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