Seychelles VASP – Introduction of Legislative Framework

The FSA is actively engaged in the development of a new legislative framework designed to enhance the licensing, regulation, and supervision of entities offering services associated with virtual assets. This initiative involves revisiting the Virtual Asset (VA)/Virtual Asset Service Providers (VASP) National Risk Assessment, initially published in 2022. The objective is to ensure a comprehensive understanding of potential financial crime risks related to the misuse of VA/VASP services and to formulate effective strategies to address identified vulnerabilities in order to mitigate these risks in the context of Seychelles.

In an effort to ensure regulatory excellence, the FSA invites all relevant persons to fill out a questionnaire related to Virtual Asset Service Providers (VASPs). This initiative is crucial for updating data from the 2022 National Risk Assessment on VA/VASPs and ensuring alignment with the proposed regulatory framework. The questionnaire includes, among others, questions related to client data, services offered to clients outside Seychelles, client funds held in the form of VA, payment processing, exchange listing, and AML controls.

The anticipated timeline for the update and publication of the results of this document is set for conclusion in January 2024. To facilitate this, FSA requested completion of the questionnaire by the 19th of December 2023.