Virtual Asset Service Provider Licence / Registration (Seychelles)
The Virtual Asset Service Provider Licence / Registration (Wallet Provider, Exchange, Broking, Investment Provider) under the Virtual Asset Service Providers Act 2024 is issued by Financial Services Authority (Seychelles) (FSA) under Virtual Asset Service Providers Act, 2024. The official register lists 9 current holders. The application fee is SCR 75,000 (licence application); SCR 22,500 (registration application). Ownership changes need the regulator's approval before completion.
At a glance
| Official name | Virtual Asset Service Provider Licence / Registration (Wallet Provider, Exchange, Broking, Investment Provider) under the Virtual Asset Service Providers Act 20241 |
|---|---|
| Also known as | Seychelles VASP licence · FSA Seychelles VASP licence · Seychelles crypto licence · Seychelles virtual asset licence · VASP Act 2024 licence · Seychelles virtual asset exchange licence · Seychelles virtual asset wallet provider licence · Seychelles VASP registration |
| Issued by | Financial Services Authority (Seychelles) |
| Jurisdiction | Seychelles |
| Licence family | Virtual asset service provider (non-MiCA) |
| Legal basis | Virtual Asset Service Providers Act, 20242 |
| Passporting | Domestic only |
| Application fee | SCR 75,000 (licence application); SCR 22,500 (registration application)1 |
| Annual fee | SCR 75,000 base fee, plus an activity fee per licensed category: SCR 300,000 (Virtual Asset Wallet Provider), SCR 375,000 (Virtual Asset Exchange), SCR 150,000 (Virtual Asset Broking), SCR 75,000 (Virtual Asset Investment Provider); fees for multiple activities are additive1 |
| Public register | official register3 |
| Current holders | 93 |
What it lets you do, and where
What does a Seychelles VASP licence let you do, and where can you serve clients?
A Seychelles VASP licence permits only the activities set out in the First Schedule under section 6(1) of the VASP Act. Before offering services overseas, licensees must ensure that no foreign licence or authorisation is breached and obtain any that is needed, as the FSA requires. Offshore licences confer no MiCA passporting or US market access rights, according to legal practitioner analysis.10114
Activities it covers
| Virtual asset exchange (FATF) | Exchanging virtual assets for fiat currency or for other virtual assets as a business, as defined in the FATF glossary. |
|---|---|
| Virtual asset transfer (FATF) | Conducting transactions that move virtual assets between addresses or accounts on behalf of another person. |
| Virtual asset safekeeping (FATF) | Safekeeping or administering virtual assets, or instruments enabling control over them, for another person. |
Where it is valid
Do you need it, and is Seychelles the right choice?
What is a Seychelles VASP licence and do you actually need one?
Yes. Licensing is required for any Seychelles-registered or incorporated entity, regardless of where its services are provided. Section 6 and the First Schedule of Act 12 of 2024 prescribe 4 permissible VASP licensing categories. Section 5 of the VASP Act strictly prohibits mining facilities, mixers and tumbler services.110
Is a Seychelles VASP licence right for your model, and when is it the wrong choice?
It may suit you if you can meet the resident director and capital rules. It is the wrong choice if you need EU passporting, cannot keep at least one director physically in Seychelles for 183+ days a year (Third Schedule, VASP Act 2024), or cannot meet capital that rises to 2.5% of annual turnover from Year 3 (S.I. 72 of 2024, Schedule 1). The FSA Register shows OKX (Aux Cayes FinTech), Bybit and eToro operating under assessment.315
Is an offshore Seychelles VASP licence real regulation or just registration?
It is real regulation. A Seychelles VASP licence is a statutory licence, not simple registration. The VASP Act 2024 (Act 12 of 2024) creates a licensing framework separate from IBC registration, and the FSA states that Seychelles incorporation alone gives no right to offer crypto services. The VASP (Capital and other Financial Requirements) Regulations 2024 require paid-up capital per the Schedule and 100% reserve assets against client liabilities.10115
Can you serve EU or US clients with a Seychelles VASP licence?
No. Global Law Experts analysis confirms that offshore licences give no EU MiCA passporting or US solicitation rights. The FSA FAQ requires Seychelles IBCs to verify and obtain foreign authorisations before offering services abroad. In August 2021 a court ordered BitMEX entities, including HDR Global Trading, to pay $100M for operating an unregistered platform.11614
Is the Seychelles FSA actually issuing VASP licences?
