Classical jurisdictions usually set rather complicated rules for regulating the crypto industry, so many prefer offshore companies.
The Seychelles is a favorable environment for getting a crypto license. Such a permit is issued by the FCA, which has created a particular administration structure for crypto exchanges, crypto storage providers, and other firms engaged in crypto activities.
In addition, the Seychelles crypto license is a tool for companies’ safe and transparent operation.
Benefits of permitting here
Permitting in this jurisdiction provides many benefits for crypto-currency activities, ensuring a reliable and secure operation.
List the main benefits of getting a permit:
- loyal taxation;
- flexible administration by the regulatory body;
- stability of the political, financial, and economic spheres;
- availability of qualified local force;
- developed infrastructure using innovative technologies.
This positive spectrum attracts many investors to open a business here.
What requirements does your firm need to meet?
To be permitted here, several requirements created by the FCA must be met.
A company must have a legal entity there to be permitted for activities. In addition, the firm must have a registered office in this jurisdiction and at least two directors.
Permitting requires a real presence here, including a local company representative.
Compliance with AML, CFT, and KYC policies
Companies planning to be permitted must comply with AML, CFT, and KYC requirements. To confirm the implementation of these requirements, the Regulator will conduct special due diligence checks.
Compliance with technical requirements
The Regulator will require the entity applying for a permit to be technically compliant and comply with specific software regulations.
The organization must provide measures to protect its customers’ confidential information and ensure the security of financial transactions.
Moreover, the organization should develop measures for recovery in emergency situations to ensure the company’s continuous operation.
Ensuring financial stability
Firms planning to be permitted must prove financial stability—requirements for the minimum amount of authorized capital – 50,000 USD. Moreover, the company must have several insurance policies.
Compliance of the management team with professional suitability
It requires that the management team of the organization and the leading top managers meet a certain professional level and possess the necessary qualities: to be competent in the field of the crypto industry, to prove honesty in work, and to have the appropriate education and experience.
Also, the Regulator may conduct various checks of crucial personnel before issuing a crypto permit to a firm.
Company registration and permitting
Registration of an organization planning to engage in activities related to virtual currency is carried out by the FCA regulator.
Consider the process of registering a firm for permitting activities. Choose a local agent who will be the liaison between your firm and the government. The agent must be a resident of this country or an organization registered in this jurisdiction.
Come up with the organization’s name to submit to the Register of Companies. The name of the firm must be unique, one that is not on the Registrar’s list.
Provide a package of corporate documents, including the charter, and the company’s developed structure, indicating the activity’s goals and the organization’s approved rules.
You submit these documents and the company registration application to the Registrar, after which you will receive a certificate of registration.
Once you have registered a firm, you submit an FCA application. A detailed business project, technical and operational documents, financial statements, and insurance policies must accompany the application.
The application must confirm compliance with the rules. In addition, documentary evidence of compliance with technical and software standards is required.
Once the application is submitted, the fees must be paid. The proposed application to the Regulator will be under consideration for 1-2 months. Once the application is approved, the organization must pay a fee for this permit of 50,000 USD.
Thus, if all the documents are provided and the FCA conditions are met, then in 1-2 months, the company will be licensed.