Seychelles is developing a national policy on virtual assets in response to an increasing number of complaints regarding activities using cryptocurrency. The country’s finance minister, Naadir Hassan, revealed that a report on a national risk assessment done by the Financial Services Authority (FSA) had prompted the move.
The policy will aim to provide a legal framework for virtual asset activities to be better regulated in Seychelles and to safeguard the public. The objectives of the framework will be to establish legal provisions to register virtual asset businesses and provide licenses depending on the activities allowed in the country.