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Crypto License
Seychelles Crypto License
Prepare your crypto business for VASP registration in Seychelles
Fact Checked by: Maksim Gasanbekov
Overview
Regulatory & Service Snapshot
The Seychelles Islands are actively striving for leadership in crypto licensing. The introduction of regulatory improvements in virtual asset regulation in 2024 has enabled the authorities to attract new business partners and consolidate the status of a secure legal environment that is friendly to innovative financial products. Legal support from Gofaizen & Sherle will ensure full compliance with established legal norms and criteria.
The Seychelles crypto business license, when approved by the internal regulator, the Financial Services Authority (FSA), allows legal entities to work with virtual assets legally:
- Carry out exchanges (fiat/cryptocurrency, crypto/fiat).
- Offer (cold/hot) storage services and private key management.
- Launch exchanges, conduct cross-border payments, and provide access to margin trading (work with derivatives, NFTs).
- Issue tokens – ICO.
- Launch DeFi platforms.
- Provide consulting, auditing, and blockchain solution development services.
The updated legal framework for VASP activities has ensured the implementation of all accepted international AML/CFT standards from the FATF, protected the market from financial crimes, and confirmed the transparency of the regulator’s criteria, which has already won the trust of most crypto entrepreneurs.
Why choose Seychelles for your crypto business
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Tax neutrality.
IBCs are not required to pay taxes on income or capital gains, which allows additional funds to be reinvested in the business.
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Progressive legal framework.
Legal oversight of crypto operations is carried out by recognized global AML/KYC regulations and FATF standards, which ensures predictability in the work of operators.
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Data protection mechanisms.
Data on ultimate beneficial owners is only available to the registration agent and authorized bodies such as the FSA, Tax Service, and Anti-Corruption Commission, by the Beneficial Ownership Act of 2020. The data is not publicly available.
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Affordability with minimal maintenance costs.
The prompt registration of a Seychelles International Business Company (IBC) with minimal requirements allows you to apply for VASP approval and conduct global operations while paying low regulatory fees ($130 for IBC registration and $140 for renewal).
Procedure for obtaining a crypto license in Seychelles
The Seychelles crypto license process includes registering a legal entity and applying to the FSA for the necessary authorization. Blockchain investors often choose this jurisdiction because of its optimal combination of tax burden and flexible corporate requirements. However, it is essential to remember that in the event of a violation of the law, the regulator, based on the provisions of the VASP Act and to protect the rights of customers, may issue a warning, impose a fine, or revoke the license.
Key stages:
The starting point for crypto business registration in Seychelles is the creation of an IBC, which takes several days. It is essential for the FSA to receive the following from the applicant:
- A business plan with key documents (Memorandum, Articles of Association).
- A set of documents allowing KYC procedures to be carried out for all key managers and beneficiaries. One of the managers must be a resident.
- Confirmation of physical presence on the island (local office, staff).
- Proof of payment of the authorized capital (from $25,000 to $100,000).
Article 165 of the International Companies Act 2016 requires that a local agent licensed by the FSA be hired when registering a legal entity (IBC).
Their responsibilities will include:
- Collecting information about beneficiaries.
- Storing documentation and maintaining company records.
- Submitting all information to local government agencies. Apply for a Seychelles crypto license.
- Timely renewal of registration.
The Regulator has established clear rules for crypto operators, who must:
- prove their technical ability to carry out blockchain activities;
- confirm that they have all the necessary tools to comply with AML/CFT;
- have insurance coverage;
- maintain a reserve fund equal to 100% of client assets;
- keep accounting records and properly store company documents;
- pay SCR 75,000 for a licence application and SCR 22,500 for a registration application (Second Schedule to the Virtual Asset Service Providers Act 2024).
According to Circular No. 1 of 2025, companies pay the following annually:
- A fee for license renewal and business registration.
- Submit a report on compliance with the conditions of presence.
- Complete the Compliance Form.
- Provide information on the implementation and compliance with cybersecurity protocols.
On average, the FSA takes 2-3 months to review the documents and make a final decision.
- The company must have well-defined internal rules and procedures to prevent customers from being defrauded.
- At least one director of the company must be resident in Seychelles, spending 183 days or more there in any 12-month period.
Basic conditions for obtaining a VASP license
The Seychelles blockchain business license gives operators access to a large audience in different geozones. At the same time, based on the VASP Law 2024 and the Regulations (capital and other financial requirements from 2024), the FSA requires several criteria to be met, such as:
- Data about the legal entity is entered into the local register. The blockchain license is only available to companies registered under local legislation.
- Confirmation of the initial capital contribution. Depending on the chosen activity, the amount of capital must be between $25,000 (investment providers) and $100,000 (crypto exchanges).
