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ARTICLE · 23 JANUARY 2026

Seychelles Virtual Asset Regulation: The Reality Check Of 2025

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The cryptocurrency industry’s relationship with Seychelles changed fundamentally in 2025. What began as a relatively straightforward licensing regime has evolved into something far more demanding, and firms that haven’t kept pace with this evolution are now facing difficult conversations with the Financial Services Authority (FSA)

SeychellesFinance and Banking
Malcolm Moller
Malcolm Moller
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The cryptocurrency industry’s relationship with Seychelles changed fundamentally in 2025. What began as a relatively straightforward licensing regime has evolved into something far more demanding, and firms that haven’t kept pace with this evolution are now facing difficult conversations with the Financial Services Authority (FSA).

This isn’t another regulatory update listing new rules. This is about understanding what the Financial Services Authority‘s approach in late 2025 tells us about where offshore crypto licensing is heading, and what it means for your business strategy in 2026.

THE SHIFT THAT CAUGHT MANY OFF GUARD

The Virtual Asset Service Providers Act 2024 came into force with transitional provisions that gave existing operators a pathway to full licensing. Many firms treated this as breathing room. The FSA treated it differently, as a period during which operators remained fully subject to AML/CFT obligations while building out whatever they were missing to meet the new

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