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ARTICLE · 02 SEPTEMBER 2024

Consultation Concludes: The Future Of Seychelles Virtual Assets Now In Focus

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We are pleased to bring you an important update regarding the evolving regulatory landscape for virtual assets.

BermudaFinance and Banking
Malcolm Moller
Malcolm Moller
Juliette Ally
Juliette Ally
Jyotika Kaushik
Jyotika Kaushik
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The Financial Services Authority (FSA) has concluded its consultations regarding the Draft Virtual Asset Service Providers (VASP) Regulations and is moving forward with a series of legislative updates aimed at enhancing operational standards while fostering innovation in the virtual asset sector. Below are the key updates and implications for businesses operating in this space.

Key Proposed Changes and Client Guidance:

1. Capital Requirements:

Overview: The minimum paid-up capital requirement for VASPs is set to decrease from 25% to 2.5% of annual turnover. This reduction facilitates greater accessibility for new VASPs while allowing existing operators to allocate resources more effectively.

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