Yes. The FSA's Official Register of Licensed VASPs records 8 distinct entities in approved or assessment status across 4 activity classes. Under the transitional provisions in section 42 of the VASP Act, an existing operator may continue its business until its licence application is granted or refused.310
Clone and unlicensed operators do exist. The FSA has issued a warning notice about unauthorised activity by WOO X Crypto Exchange, a scam alert about the clone entity MirrorTradelocker Ltd, and a public statement on MEXC Global Ltd covering its dissolution and lack of VASP authorisation.171819
What it really takes
How much capital do you really need for a Seychelles VASP licence?
Under S.I. 72 of 2024, initial paid-up capital is $25,000 for Investment Providers, $50,000 for Broking, $75,000 for Wallet Providers and $100,000 for Exchanges, and a licensee doing several activities holds the capital for each. From the beginning of the 3rd year of operation, capital is 2.5% of annual turnover (an exchange with $100M turnover needs $2.5M). Capital must be held in a Seychelles-licensed bank or a foreign Basel II-compliant institution, not in alternative money solutions. Reserve assets must equal 100% of client liabilities.15
Who do you have to hire for a Seychelles VASP and where must they be based?
You must appoint at least two natural persons as fit and proper directors (FSA Licence Application Guidelines Section 7.1(b)), with at least one resident director physically in Seychelles 183+ days per year. The Third Schedule of the VASP Act 2024 also prescribes a physical office and local meetings. Section 34(2) of the AML/CFT Act 2020 and FSA FAQ Q363 prohibit outsourcing the compliance officer function.1091
The legal framework
| Level | Document | What it does here |
|---|---|---|
| Act | Virtual Asset Service Providers Act, 2024 (Act 12 of 2024) | Primary statute establishing the VASP licensing regime, defining permissible activities (First Schedule), licensing procedure and refusal grounds (s. 7), physical substance requirements (s. 13 / Third Schedule), capital and conduct obligations (ss. 14-16), ongoing notifications (s. 18), material changes (s. 19), ownership transfers (s. 20), supervisory powers, penal sanctions (s. 33), and appeals (s. 36) |
| Act | Financial Services Authority Act, 2013 (Act 19 of 2013) | Constitutive statute establishing the FSA Seychelles, granting regulatory, licensing, supervisory, and enforcement authority over VASPs, and creating the statutory Appeals Board under section 42 |
| Secondary legislation | Virtual Asset Service Providers Act (Commencement) Notice, 2024 (S.I. 65 of 2024) | Appoints 1 September 2024 as the date of commencement of the Virtual Asset Service Providers Act, 2024 pursuant to section 1 |
| Secondary legislation | Virtual Asset Service Provider (Licensing and Ongoing Requirements) Regulations, 2024 (S.I. 73 of 2024) | Governs licence application submission procedures, mandatory document checklists, operational requirements, governance standards, and ongoing supervisory reporting under sections 7 and 38 of the Act |
| Secondary legislation | Virtual Asset Service Provider (Capital and other Financial Requirements) Regulations, 2024 (S.I. 72 of 2024) | Prescribes minimum paid-up capital requirements by activity (Wallet USD 75,000; Exchange USD 100,000; Broking USD 50,000; Investment Provider USD 25,000; 2.5% annual turnover from year 3), capital maintenance in approved Basel II banks, liquidity buffers, and mandatory professional indemnity insurance (s. 16) |
| Secondary legislation | Virtual Asset Service Provider (Cyber Security Requirements) Regulations, 2024 (S.I. 71 of 2024) | Sets technical standards for IT infrastructure, cryptographic private key management, cyber risk management policies, regular penetration testing, independent IT audits, and 12-hour cyber incident notification (s. 22) |
| Secondary legislation | Virtual Asset Service Provider (Safekeeping and Management of Client's Assets) Regulations, 2024 (S.I. 69 of 2024) | Mandates complete segregation of client virtual and fiat assets from licensee proprietary assets, daily asset reconciliations, cold storage thresholds, and custodial risk safeguards |
| Secondary legislation | Virtual Asset Service Provider (Advertisements) Regulations, 2024 (S.I. 70 of 2024) | Regulates virtual asset promotional communications, marketing campaigns, fair, clear, and non-misleading disclosures, and compulsory risk warnings |
| Secondary legislation | Virtual Asset Service Provider (Registration of Initial Coin Offering and Non-Fungible Tokens) Regulations, 2024 (S.I. 74 of 2024) | Governs registration requirements for public ICOs and NFTs, whitepaper disclosures, 12-month promotion validity limit, and restricts promotion to licensed VASPs and Securities Act licensees (s. 27) |
