Seychelles VASP Licence: Types, Capital, Rules (2026)

For years, “Seychelles crypto licence” was shorthand for something that barely existed — an offshore company with no real regulator behind it. That changed with the Virtual Asset Service Providers Act 2024. Administered by the Financial Services Authority (FSA), it turned Seychelles into a properly supervised regime, and operating without a licence is now a criminal offence. If you are researching a Seychelles VASP licence in 2026, this is what it actually means today.

This guide is the plain-English explainer: what the VASP Act 2024 is, the four licence types and their capital, the substance the FSA now demands, the new governance code, and where the licence stops working (it does not reach the EU). We build these files to the regulator’s current, tougher standard, so the framing here is what we tell operators before they commit.

What the VASP Act 2024 actually is

The Virtual Asset Service Providers Act 2024 is Seychelles’ first dedicated crypto statute. It came into force on 1 September 2024 and put the FSA (the same authority that supervises the jurisdiction’s securities, fund and fiduciary business) in charge of licensing and monitoring virtual-asset firms. Before it, Seychelles had no crypto-specific regulator; companies simply incorporated and operated, which is exactly why the jurisdiction earned its “unregulated” reputation.

The Act closes that door. It defines virtual-asset services, requires anyone providing them in or from Seychelles to hold an FSA licence, and criminalises unlicensed activity. That last point is the one operators underestimate: carrying on virtual-asset services without a licence is now an offence, with fines reaching USD 350,000. A dormant Seychelles company that “does a bit of crypto” is no longer a grey area — it is unlawful. The upside is that a licensed Seychelles firm now carries a real regulatory credential, which matters for banking, counterparties and listings in a way an unregulated shell never did. Our Seychelles crypto licence guide walks the full setup; this piece focuses on the regime itself.

The four VASP licence types

The Act is tiered by activity. Rather than one blanket “crypto licence”, the FSA issues four distinct types, each authorising a defined set of services and each carrying its own paid-up capital floor. You apply for the type that matches your actual business model — and only that type authorises those activities.

The figures above are what a new entity shows at application. From the start of the third year of operation the requirement becomes 2.5% of annual turnover, so capital grows with the business. Fees follow activity too: the FSA’s annual fee is a SCR 75,000 base plus an activity fee for each service, from SCR 75,000 for investment to SCR 375,000 for an exchange, so an exchange that also custodies pays both the exchange and the wallet fee.

Matching the type to the model is where most applicants need a steady hand. A centralised trading platform is always an Exchange. An OTC desk filling client orders or a dealing operation is usually a Broker. A firm offering managed exposure, advice or investment-style products maps to Investment Provider, while a pure key-management or wallet business (holding assets without offering trading) needs the Wallet Provider licence. Get it wrong and the FSA will either refuse the file or license you for activities you do not actually perform, which then blocks banking and counterparty onboarding. Choosing the wrong type is the most common early mistake we correct; the Seychelles crypto licence cost breakdown models each tier so the capital and fees are clear before you file.

Substance: the paper-shell era is over

If there is one shift that surprises operators used to the old Seychelles, it is substance. The FSA does not license nameplates. It expects a local office, at least one resident director, regular board meetings held in Seychelles, and an appointed compliance officer and MLRO. Most distinctively, the FSA runs a live system walk-through (an actual demonstration of your operating platform, its controls and its AML tooling) rather than accepting a paper description of what you claim to run.

The FSA is aligning Seychelles with FATF standards for virtual-asset service providers, which require real AML/CFT programmes, beneficial-ownership transparency and the Travel Rule for transfers. In practice that means a business plan and programme of operations, a FATF-standard AML/CFT framework tailored to your model, risk-management and cybersecurity policies, and custody or safeguarding procedures where you hold client assets. The walk-through is where those documents get tested against reality.

Why does the FSA go this far? Because the reputational cost of the old “unregulated Seychelles” label was real, and a supervised regime only holds value if it is actually supervised. Banks and payment partners now distinguish sharply between a licensed, substance-backed VASP and a shell, and the FSA is protecting that distinction. For you, the practical consequence is simple: the resident director, the local office and the compliance function are conditions of the licence and cannot be stripped out to save money. Budget them from day one, and expect the regulator to keep checking that they are genuine at application and throughout the life of the licence.

The new Code of Corporate Governance (January 2026)

The 2024 Act was the foundation; the Code of Corporate Governance, effective January 2026, is the FSA layering ongoing expectations on top. It formalises how a licensed VASP should be run: board composition and responsibilities, clear reporting lines, conflict-of-interest management, risk oversight and internal controls. It is a standard the FSA assesses at application and expects you to maintain, rather than a one-off filing.

For applicants, the takeaway is that governance is now part of the licence rather than an afterthought. Your directors need to be genuinely fit-and-proper and genuinely engaged; source-of-funds and suitability checks run on the controllers and beneficial owners. This is a meaningful step up from the old model and, again, the reason a Seychelles licence now means something. It also means the file needs to be built by people who know what the FSA reads — a rushed application into an active regulator gets sent back with questions.

Timeline, tax and the EU limitation

Three practical numbers close the picture. Timeline: budget roughly three to six months from a complete file. The FSA reviews efficiently, but it asks questions, checks substance and runs the walk-through, so readiness at filing drives the clock more than the regulator does. Tax: there is no capital gains tax, and a Seychelles company pays business tax at 15% on the first SCR 1 million of taxable income and 25% above (Seychelles Revenue Commission). The 1.5% figure sometimes quoted is the presumptive tax on small-business turnover, not a VASP’s rate.

For teams comparing offshore bases, one newer option sits at the other end of the scale from Seychelles’ full licence: Costa Rica introduced an AML-only registration with SUGEF in 2026, with no licence attached. Our guide to VASP registration in Costa Rica covers who it catches and the documents involved.

The limitation you must plan around is reach. A Seychelles VASP licence supports worldwide business, but it is non-MiCA and does not passport into the EU. To serve EU customers lawfully you need an EU CASP authorisation — a separate, capital-heavier regime. This is a scoping decision. If your users are global (and you geo-block the US, sanctioned and FATF-listed territories), Seychelles is a strong home. If Europe is core to your plan, you pair it with an EU licence, or you start there. We lay out that exact trade-off in EU CASP vs offshore VASP, which is worth reading before you settle on Seychelles.

For established exchanges, brokers, OTC desks and custodians that want a legitimate offshore base and are willing to run real operations rather than a shell, the post-2024 Seychelles regime is one of the better offshore choices available. If you want the FSA file and the substance built correctly the first time, book a free consultation and we will model the right licence type, the capital and the timeline before you commit a dollar.

Christina S.

Crypto Licensing at Vantegris

Christina S. is part of the Vantegris team, which prepares and files licence applications across 40+ jurisdictions. This article was reviewed by Vladyslav S. (Compliance & Legal).

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This article is for general informational purposes only and is not legal, tax or financial advice. Consult a qualified professional before acting.