply:
Dividends:
- Dividends paid to non-resident shareholders from foreign-sourced income are generally exempt from withholding tax in Seychelles.
- Dividends sourced from Seychelles income are subject to a 15% withholding tax, unless reduced by a Double Taxation Agreement (DTA).
Salary Payments:
- Salaries paid to non-resident individuals for work performed outside Seychelles are not taxed in Seychelles.
- If a non-resident physically works in Seychelles, a 15% flat tax applies to employment income, with PAYE obligations.
4. VAT on Crypto Services
4. VAT on Crypto Services
Most VASP activities are classified as financial services and are exempt from the 15% Value Added Tax (VAT), reducing operational costs for licensed entities.
5. Compliance and Reporting
5. Compliance and Reporting
Licensed VASPs must:
- Submit annual business tax returns to the Seychelles Revenue Commission.
- Maintain financial records in accordance with International Financial Reporting Standards (IFRS).
- Meet economic substance rules, including having adequate local management, staff, and decision-making capacity, to maintain the preferential tax treatment.
FAQ FOR SEYCHELLES VASP
How to obtain a Virtual Asset Service Provider (VASP) license in Seychelles?
You must incorporate a Seychelles IBC (International Business Company), appoint key individuals (including MLRO and DMLRO), prepare required policies (AML/CTF, governance, risk, IT), and submit a VASP license application to the Financial Services Authority (FSA).
How long does it take to obtain a VASP license?
The full process, including company setup, document drafting, and FSA review, typically takes between 2 to 4 months, depending on document completeness and regulatory response.
Can foreigners apply for a Seychelles crypto license?
Yes. Foreign ownership is permitted. However, local MLRO and DMLRO must be appointed, and a registered office in Seychelles is required.
What is the share capital requirement for a Seychelles crypto company?
The minimum share capital requirement is USD 50,000, fully paid up before final license issuance.
Is a physical office in Seychelles required?
Yes. You must maintain a registered office in Seychelles, and the FSA expects operational presence suitable for regulatory inspections.
What services can be provided under a Seychelles VASP license?
Authorized services include:
- Virtual asset exchange
- Virtual asset wallet services
- Custody services
- Intermediary services
- Brokering
- Advisory on virtual assets
What documents are required for the application?
The application includes:
- AML/CTF framework
- Governance and internal control manual
- IT and cyber risk policy
- Business continuity plan
- Detailed business plan and compliance structure
- Personal and professional information of all key individuals
Is a business plan required for the VASP license?
Yes. A detailed business plan is mandatory and must outline services, target markets, operational structure, compliance setup, and financial forecasts.
Is an AML Compliance Officer required?
Yes. Seychelles VASP regulations require a local MLRO and DMLRO, both independent from the Board of Directors and based in Seychelles.
How is the license maintained annually?
VASP license holders must comply with annual reporting, license renewal, maintenance of compliance staff, and must respond to ongoing supervisory reviews by the FSA.
Are there restrictions on activities like leveraged or derivatives trading?
Yes. The current VASP framework does not explicitly authorize leveraged crypto trading, margin trading, or derivative contracts. Any such activity must be separately assessed or authorized, and may fall outside of the VASP scope.
Is it possible to operate globally with a Seychelles VASP?
Yes, but the license does not grant passporting rights. Operators must comply with local regulations in target countries.
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