| Regulator rules | Code for Fit and Proper for Virtual Asset Service Providers | Binding regulatory code defining mandatory probity, competence, integrity, financial soundness, and track record vetting standards for directors, controllers, senior officers, and resident directors under sections 7(4)(e) and 12 |
| Regulator rules | Circular No. 4 of 2024 - Prohibition on Certain Words under VASP Act | Enforces statutory restrictions under section 40 prohibiting unauthorized entities from using protected virtual asset terms (e.g. 'VASP', 'crypto exchange', 'token broker') in company names, trading names, or marketing materials |
| Procedure law | Financial Services Authority (Appeals Board) Regulations, 2014 (S.I. 60 of 2014) | Governs administrative appeal procedure before the Appeals Board, establishing the mandatory 90-day deadline from service of decision notice to appeal an FSA licence refusal, suspension, revocation, or condition variation |
| Fee schedule | Second Schedule to the Virtual Asset Service Providers Act, 2024 (Fees) | Fixes the statutory fees: non-refundable licence application fee (SCR 75,000), registration fee (SCR 22,500), annual base fee (SCR 75,000), per-activity fees (Wallet SCR 300,000; Exchange SCR 375,000; Broking SCR 150,000; Investment Provider SCR 75,000), and miscellaneous administrative fees |
| Forms | Standard VASP Licence Application Form and Section 18/19 Notification Templates | Prescribed statutory application forms, personal declarations, 12-hour ongoing incident notification form (s. 18), and material changes notification form (s. 19) |
14 related regimes and guidance documents
| Level | Document | What it does here |
|---|---|---|
| Guidance | Virtual Asset Service Providers Licence Application Guidelines | Provides step-by-step regulatory guidance on preparing the application dossier, Institutional Risk Assessment (IRA), AML/CFT policies, business plan, financial forecasts, and fit & proper documentation |
| Guidance | Guidance Notes on the First Schedule of the VASP Act | Interprets the regulatory perimeters of permissible activities: Virtual Asset Wallet Provider, Virtual Asset Exchange, Virtual Asset Broking, and Virtual Asset Investment Provider |
| Guidance | Guidance Note - Substance Requirements | Specifies operational criteria for fulfilling Third Schedule substance requirements: resident director residency (183 days), physical manned office, local qualified staff, Seychelles board meetings (>=2/yr) and management meetings (>=4/yr) |
| Guidance | Guidance Notes for Paid-up Capital | Clarifies acceptable banking institutions (Seychelles licensed bank or approved foreign bank meeting at least Basel II standards), capital maintenance evidence, and ongoing capital adequacy ratios |
| Guidance | Guidance on the Interpretation of 'in or from Seychelles' for the Purpose of Determining Nexus to Seychelles as per Virtual Asset Service Providers Act | Clarifies regulatory nexus triggers, establishing that any Seychelles entity (domestic company or IBC) is caught by the Act regardless of where virtual asset services are physically hosted or delivered |
| Related regime | Anti-Money Laundering and Countering the Financing of Terrorism Act, 2020 (Act 5 of 2020 as amended by Act 12 of 2024) | Designates licensed VASPs as reporting entities (Fourth Schedule), mandating Institutional Risk Assessment (IRA), full-time in-house AML Compliance Officer and Alternate, CDD/EDD, no simplified due diligence, goAML STR reporting to FIU, and Travel Rule compliance |
| Related regime | Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Regulations, 2024 (S.I. 67 of 2024) | Introduces statutory definitions of transaction hashes, mandatory virtual asset wallet address disclosures, IP tracking, and enhanced STR data requirements for virtual asset transactions |
| Related regime | Anti-Money Laundering and Countering the Financing of Terrorism (Reliance on Regulated Persons) (Amendment) Regulations, 2024 (S.I. 68 of 2024) | Regulates and restricts third-party reliance for customer due diligence for reporting entities engaged in virtual asset activities |
| Related regime | Securities Act | Demarcates securities dealing/exchanges from virtual asset services; authorizes dual-licensing without separate corporate entity, regulates tokenized security offerings, and grants Securities Act licensees promoter rights for ICOs/NFTs under s. 27 |
| Related regime | International Business Companies Act, 2016 (Act 15 of 2016 as amended) | Corporate statute governing Seychelles IBCs, one of the two permissible vehicle types for VASP licensing under section 6(3)(b) subject to Seychelles physical presence, resident director, and 7-year accounting record retention rules |
