Seychelles Crypto License Requirements 2026: Complete FSA Compliance Breakdown
- Azim Shamuhammedov
- 21 hours ago
- 3 min read
The Seychelles remains one of the world’s most business-friendly crypto hubs, but in 2026 the Financial Services Authority (FSA) has strengthened its expectations for VASP applicants. Whether you plan to operate a crypto exchange, OTC desk, brokerage, or custody platform, understanding the exact licensing requirements is essential for a smooth approval.
Why Seychelles Is Tightening Its VASP Requirements in 2026
Global FATF pressure, increased virtual asset activity, and a rapidly growing fintech sector have led Seychelles to strengthen compliance expectations. The country remains flexible and cost-efficient, but regulators are now placing more focus on AML controls, technology governance, and operational substance.
Seychelles wants only serious, structured operators that demonstrate real readiness — not paper-only entities.
Corporate Requirements for a Seychelles Crypto License
To obtain FSA approval, applicants must meet a set of corporate and governance standards.
Corporate Structure Requirements:
A Seychelles-incorporated entity (typically an IBC or specialized structure for VASP activity).
Clear ownership structure with disclosed UBOs, shareholders, and directors.
Fit-and-proper checks for all individuals involved, including reputation, financial standing, and experience.
A local registered office and regulated service provider in Seychelles.
Governance & Oversight Requirements:
Appointment of qualified directors with relevant financial, compliance, or technology experience.
Appointment of MLRO and Deputy MLRO (may be outsourced, depending on model).
Documented decision-making processes, reporting lines, and escalation procedures.
AML/CFT & Compliance Requirements
This is the most important compliance area for the 2026 licensing environment.
Mandatory AML/CFT Measures:
AML/CFT Manual tailored to Seychelles FSA requirements.
KYC/EDD onboarding procedures for retail, corporate, and cross-border users.
Ongoing transaction monitoring system with real-time alerts (manual or automated).
Procedures for sanctions screening and PEP checks.
Suspicious activity reporting (SAR) escalation workflow.
MLRO Requirements:
Nominated MLRO with documented crypto compliance experience.
MLRO available for FSA communication at all times.
Annual AML/CFT training for entire team (exchange, OTC, brokerage, custody).
Major mistake to avoid: submitting generic AML templates — FSA rejects these immediately.
Capital & Operational Requirements
While Seychelles does not impose strict paid-up capital like Mauritius or Dubai, the FSA expects operational readiness that proves the business can function safely.
Capital Requirements
Sufficient operating capital to support:
infrastructure
compliance setup
staff
technology
reporting systems
Liquidity available for market-making or treasury (if exchange or OTC model).
Operational Requirements
Documented business plan with clear revenue model.
Internal control framework covering risk management, audit, and governance.
Outsourcing agreements for compliance, MLRO, or tech where needed.
Vendor risk assessments for your wallet provider, exchange engine, API partners etc.
IT & Cybersecurity Requirements (Critical for 2026)
The FSA is increasingly focused on technology standards to prevent hacks, fraud, and system failures.
IT Infrastructure Requirements:
Secure hosting environment with redundancy.
Role-based user access and privilege management.
Logging and audit trails for all system actions.
Real-time monitoring for anomalous transactions or behaviors.
H3 — Wallet Security Requirements
Multi-sig or MPC architecture recommended.
Segregation of client and operational funds.
Documented private key governance policy.
Key rotation and cold-storage procedures.
H3 — Business Continuity & Disaster Recovery
RTO/RPO standards proportionate to your business model.
Cyber-incident response plan.
Regular penetration tests and stress tests.
Documentation Needed for a Seychelles Crypto License Application
H3 — Mandatory Documents
Business plan (3–5 years).
AML/CFT policies + Risk Assessment.
IT & Cybersecurity policy set.
Organizational structure chart.
Compliance manuals and procedures.
KYC/EDD checklists and onboarding flow.
Outsourcing agreements.
Proof of operational capital.
H3 — Supporting Documents
CVs of directors and officers.
Passport + proof of address for all shareholders/UBOs/directors.
Vendor documentation for tech stack.
Exchange engine/wallet provider specifications.
Most Common Mistakes That Delay Approval
Using generic AML manuals not tailored to Seychelles.
Missing or unclear group structure.
No defined MLRO function.
Weak IT/wallet security documentation.
Incomplete operational readiness (e.g., no vendor agreements).
FSA rejects or pauses ANY application that shows “template behavior.”
How Consultrio Ensures a Regulator-Ready Application
Consultrio specialises in crypto licensing across Seychelles, Mauritius, Georgia, SVG, Cayman, and the UAE. Our VASP-dedicated team prepares all governance, compliance, and operational elements to regulatory standard — ensuring a fast and smooth assessment.
What We Deliver
Full AML/CFT framework + Risk Assessment
Business plan tailored to your model (Exchange, OTC, Custody)
IT & cybersecurity policies aligned with FSA expectations
MLRO onboarding or outsourcing
Group structure optimisation
Regulator correspondence & interview preparation
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