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ARTICLE · 16 JULY 2024

Embracing The Future: Seychelles Introduces The Virtual Asset Service Providers Bill, 2024

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In an age where digital assets are becoming increasingly integral to global finance, Seychelles is taking a pioneering step to ensure a secure and thriving virtual asset market

SeychellesFinance and Banking
Malcolm Moller
Malcolm Moller
Juliette Ally
Juliette Ally
Jyotika Kaushik
Jyotika Kaushik
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In an age where digital assets are becoming increasingly integral to global finance, Seychelles is taking a pioneering step to ensure a secure and thriving virtual asset market. The Virtual Asset Service Providers Bill, 2024 (Bill No. 12 of 2024) (VASP Bill), which is due to come into force and implemented imminently, sets a robust legislative framework designed to regulate virtual asset service providers (VASPs) and mitigate potential financial crimes such as money laundering and terrorist financing.

SEYCHELLES' FORWARD-THINKING APPROACH TO FINANCIAL CRIME RISKS

Following the 2021 National Risk Assessment, which highlighted substantial exposure to money laundering and terrorist financing (ML/TF) risks linked to virtual assets, Seychelles recognized the urgency of implementing stringent regulatory measures. The Financial Action Task Force (FATF) recommends that jurisdictions proactively evaluate and address financial crime risks, especially those posed by new

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