| Related regime | Companies Act 1972 (Cap 40) | Corporate statute governing domestic Seychelles companies, the alternative eligible vehicle under section 6(3)(a) for holding a VASP licence (overseas companies expressly excluded) |
| Related regime | Financial Consumer Protection Act, 2022 (Act 7 of 2022) | Mandates the establishment of a dedicated local complaint handling unit in Seychelles, maintenance of a complaints register, fair client contract terms, and dispute resolution powers exercised by the FSA |
| Related regime | Financial Institutions Act, 2004 (Act 14 of 2004 as amended) | Regulates domestic banks where paid-up capital and operational accounts must be maintained; triggers mandatory Central Bank of Seychelles prior approval under s. 7(5) if a banking licensee applies for a VASP licence |
| Related regime | Insolvency Act, 2013 (Act 4 of 2013) | Governs corporate insolvency, liquidation, and winding up procedures initiated by the FSA against insolvent or non-compliant VASPs under section 34 |
The procedure under the law
| Step | What the law says | Legal reference |
|---|---|---|
| How to file | Applications for a VASP licence or registration must be submitted to the Financial Services Authority. Three channels are given: the "Submit Application" tab under VASP on the FSA website, e-mail to vass@fsaseychelles.sc, or post to the Virtual Asset Service Section, FSA, P.O. Box 991, Bois De Rose Avenue, Mahé, Seychelles.451 | Virtual Asset Service Providers Act, 2024, section 7(1) read with Virtual Asset Service Provider (Licensing and Ongoing Requirements) Regulations, 2024 (S.I. 73 of 2024) Regulation 3 |
| Language | The only language rules found concern complaints: complaints to the FSA may be made in English, Creole or French, and supporting documents in other languages require certified translation into English, Creole or French.6 | |
| What the application contains | The application contents are set out in the Schedule to the Virtual Asset Service Providers (Licensing and Ongoing Requirements) Regulations, 2024 (S.I. 73 of 2024), which lists information and supporting records evidencing eligibility, fit and proper directors, principal officers, compliance officer, governance, significant owners and systems. The FSA states that the documents required are detailed in the 'Guidelines for Licence Application under VASP Act'. Applications are submitted via the Submit Application tab on the FSA website or by email to Vass@fsaseychelles.sc.718 | Virtual Asset Service Providers Act, 2024, section 7(1), Third Schedule, read with Virtual Asset Service Provider (Licensing and Ongoing Requirements) Regulations, 2024 (S.I. 73 of 2024), and FSA VASP Licence Application Guidelines |
| Decision clock | The FSA starts processing only when all required documents and the application fee are received; incomplete applications are refused and the fee forfeited. During processing the Authority may request additional information with a delivery deadline; failure to meet it may lead to refusal or rejection. Silence is not approval: unlicensed virtual asset services are prohibited. On rejection, written reasons are given and reapplication is barred for six months.1910 | |
| Fees set by law | The fees are prescribed by the Second Schedule of the Virtual Asset Service Providers Act, 2024. Application fees: SCR 75,000 for a licence, SCR 22,500 for registration. Annual licence fees are a SCR 75,000 base fee plus a fee per permissible activity: wallet provider 300,000; exchange 375,000; broking 150,000; investment provider 75,000 (all SCR). The base fee is paid on grant and the renewal fee each year by 1 January; applications not granted in January, March pay a quarterly pro-rated fee. Miscellaneous fees are also set there.11110 | Virtual Asset Service Providers Act, 2024, Second Schedule, and section 21 |
| Grounds for refusal | The grounds are listed in section 7 of the Virtual Asset Service Providers Act, 2024 (items (a), (h), restated in Guideline 7.1): eligibility under section 6, compliance with director appointment rules, Third Schedule substance requirements, financial obligations under section 16 (insurance, capital, solvency), fit and proper directors/officers under section 12, cyber security measures under section 22, suitable premises or data solutions, and a public interest test on size, scope and complexity. Incomplete applications are refused; the Authority may also weigh other matters.9101 | |
