Your first step to securing a crypto license in the Seychelles is to acknowledge what has to be done and fulfilled first.

Keep in mind that Rengang can guide you through meeting all of these conditions:

• Company registered in the Seychelles: Rengang advises an International Business Company (IBC), as it offers the simplicity and flexibility of an offshore entity. It also comes with tax benefits;

• Physical office in the Seychelles: A registered office address in the Seychelles is mandatory. Additionally, under the new VASP rules, the company should maintain an actual local presence (this can be a small rented office space). A licensed registered agent in the Seychelles is also required for all IBCs. Rengang can fulfill this role, handling official correspondence on your behalf;

• Resident director: At least one director must be a resident of the Seychelles. This is part of the substance requirements to ensure accountability. The resident director should be a person of good repute (background checks will apply). Rengang can assist in sourcing qualified local directors if needed. Other directors or shareholders can be non-residents and there is no restriction on nationality for ownership;

• Fit and proper personnel: All directors, beneficial owners, and senior management will undergo an FSA fit-and-proper assessment. This means: clean criminal records, relevant experience in finance/crypto, and good financial standing. You will need to provide notarized passport copies, proof of address, CVs, and police clearance certificates for these individuals;

• Minimum capital & solvency: The VASP Act mandates that applicants demonstrate adequate financial resources. Unlike some jurisdictions with fixed capital, Seychelles assesses capital on a case-by-case basis. In practice, showing a paid-up capital (or available funds) of at least 50,000 USD is advisable as this used to be the required capital for other financial licenses (like the Securities Dealer License) in the past . The capital can be used in the business but must be in place to ensure solvency. FSA may also require proof of funds (bank statements, etc.) to verify this;

• Business plan & compliance documentation: A comprehensive Business Plan is required, outlining your proposed services, target markets, revenue model, and risk management. You must also prepare Internal Policies covering Anti-Money Laundering (AML), Know Your Customer (KYC) procedures, cybersecurity measures, and record-keeping. These documents should align with Seychelles’ AML laws and the VASP Act’s regulations. Rengang will provide templates and guidance to craft policies that meet FSA expectations. As part of your application, you must conduct a risk assessment to identify and address potential money laundering, terrorist financing, and operational risks. Ongoing risk assessments are also required to ensure continued compliance with regulatory obligations;

• AML/CFT compliance officer: You need to appoint a Money Laundering Reporting Officer (MLRO) or compliance officer. This individual must be internal staff and a qualified individual, responsible for ongoing compliance. This person should ideally have compliance experience and will be the point of contact for the FIU (Financial Intelligence Unit) in the Seychelles;

• IT and safety: The FSA will want to know that you have secure systems in place (especially if you operate an exchange or custody). While there isn’t a formal IT audit at application, your application form will ask about cybersecurity measures. You should plan for secure custody solutions (if holding clients’ crypto), fraud prevention, and possibly integration of travel rule compliance for transfers. Safeguarding client assets is a regulatory obligation, and you must implement measures to protect client assets through segregated accounts, custody protocols, and robust cybersecurity. Compliance with international standards for virtual asset transfers, such as the Travel Rule, is required. Your systems should be designed to facilitate secure and compliant virtual asset transfers between VASPs, ensuring proper exchange of customer data and adherence to anti-money laundering measures;

• Audits by an appointed auditor: The Seychelles VASP framework requires the appointment of an auditor to audit financial statements annually. As for any domestic and personnel related requirement, Rengang can assist with the matter to ease up your workload and ensure your compliance.