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SC
SCschema crypto-v2.0.0trajectory: not yet assessedin transitionoverlaps: FIM
Last updated · 8 categories · 16 sourced
findings · 16 sources in the cumulative register
8Categoriesbaseline.
16Findings.claims[]
1Tier-1 sourcesrun_metadata.t1_source_count
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Jurisdiction brief
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Virtual asset services in Seychelles are governed by the Virtual Asset Service Providers Act, 2024, with the FSA as sole licensing/supervisory authority. Within this cycle's window, the FSA rejected a VASP application and warned of a forged VASP licence, continuing an active enforcement pattern.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
no periodic updates on record for this sub-brief
Sources and findings (5)
T2 · FATFFATF — Per FATF's 2025 Targeted Update table (R.15.4 licensing/registration column), Seychelles is assessed as 'In progress' on passing/enacting legislation to license or register VASPs, i.e. at most a tabled draft or consultation stage, not an enacted licensing statute, as of the most recent (2025) assessment cycle; FATF's next update is expected in 2026.retrieved M4non-binding
T3 · U.S. SEC EDGAR (filer disclosure)U.S. SEC EDGAR (filer disclosure) — MERJ Exchange Ltd (operating as the Seychelles Securities Exchange/Upstream) and MERJ Dep. (its securities facility/depository) are licensed by the Seychelles FSA as a securities exchange and securities facility respectively under the Securities Act 2007 (as amended), the operative framework for tokenised/digital securities trading, clearing, settlement and depository services in Seychelles.retrieved M3bindingin forceour coverage gap, expected to resolve on a re-run
T4 · The BlockThe Block — Incorporation under the International Business Companies Act 2016 (used by multiple global crypto exchanges to establish a Seychelles-domiciled entity) does not itself authorise or license virtual-asset exchange, broker, or custody activity; such entities operate, in the regulator's own characterisation and in industry accounts, as registered-but-unregulated for VASP-type activity absent a separate FSA licence.retrieved M4bindingin force
T4 · CoinDeskCoinDesk — In March 2021 the Seychelles FSA issued a public investor alert stating that an IBC named Huobi Global Limited, believed affiliated with the Huobi Global exchange, was operating in Seychelles despite never having been licensed, evidencing the FSA's practice of treating unlicensed virtual-asset activity via mere IBC registration as an enforcement/warning matter rather than a licensed activity.retrieved M3bindingin force
T1 · U.S. Commodity Futures Trading CommissionU.S. Commodity Futures Trading Commission — The US CFTC filed a 2023 civil enforcement action against Expected Value Plus Ltd, a Seychelles-incorporated company (d/b/a Trade2Get/Coinbull/Cryptobravos), for a fraudulent digital-assets trading scheme; this is a foreign (US) regulator's action against a Seychelles-domiciled entity and does not reflect a Seychelles FSA enforcement precedent or penalty provision.retrieved M2non-binding
Seychelles has no comprehensive statutory taxonomy for crypto-assets. The only classification with a clear legal basis is for tokenised/digital securities, which fall within the existing securities-law perimeter (Securities Act 2007) when traded via MERJ Exchange/Upstream. Outside that perimeter (utility tokens, stablecoins, NFTs, asset-referenced tokens, e-money tokens), no dedicated classification statute was located; the only cross-cutting definition found is the AML/CFT Act 2020's broad 'property' definition (extended to cover virtual assets for AML purposes), which is an AML construct, not a market/token taxonomy, and is out of scope for this module per the AML/CFT subscription.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
no periodic updates on record for this sub-brief
Sources and findings (2)
T3 · U.S. SEC EDGAR (filer disclosure)U.S. SEC EDGAR (filer disclosure) — Digital/tokenised securities admitted to trading on the Seychelles Securities Exchange (operated by MERJ Exchange Ltd as 'Upstream') are treated and regulated as securities under the Securities Act 2007 (as amended), with MERJ Dep. acting as the licensed securities facility recording ownership (including tokenised representations).retrieved M3bindingin force
T2 · ESAAMLG / FATFESAAMLG / FATF — Outside tokenised securities, Seychelles has not enacted a statutory classification regime (e.g. for utility tokens, stablecoins, NFTs or asset-referenced tokens); the only broadened statutory concept identified is the AML/CFT Act 2020's 'property' definition (as amended) extending to virtual assets for AML/CFT purposes only, which does not constitute a market classification taxonomy.retrieved M3non-bindingexpected to resolve as the cycle horizon moves
The only on-chain activity with an identified statutory basis is tokenisation of securities via MERJ Dep./Upstream under the Securities Act 2007. No Seychelles-specific statute or FSA guidance was located for staking, DeFi lending, DEX operation, mining, node operation, or validator activity; these remain unaddressed gaps pending any future VASP framework.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
no periodic updates on record for this sub-brief
Sources and findings (1)
T3 · U.S. SEC EDGAR (filer disclosure)U.S. SEC EDGAR (filer disclosure) — Tokenisation of equity/securities ownership records via a distributed-ledger-enabled depository (MERJ Dep.) is permitted and regulated as a Securities Facility activity under the Securities Act 2007, forming part of the Upstream/MERJ Exchange market infrastructure.retrieved M3bindingin force
No Seychelles statute or FSA framework analogous to an asset-referenced-token/e-money-token regime (e.g. MiCA Title III/IV) was identified. No evidence of a domestic stablecoin issuance-authorisation, reserve, or redemption-right regime was found in the sources reviewed.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
no periodic updates on record for this sub-brief
Sources and findings (1)
T2 · FATFFATF — No Seychelles-specific stablecoin issuance-authorisation, reserve-requirement, or redemption-right regime was identified in FATF's jurisdiction-level implementation assessment or in any other source reviewed for this run; Seychelles does not appear among jurisdictions with a reported stablecoin framework.retrieved M3non-bindinga fact about the regime