| Appeal | Yes. A person aggrieved by an FSA decision refusing a VASP licence application may appeal to the Appeals Board established under section 42 of the Financial Services Authority Act, 2013. The appeal must be lodged within 90 days of the decision being made, in the form of a Notice of Appeal. The appeal is made in accordance with the Financial Services Authority Act and regulations made under it.1012 | Virtual Asset Service Providers Act, 2024, section 36, read with Financial Services Authority Act, 2013, section 42, and Financial Services Authority (Appeals Board) Regulations, 2014 (S.I. 60 of 2014) Regulation 3: any person aggrieved by an FSA decision refusing a licence application, refusing an appointment, or suspending, revoking, or varying conditions of a licence may appeal to the Appeals Board within 90 days of the date of service of the decision notice. Appeals from decisions of the Appeals Board on questions of law lie to the Supreme Court of Seychelles. |
| Validity | The licence is perpetual (indefinite): valid from the date of issue until it is revoked, suspended or surrendered. To keep operating, the licensee must each January pay the annual licence fee: a base fee of SCR 75,000 plus the fee for each permissible activity: and lodge a compliance form, a substance requirement report and a cyber security report (s. 22). Failure is a contravention and can lead to enforcement under section 32, including revocation.91 | |
| Change of control | A change of control is not listed as a material change under section 19(2) of the Virtual Asset Service Providers Act, 2024. The listed material changes include an amalgamation with or acquisition of another legal person, the sale of a subsidiary, and the acquisition of a controlling interest in another company or other entity. For material changes, prior written notice and a no-objection from the Authority are required; the Authority may require additional information within 14 working days.10 | |
| Reapplying after a refusal | Yes. Where a VASP licence application is rejected, the applicant may not re-submit another application for six months from the date the application was rejected. This is stated in section 7(3) of the Virtual Asset Service Providers Act, 2024 and repeated in the Authority's Licence Application Guidelines.109 | |
| Serving other countries | The Seychelles VASP licence provides no automatic access to foreign markets. Before offering services in any foreign jurisdiction, licensees must check whether a licence or authorisation is required there and obtain it if needed. If an activity is permissible under a foreign licence but not covered by the Seychelles licence, the licensee must prominently disclose this. Licensees must maintain substance in Seychelles per the Third Schedule. Foreign entities with nexus to Seychelles must also obtain a VASP licence.113 |
How long it takes
How long does it really take to get a Seychelles VASP licence?
The VASP Act 2024 sets no statutory clock. Under FSA Guidelines section 6.5, processing a completed application may take from 3 months to 2 years depending on complexity, and the FSA advises within 90 working days whether an application is incomplete and therefore refused. Requests for information carry delivery deadlines, and applicants may be asked for a live demonstration of their AML systems.9
Under the FSA Licence Application Guidelines, the FSA advises within 90 working days whether an application is incomplete and therefore refused (section 6.5.2). Processing a completed application may take from 3 months to 2 years (section 6.5.1). The Guidelines do not provide for processing to be paused: information requests under section 6.2.5 carry a delivery deadline, and missing it may lead to refusal or rejection. Section 7(3) of the VASP Act 2024 bars reapplication for 6 months after rejection.910
What it costs
What does a Seychelles VASP licence cost in total, first year and ongoing?
S.I. 72 of 2024 requires professional indemnity insurance and administrative expenditure accounts. The Second Schedule of the VASP Act 2024 and the FSA FAQ prescribe the exact statutory fees in SCR.151
Approval odds and who can own it
What are the real approval odds and why do Seychelles VASP applications fail?
The FSA has publicly recorded one rejection and one voluntary withdrawal. The rejection of BitMart (GBM Global Inc.) is dated 14 September 2025, and the withdrawal of WOT Global Solutions Ltd took effect on 15 April 2025. Under Section 7(3) of the VASP Act 2024, a rejection triggers a 6-month reapplication ban. The FSA Register lists 8 distinct operating entities in the assessment pipeline.2021103
After you get the licence
You must report all virtual asset transfers of SCR 50,000 or more to the FIU every business day by midnight (00:00 hrs) Seychelles time (FSA VASP FAQ). You must also comply with the AML/CFT Act 2020 and the Financial Consumer Protection Act 2022 (FSA FAQ Q114-116). Section 23 of the VASP Act 2024 requires annual audited financial statements prepared by an approved auditor.110
Will you get a bank account and payment processing with a Seychelles VASP licence?
