Seychelles Passes Bill to Regulate Virtual Asset Service Providers

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The Seychelles National Assembly has passed a bill aimed at regulating virtual asset service providers (VASPs).

The legislation, introduced by Finance Minister Naadir Hassan, is part of the country’s broader strategy to mitigate risks associated with virtual assets and ensure that VASPs operate within a legal and ethical framework.

The new law mandates that any entity seeking to operate as a VASP in Seychelles must establish a company under the Companies Act or the International Business Companies Act.

To qualify for a license, applicants must demonstrate a presence in Seychelles, including having a resident director and an office staffed with competent personnel.

Additionally, all operational records must be accessible through this local office.

“For an applicant to qualify for a licence, the principal criteria is to demonstrate a substantial presence in Seychelles, such as having a director who is a resident,” Hassan said.

“They must have an office in Seychelles with enough competent workers and that all records are accessible via that office.”

Seychelles Approves Bill on Virtual Asset Regulation

The Seychelles National Assembly has approved a draft bill to regulate virtual asset service providers (VASPs). The bill requires license-seeking VASPs to establish a substantial presence in Seychell… https://t.co/TP6JkjYSow pic.twitter.com/7EKGcj4YBN

Hassan added that individual applicants will not be considered, and entities already regulated by the Seychelles central bank will need to obtain additional approval from the bank.

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