Seychelles Cryptocurrency Exchange

Financial technology is in its early stages in Seychelles, however, the government and the Central Bank are currently working on creating a legal framework which enables those who want to invest in cryptocurrencies to operate under advantageous conditions.

At the moment, most of the activities in the fintech area imply various money transfers and payment services. Those interested in launching initial coin offerings (ICOs) and trade cryptocurrencies are expected to be able to apply for cryptocurrency licenses in Seychelles.

Our company formation agents in Seychelles can offer detailed information on the situation of obtaining a cryptocurrency license and setting up an exchange in the insular state. We can also assist those who want to apply for other types of financial licenses.

Legislation on cryptocurrencies in Seychelles

At the moment, Seychelles does not have a specific legislation targeting the issuance of cryptocurrency licenses, however, with the increasing interest of entrepreneurs here to create fintech companies, including cryptocurrency exchanges, the government has adopted the National Payment System Vision and Strategy which aims at the improvement of the payment structure in Seychelles and the first steps to be taken in order for a cryptocurrency licensing regulatory regime to be put in place.

The current laws which target cryptocurrency businesses, and which allow the trading of digital coins online by resident companies are:

1. The International Trade Zone Act and the International Trade Zone Regulations which allow the enabling of international free zone in which such companies can operate;
2. The Companies Law which provides for the creation of a domestic company under which a cryptocurrency license can be obtained;
3. The Companies Special License Act which provides for special license companies to trade virtual money online;
4. The Anti Money Laundering Law and Regulations which apply to fintech companies in Seychelles;
5. The Electronic Transactions Act which regulates electronic signatures which can be used in online transactions and payments.

In order to trade through cryptocurrency exchanges, a Seychelles cryptocurrency license can be obtained under the form of a Forex license under the provisions of the Securities Act.

Our agents can help you register any type of company with the purpose of obtaining a cryptocurrency license, including an offshore company in Seychelles.

Company registration in order to obtain a Seychelles cryptocurrency license

Those who want to set up cryptocurrency exchanges must first register a company in Seychelles. In most cases, the special license company is employed for obtaining various types of financial licenses. In the case of cryptocurrency trading activities, it is important to note that while specific regulations have not been defined yet, the company will need to respect the Anti Money Laundering Regulations and conduct these activities through local banks. Seychelles banks will then need to report the transactions with the Financial Supervisory Authority in Seychelles.

An important thing to consider is that the National Bank works closely with the Department of Information Communications and Technology with respect to the creation of the technology which enables the online trading of cryptocurrencies.

Our company formation consultants in Seychelles can help you register a business with the purpose of applying for a cryptocurrency license.

Licensing options for Seychelles cryptocurrency exchanges

When it comes to the licensing options for companies seeking to trade cryptocurrencies in Seychelles, the broker or securities dealer’s license is one of the suitable options. Under this license which can also be obtained by foreign investors, one can also launch ICOs. It is useful to know that one can set up online gaming platforms through which cryptocurrencies are accepted as method of payment.

Companies seeking to obtain Seychelles cryptocurrency licenses should apply for a securities dealer’s license with the Central Bank.

The cryptocurrency sector in Seychelles

Cryptocurrencies are becoming increasingly popular in countries around the world and the Seychelles government is working on creating a legislation which encourages foreign investors interested in this sector. At the moment:

• - there are around 40 ICOs registered and operating from Seychelles;
• - out of these, 6 do not allow Seychelles citizens to participate in trading activities in these ICOs;
• - there is also 1 cryptocurrency exchange operating from Seychelles;
• - Seychelles ranks 116 out of 249 in terms of safety in trading cryptocurrencies.

If you need more information on how to create a Seychelles cryptocurrency exchange, please contact our local specialists.