How to Open a Cryptocurrency Company and Obtain a VASP License in Seychelles

Seychelles is an archipelago of 115 islands located in the western Indian Ocean, northeast of Madagascar. In addition to its natural beauty, the country is known as a developed offshore financial center with a favorable tax system and loyal regulation in the field of digital assets. Seychelles actively attracts fintech companies, including cryptocurrency projects, offering transparent and understandable rules for doing business.

What is a VASP license in Seychelles

VASP (Virtual Asset Service Provider) is a license for companies providing services related to virtual assets. This may include cryptocurrency exchange operations, digital asset storage, wallet management, launching trading platforms and other crypto services.

The license is divided into four categories depending on the type of activity. Each category assumes a different level of requirements for authorized capital and internal control.

Basic requirements for obtaining a license

To obtain a VASP license in Seychelles, a company must meet the following conditions:

• Local registration - a company registered in the Seychelles jurisdiction is required.
• Physical presence - a real office in the country is required.
• Local director - at least one director of the company must be a resident of Seychelles.
• Qualified personnel - it is necessary to hire employees with experience in the financial and cryptocurrency sectors.
• Compliance Officer - it is mandatory to appoint a local compliance officer (AML/CFT).
• AML/CFT Policies - development of individual measures to combat money laundering and terrorist financing.
• Board of Directors - annual meetings of the board and management team.
• Financial reporting - mandatory accounting and external audit.

The authorized capital depends on the license category and starts from USD 50,000.

The process of obtaining a license takes on average from 3 to 5 months and includes several stages - from registering a company to obtaining permission from the regulator.

The IT-OFFSHORE company offers full support in registering a crypto company and obtaining a VASP license in the Seychelles. Our team of specialists will provide legal support, help select the appropriate license category, prepare the necessary documentation and take on interaction with regulatory authorities.