How to get a VASP license in Seychelles in 2025

How to get a VASP license in Seychelles in 2025

The world of digital assets is rapidly evolving, and one of the recent jurisdictions that has confidently established a transparent and structured regulatory policy in the field of virtual assets is the Seychelles. As of September 1, 2024, the Virtual Asset Service Providers Act (VASP Act) came into force, establishing a distinct legal framework for the operations of crypto businesses. As of the end of April 2025, the procedure for obtaining a license became fully accessible and publicly available to the general public through the regulator.

This law is not just another regulatory act — it is a powerful tool for transforming Seychelles into a regulated financial hub. The VASP license opens the door for companies to international markets, increases the trust of counterparties and banks, and also guarantees compliance with high standards of compliance, cybersecurity, and economic presence.

**Manimama law firm** offers full support for the licensing process in Seychelles — from preliminary preparation of a package of documents to final inclusion in the official register of licensed VASPs. Thanks to our experience and deep understanding of local regulatory requirements, we help clients avoid common mistakes, expedite the process, and minimize the risks of refusal.

VASP Law in Seychelles: What You Need to Know

On September 1, 2024, the Virtual Asset Service Providers Act, 2024, came into force in Seychelles, marking the first time the country introduced full-fledged regulation of activities in the cryptocurrency industry. The document clearly defines which types of businesses require licensing, who is eligible to obtain such a license, and the requirements that must be met to get it.

According to the Law, the following are subject to regulation:

Virtual wallet providers (custodial and non-custodial services),

Cryptocurrency exchangers (including exchanges and exchange services),

Brokers (intermediary and advisory crypto services),

Investment companies working with virtual assets.

Compliance is controlled by the Seychelles Financial Services Authority (FSA), which both issues licenses and supervises licensees. The law explicitly prohibits activities without a license, providing for severe sanctions, including criminal liability.

Key innovations include mandatory requirements for economic presence (substance), fixed fees, detailed rules on compliance, cybersecurity, and transparency of corporate structure. From now on, using terms such as “crypto exchange,” “ICO,” “DeFi,” or “Web3” without an appropriate license is considered an offense.

How the licensing procedure works: a step-by-step overview

The VASP (Virtual Asset Service Provider) licensing procedure was officially introduced on April 28, 2025, with the publication of Application Guidelines, a special guide from the Financial Services Authority (FSA) of Seychelles. The document outlines the steps a company must take to obtain permission to operate legally in the field of virtual assets, under the Virtual Asset Service Providers Act, 2024.

The licensing process involves a phased interaction with the regulator. It requires the applicant not only to prepare high-quality documents but also to be ready to demonstrate its financial, technical, and organizational capacity to operate in the field of virtual assets.

To apply, a company must prepare a significant package of documents, including constituent documents, questionnaires of directors, a compliance officer, a cybersecurity specialist, financial forecasts, confirmation of sources of funds, agreements with technology solution providers, insurance policies, policies on AML/CFT, cybersecurity, complaint handling, internal control, etc.

All documents are submitted electronically via the FSA portal. After submission, the FSA conducts an initial review of the package’s completeness and, if necessary, initiates an in-depth analysis. The regulator has the right to request additional documents, conduct interviews, or even request a demonstration of the system. However, it is worth noting that if the application is found to be incomplete, it will be automatically rejected, and the fee paid will not be refunded.

If a company already holds another license from the FSA, it can refer to previously submitted documents, provided they are up-to-date and accurate. Otherwise, it will be necessary to submit an entirely new package.

The duration of the application review varies significantly, from several months to two years. It all depends on the complexity of the corporate structure, the quality of preparation, and the applicant’s openness to interaction. After a favorable decision, the licensee is officially included in the public VASP register on the FSA website, which increases the level of trust from banks, exchanges, and partners.

This process is not just a bureaucratic formality. It is a type of “reliability check” that enables the company to access the global market legally and transparently. And this is where experienced legal support becomes critically important — to avoid rejection, minimize delays, and costs.

The company must have at least two directors who are natural persons, one of whom must be a resident of Seychelles. It is also mandatory to establish a physical office in the country, have staff, hold board meetings, and management meetings directly in the jurisdiction. All of this is included in the so-called requirements for economic presence — “substance” — and this is one of the most closely examined points when assessing the application.

The regulator pays attention to the financial capacity of the company, ensuring it has sufficient capital, appropriate insurance policies, technical infrastructure for data processing, as well as cybersecurity and compliance policies that fully comply with local legislation. The competencies of key individuals — directors, compliance officer, head of IT security — are checked separately. All of them must meet the “fit and proper” criteria, and their questionnaires and documents must undergo a detailed analysis by the FSA.

It is also essential to understand that, despite the openness of the jurisdiction to crypto business, some activities in the Seychelles are strictly prohibited. Specifically, we refer to the activities of crypto mixers, tumblers, and mining farms. It is forbidden even to intend to carry out such activities. In addition, a company without a license is prohibited from using terms such as “exchange”, “ICO”, “NFT”, “Web3”, or “DeFi” in its name or marketing materials — this is considered an offense and may result in fines or even criminal liability.

To apply, a company must collect an extensive package of documents. It includes statutory documents, proof of address, contracts with technical providers, internal policies, a business plan, audit reports, questionnaires, and documents for all key personnel, as well as criminal records, confirmation of sources of funds, and origin of capital. All files are submitted digitally through the FSA online portal, and each file is assessed from a legal, technical, and financial perspective.

The compliance officer is a central figure in the structure of the future licensee. His experience, education, qualifications, and willingness to ensure constant control over compliance with the requirements are critical for a favorable decision on the license. After the permit is issued, the company becomes subject to financial monitoring and is required to comply with the AML/CFT and cybersecurity laws.

The procedure is complex, detailed, and requires strategic preparation. However, completing this path gives the company not just a license, but full access to the global digital asset market — with official status, legal protection, and trust from counterparties, banks, and platforms.

Seychelles is your entry point into the legal crypto business

Obtaining a VASP license in Seychelles is not just a formality. It is a strategic decision that opens up legal access to the global digital asset market for a company, fosters trust with banking and payment institutions, mitigates reputational risks, and enables operation within a clear legal framework.

The Seychelles regulatory model strikes a balance between flexibility for innovation and rigor in terms of transparency, compliance, and investor protection. This environment is ideal for both DeFi startups and existing exchanges, brokers, or custodians.

Manimama Law Firm has practical experience in supporting VASP projects and a deep understanding of local regulations. We undertake not only documentary work, but also strategic design of the structure, selection of directors, preparation of policies, and support in relations with the FSA.

The world of crypto assets is rapidly moving towards maturity. If you want to play in this field, play legally, professionally, and with a strategic advantage.

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Manimama Law Firm provides a full 360° legal support for companies operating in the fields of crypto, tokenization, and iGaming. Our mission is to help businesses enter and operate in global markets in a legal and efficient manner. We assist in obtaining licenses, establishing companies, and ensuring compliance with MiCA, AML, and KYC requirements. Our team also provides tax structuring, risk assessment, and legal protection for blockchain, fintech, and gambling projects. We deliver comprehensive legal and business solutions that simplify the process of launching and managing your company in a compliant way.

The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.