Regulatory Alerts2024-01-01
Circular No. 7 of 2024: Transitional Period Under the VASP Act
The Seychelles Financial Services Authority requires virtual asset service providers and ICO or NFT issuers operating as of 1 September 2024 to submit complete licence or registration applications by 31 December 2024 to qualify for the statutory transitional period. Non-compliant entities face immediate operational cessation from 1 January 2025, alongside potential fines, imprisonment, or company striking under the VASP Act. Furthermore, all active providers must clearly differentiate their statutory registration from actual authorisation when marketing services, while new entrants must secure full licence or authorisation prior to commencing operations.
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