No crypto-specific consumer-protection statute (marketing/promotions, custody segregation, market abuse, order handling/conflicts, suitability, or complaint-handling rules) was identified for virtual-asset activity in Seychelles. The FSA's demonstrated practice of issuing public investor alerts against unlicensed crypto entities (e.g. the 2021 Huobi-linked IBC alert) functions as an informal, supervisory-practice-level risk-warning mechanism rather than a codified disclosure rule. Custody/depository rules exist only for tokenised securities handled via MERJ Dep. under the Securities Act 2007, not for VASP-type custody generally.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
no periodic updates on record for this sub-brief
Sources and findings (4)
T4 · CoinDeskCoinDesk — The Seychelles FSA's practice of publishing public investor alerts (e.g. the March 2021 alert naming a Huobi-linked IBC as unlicensed) operates as a supervisory expectation/warning mechanism rather than a statutory risk-disclosure obligation on crypto firms.retrieved M2non-binding
T2 · FATFFATF — No statutory custody/client-asset-segregation regime for VASP-type crypto custody was identified; the only custody-adjacent rules found (MERJ Dep. depository procedures) apply to tokenised securities under the Securities Act 2007, not to crypto-asset custody generally.retrieved M4non-bindingour coverage gap, expected to resolve on a re-run
T2 · FATFFATF — No crypto-specific marketing/promotions restriction statute, approver-permission regime, or risk-warning/cooling-off rule for virtual-asset promotions was identified for Seychelles.retrieved M3non-bindingour coverage gap, expected to resolve on a re-run
T2 · FATFFATF — No crypto-specific market-abuse regime (insider dealing, unlawful disclosure, market manipulation) was identified for Seychelles virtual-asset markets.retrieved M3non-bindinga fact about the regime
Seychelles operates a broadly territorial tax system. Company disclosures filed with the US SEC state that Seychelles-incorporated entities are generally not subject to Seychelles tax on income derived outside Seychelles and that no Seychelles dividend withholding tax applies to such entities; where Seychelles-sourced business profits do arise, illustrative filings report income tax at a rate of up to 25%. No Seychelles-specific statute, FSA guidance, or Revenue Commission guidance on the tax treatment of crypto-asset gains, crypto income, VAT/GST on crypto transactions, or crypto-specific reporting obligations was independently located; the territorial-system claims below derive from company tax-note disclosures rather than the underlying Seychelles Business Tax Act/Income Tax Act text itself.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
no periodic updates on record for this sub-brief
Sources and findings (2)
T3 · U.S. SEC EDGAR (filer disclosure)U.S. SEC EDGAR (filer disclosure) — Under current Seychelles law, Seychelles-incorporated companies are generally not subject to Seychelles tax on income generated outside Seychelles, and no Seychelles withholding tax is imposed on dividend payments by such entities to their shareholders, per contemporaneous company tax-note disclosures.retrieved M2bindingin forceour coverage gap, expected to resolve on a re-run
T3 · U.S. SEC EDGAR (filer disclosure)U.S. SEC EDGAR (filer disclosure) — Where a Seychelles-registered company's income is treated as derived within Seychelles, illustrative company disclosures report liability to Seychelles income tax at a rate of up to 25%; no Seychelles-specific rule addressing capital gains, VAT/GST, or reporting obligations on crypto-asset transactions specifically was identified in the sources reviewed.retrieved M2non-bindingour coverage gap, expected to resolve on a re-run
No crypto-specific cross-border transfer, passporting, or reverse-solicitation regime was identified for Seychelles. In practice, the International Business Companies Act 2016 is used by multiple global crypto exchanges (e.g. Bitget) to register a Seychelles entity serving customers worldwide without any crypto-specific outbound restriction, reporting threshold, or passporting mechanism being applied by the Seychelles FSA.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
no periodic updates on record for this sub-brief
Sources and findings (1)
T4 · CoinDeskCoinDesk — No crypto-specific outbound restriction, cross-border reporting threshold, or passporting regime applies to virtual-asset businesses registered in Seychelles; multiple global crypto exchanges have registered Seychelles entities under the International Business Companies Act 2016 to serve customers across jurisdictions without a Seychelles-imposed cross-border restriction.retrieved M3bindingin force
Crypto subscribes to the shared financial-integrity module (FIM aml_ctf) for AML/CFT findings; no aml_cft_regime claims are produced in this baseline. For disambiguation only: Seychelles amended its AML/CFT Act 2020 (via Act 7 of 2021) to broaden its 'property'/'funds' definitions to cover virtual assets, and the Seychelles Financial Intelligence Unit (FIU) is the AML/CFT supervisor of obliged entities; this context is carried here only to prevent miscitation, not as a substantive claim set.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
no periodic updates on record for this sub-brief
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Publication gate
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schema_valid
pass
source_tier_integrity_ok
pass
every_practical_object_has_source_id
n/a — no subject in this jurisdiction
min_quoted_text_present
waived — floor 0%
egress_verified
pass
manual_override
FAIL
jurisdiction_source_floor_met
pass
tier_a_b_national_primary_pct
36.36
aggregator_only_jurisdiction_count
0
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Envelope: baseline resolved at jurisdiction_json.baseline; 8 module(s), 16 finding(s), 16 source(s) in the cumulative register.
Audit trail
Machine checkChallenged on 6 Oct 2026: nothing tested (no claim on this page was eligible for an automated test). An automated, adversarial test run by a second model; no person has assessed the result.