No domestic Seychelles bank account is required. S.I. 72 of 2024 Regulation 5(3)(b) permits holding capital in foreign Basel II institutions, excluding alternative money solutions, and the FSA FAQ bars alternative solutions for regulatory funds. Legal practitioner analysis notes that offshore VASPs commonly rely on regional institutions, EMIs and crypto-friendly fintech banks rather than traditional correspondent banking.15114
What does it take to keep a Seychelles VASP licence, and what is changing?
Sections 21 and 23 of the VASP Act 2024 set annual renewal filings and a 6-month deadline for audited statements. S.I. 72 of 2024, Schedule Part 1, requires capital of 2.5% of turnover from Year 3. The FSA is also enforcing against unlicensed activity: its warning notice concerns unauthorised activity by WOO X Crypto Exchange, operated by WOOTECH Limited Corp.101517
Yes. Section 36 of the VASP Act 2024 creates a statutory right of appeal to the FSA Appeals Board. FSA Act 2013 Section 42 and the FSA Appeals Board rules establish a 90-day appeal deadline and a 5-member independent tribunal. Section 2 of the VASP Act 2024 defines the Court as the Supreme Court of Seychelles.1012
The licence is perpetual: valid from the date of issue until revoked, suspended or surrendered (Section 7(6), VASP Act 2024). Section 19(1) and (2) prescribe prior approval triggers for material changes to business activities, plans, domains and outsourcing. Section 20(1) requires prior FSA approval for any voluntary share transfer or issuance.10
Is Seychelles on the FATF grey list and what does that do to banking?
No. The FATF public listing shows that Seychelles is not among the jurisdictions under increased monitoring. The Council of the European Union removed Seychelles from Annex II on 17 February 2026. The ESAAMLG 13th Enhanced Follow-Up Report (March 2026) re-rated Seychelles Largely Compliant on Recommendation 15 (new technologies/VASPs).222324
Buying a company that already holds it
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VASP in other countries
| Country | Licence | Regulator | Min. capital | Application fee | Statutory time |
|---|---|---|---|---|---|
| Abu Dhabi Global Market (ADGM) | VASP licenceFinancial Services Permission with Virtual Asset Activities Endorsement | FSRA | USD 250,000 | USD 20,000 | n/a |
| Australia | VASP licenceRegistration as a virtual asset service provider (VASP) on the AUSTRAC Virtual Asset Service Provider Register (formerly the Digital Currency Exchange Register) | AUSTRAC | n/a | n/a | n/a |
| Bermuda | Digital Asset Business Class F (Full) Licence | BMA | n/a | n/a | n/a |
| Bermuda | Digital Asset Business Class M (Modified) Licence | BMA | n/a | n/a | n/a |
| Bermuda | Digital Asset Business Class T (Test) Licence | BMA | n/a | n/a | n/a |
| British Virgin Islands | Virtual Assets Service Provider Registration | BVI FSC | n/a | n/a | n/a |
| Cayman Islands | Virtual Asset Service Provider Licence | CIMA | n/a | KYD 5,000 | n/a |
| Cayman Islands | Virtual Asset Service Provider Registration | CIMA | n/a | KYD 1,000 | n/a |
| Dubai (VARA) | Virtual Asset Advisory Services Licence | VARA | AED 100,000 | AED 40,000 | n/a |
| Dubai (VARA) | Virtual Asset Broker-Dealer Services Licence | VARA | AED 600,000 | AED 100,000 | n/a |
| Dubai (VARA) | Virtual Asset Custody Services Licence | VARA | AED 600,000 | AED 100,000 | n/a |
| Dubai (VARA) | Virtual Asset Exchange Services Licence | VARA | AED 1,500,000 | AED 100,000 | n/a |
| Dubai (VARA) | Virtual Asset Lending and Borrowing Services Licence | VARA | AED 500,000 | AED 100,000 | n/a |
| Dubai (VARA) | Virtual Asset Management and Investment Services Licence | VARA | AED 500,000 | AED 100,000 | n/a |
| Dubai (VARA) | Virtual Asset Transfer and Settlement Services Licence | VARA | AED 500,000 | AED 40,000 | n/a |
| Dubai International Financial Centre (DIFC) | Financial Services Permission with Crypto Token Activities Endorsement | DFSA | USD 1,000,000 | USD 15,000 | n/a |
| El Salvador | Proveedor de Servicios de Activos Digitales (PSAD) registration | CNAD | USD 2,000 | USD 5,475 | ~0.9 mo |
| Germany | Qualified crypto custody licence | BaFin | n/a | n/a | n/a |
