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Seychelles: fintech & payments regulation

Regulated

VASP licensing under the 2024 Act; FSA oversight with transitional compliance

Lead regulator:
Financial Services Authority of Seychelles
Key law:
Virtual Asset Service Providers Act, 2024
Last updated:
2026-07-12

Virtual asset service providers are regulated under the Virtual Asset Service Providers Act, 2024, with the Financial Services Authority (FSA) serving as the primary supervisor. The regime requires all VASPs and ICO/NFT issuers operating as of September 2024 to submit complete licence or registration applications by December 31, 2024, to qualify for the statutory transitional period. Entities failing to comply face immediate regulatory action, and the FSA has initiated a detailed review phase to assess operational readiness and governance structures. The framework mandates strict adherence to fit-and-proper standards and ongoing compliance obligations for licensed entities.

Who regulates

  • Financial Services Authority of Seychelles

    Primary supervisor for VASPs, securities, funds, and corporate services

    [1][2]

  • Central Bank of Seychelles

    Monetary authority and payment system oversight

    [3]

Core laws & rules

  • Virtual Asset Service Providers Act (2024)

    Establishes the licensing and regulatory framework for virtual asset service providers and ICO/NFT issuers, including transitional provisions for existing operators.

    [2]

  • Securities Act (2007)

    Governs securities dealers, exchanges, and clearing agencies, with recent amendments in 2024 modernizing licensing and fee structures.

    [4][5]

Licensing & registration

  • VASP Transitional Licence

    Required for VASPs and ICO/NFT issuers operating as of September 2024; application deadline was December 31, 2024. Timeline: Transitional period ended December 31, 2024

    [2]

Restrictions & warnings

  • Non-compliant entities operating without a licence or registration after the transitional deadline face immediate regulatory action.

    [2]

Direction of travel

  • The FSA is actively reviewing applications for operational readiness and governance, indicating a tightening of enforcement and a move towards full compliance with the 2024 Act.

    [1]

Sources

  1. Application Review Requirements and Expectations for Transitional Virtual Asset Service Providers · 2025-01-01
  2. Circular No. 7 of 2024: Transitional Period Under the VASP Act · 2024-01-01
  3. Central Bank of Seychelles Act, 2004 (as Amended) · 2024-10-18
  4. Clearing Agency Application Guidelines · 2025-05-27
  5. Circular No. 1 of 2025 - Enactment of Securities (Amendment) Act, 2024 and Amended Regulations · 2025-01-01

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This guide is compiled automatically from 5 primary-source documents published by Seychelles's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.