- Territorial presence. Setting up a crypto business in Seychelles involves hiring a local agent and staff (one of the managers) and renting an office.
- Risk mitigation mechanisms and procedures. In addition to the developed AML/CFT procedures and appropriate KYC policies, including customer due diligence (CDD) and enhanced due diligence (EDD), the applicant must ensure cybersecurity, disaster recovery, and an appropriate level of protection for customer assets.
- Corporate structure and business conduct. There must be at least two directors (one resident) in management. The company is responsible for maintaining financial records, undergoing an annual audit by the FSA, ensuring a minimum amount of assets, and having insurance coverage.
Legislation and sanctions in the field of virtual assets
Cryptocurrencies are classified as virtual assets under the VASP 2024 Act, which is integrated into the financial sector.
The FSA administers Seychelles cryptocurrency regulation by Articles 3-4 of the same Act. The FSA supervises the financial sector through the following regulatory acts:
- The International Business Companies Act 2016 sets out the rules for registering an IBC.
- The Consolidated Beneficial Ownership Act 2020-2025 specifies the details of personal information disclosure to authorized persons.
- Circular No. 1 of 2025 describes the company's further obligations to government agencies.
- Regulations on advertising, capital, and other financial requirements, cybersecurity, and asset storage from 2024.
In addition, all companies must comply with:
The VASP Act of 2024 (according to Part VI) outlined the criteria for operating in the crypto market and the necessary steps for obtaining permits. Also, it introduced penalties for violating the rules, such as:
- Issuance of a written warning specifying the deadline for correcting deficiencies.
- Revocation of a license or suspension of a permit to perform certain types of services.
- Administrative fines for companies can be up to SCR 5,250,000.
- Mining and mixer/tumblers services are prohibited.
In addition, any official (director, employee) may be held financially liable or even receive a prison sentence of 10-15 years. Furthermore, the FSA can demand the company's liquidation in court proceedings.
Taxes and fees
Tax benefits of the Seychelles crypto license for IBCs are attracting many investors to this particular territory.
When receiving income outside the islands, IBCs do not pay:
- Corporate tax.
- VAT.
- Dividends, stamp duties.
When receiving income on the islands, companies pay 15% (up to SCR 1 million) and 25% if the income exceeds SCR 1 million. VAT is 15% and is not mandatory for IBCs.
The state fee for registering an IBC is $130, and the annual renewal fee is $140. When applying for a VASP, the cost is SCR 75,000, and SCR 22,000 for registration. The fee for license renewal depends on the type of services selected (for exchanges, SCR 375,000; for storage service providers, SCR 300,000; for brokerage services, SCR 150,000; for investment services, SCR 75,000) and must be paid in January of the following year:
Accounting and reporting procedures
The VASP Act of 2024 requires licensed companies to keep accounting and financial records of all transactions. Financial statements must also be submitted to the FSA annually. Documents must be appropriately stored for seven years after the completion of operations.
Conclusion
Thanks to its advantageous location, the development of clear and straightforward rules for companies by international standards, and a flexible approach to offshore business, the Seychelles has achieved a top position among the most attractive crypto zones. The authorities have offered innovative companies a balance between a fast licensing process and low operating costs, ensuring strong credibility in the financial markets.
FAQ about Seychelles crypto license
How do you obtain a cryptocurrency license in the Seychelles?
To obtain a license to work with digital currencies, companies must meet the conditions set by the FSA. This process includes registering the company, submitting an application to the FSA, and paying the relevant government fees.
What are the requirements for authorized capital to obtain a crypto license?
The amount varies depending on the type of services selected. The provisions of the VASP Act of 2024 have set a range from $25,000 to $100,000.
Is it necessary to have a local registration agent and office?
A local registration agent is a prerequisite for operating an IBC. To obtain a VASP license, you must confirm your local office and hire key personnel (a resident director).
Is it possible to obtain multiple licenses for different types of activities?
Yes, but a separate application and set of documents must be submitted each time.
Is cryptocurrency activity permitted without a VASP license?
No, the legislation clearly defines the rules of operation and the types of services that can be provided, and violators may be subject to fines or imprisonment.
Who is eligible to apply for a VASP license?
Only legal entities are eligible for a VASP license; electronic applications must be submitted through the FSA web portal.
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At Pilsenga since the very beginning we counted with Gofaizen & Sherle to build our financial institution in 21 days, we started our operations in record time thanks to them, it's been pleasant to work with them through the rush of building a Financial Institution in record time. They for real understand compliance and crypto businesses!
Victor Romero
CEO - UAB Pilsenga
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