| Ireland | Virtual Asset Service Provider AML/CFT Registration | CBI | n/a | n/a | n/a |
| Mauritius | Virtual Asset Advisory Services (Class I) | FSC | n/a | n/a | n/a |
| Mauritius | Virtual Asset Broker-Dealer (Class M) | FSC | n/a | MUR 2,000,000 | n/a |
| Mauritius | Virtual Asset Wallet Services (Class O) | FSC | n/a | n/a | n/a |
| Mauritius | Virtual Asset Custodian (Class R) | FSC | n/a | MUR 5,000,000 | n/a |
| Mauritius | Virtual Asset Market Place (Class S) | FSC | n/a | MUR 6,500,000 | n/a |
| Seychelles | Virtual Asset Service Provider Licence / RegistrationVirtual Asset Service Provider Licence / Registration (Wallet Provider, Exchange, Broking, Investment Provider) under the Virtual Asset Service Providers Act 2024 | FSA | n/a | SCR 75,000 | n/a |
| South Africa | Crypto Asset Service Provider licenceCrypto Asset Service Provider licence (an FSP authorisation category under FAIS, not a MiCA-equivalent regime) | FSCA | n/a | n/a | n/a |
| Switzerland | Financial intermediary / VASP SRO affiliation | FINMA | CHF 10,000,000 | CHF 1,600 | n/a |
| United Kingdom | Cryptoasset Business Registration (MLRs 2017) | FCA | n/a | GBP 11,260 | ~3 mo |
Values come from each licence's page, where every figure has its source.
Frequently asked questions
What is a Seychelles VASP licence and do you actually need one?
Yes. Licensing is required for any Seychelles-registered or incorporated entity, regardless of where its services are provided. Section 6 and the First Schedule of Act 12 of 2024 prescribe 4 permissible VASP licensing categories. Section 5 of the VASP Act strictly prohibits mining facilities, mixers and tumbler services.
How much capital do you really need for a Seychelles VASP licence?
Under S.I. 72 of 2024, initial paid-up capital is $25,000 for Investment Providers, $50,000 for Broking, $75,000 for Wallet Providers and $100,000 for Exchanges, and a licensee doing several activities holds the capital for each.
How long does it really take to get a Seychelles VASP licence?
The VASP Act 2024 sets no statutory clock. Under FSA Guidelines section 6.5, processing a completed application may take from 3 months to 2 years depending on complexity, and the FSA advises within 90 working days whether an application is incomplete and therefore refused. Requests for information carry delivery deadlines, and applicants may be asked for a live demonstration of their AML systems.
What does a Seychelles VASP licence cost in total, first year and ongoing?
S.I. 72 of 2024 requires professional indemnity insurance and administrative expenditure accounts.
What are the real approval odds and why do Seychelles VASP applications fail?
The FSA has publicly recorded one rejection and one voluntary withdrawal.
What does a Seychelles VASP licence let you do, and where can you serve clients?
A Seychelles VASP licence permits only the activities set out in the First Schedule under section 6(1) of the VASP Act.
Will you get a bank account and payment processing with a Seychelles VASP licence?
No domestic Seychelles bank account is required. S.I. 72 of 2024 Regulation 5(3)(b) permits holding capital in foreign Basel II institutions, excluding alternative money solutions, and the FSA FAQ bars alternative solutions for regulatory funds. Legal practitioner analysis notes that offshore VASPs commonly rely on regional institutions, EMIs and crypto-friendly fintech banks rather than traditional correspondent banking.
Who do you have to hire for a Seychelles VASP and where must they be based?
You must appoint at least two natural persons as fit and proper directors (FSA Licence Application Guidelines Section 7.1(b)), with at least one resident director physically in Seychelles 183+ days per year.
Is a Seychelles VASP licence right for your model, and when is it the wrong choice?
It may suit you if you can meet the resident director and capital rules.
What does it take to keep a Seychelles VASP licence, and what is changing?
Sections 21 and 23 of the VASP Act 2024 set annual renewal filings and a 6-month deadline for audited statements.
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