For APAC-focused exchanges, brokers, custodians, and crypto payment teams, Seychelles can be a pragmatic first step toward supervised operations—especially when speed and cost sensitivity matter. The key is to build a file that banks, PSPs, and institutional partners recognize: clear scope, named accountability, and evidence that controls actually run in production.
If you need specifics on scope, documents, and timelines, start with the overview of the crypto license in Seychelles.
Who this regime fits
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Early to mid-stage VASP models that want a supervised framework while keeping time-to-market reasonable.
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Cross-border operators serving users in multiple regions with partner expectations around KYC, custody hygiene, and incident handling.
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Teams building toward onshore: Seychelles as a launchpad before (or alongside) heavier EU/UAE authorizations.
When it’s not the right answer
If your pipeline depends on Tier-1 institutional rails or public-sector procurement from day one, an onshore primary license (e.g., MiCA or Dubai VARA) may be the better starting point. Seychelles can still work as a complementary authorization or a phase-one base for ops.
What partners expect to see
Counterparties buy evidence, not intent:
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Accountable roles. Compliance Officer and MLRO with real authority; fit-and-proper profiles.
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Operationalized policies. KYC/KYB, sanctions screening, transaction monitoring, outsourcing, incident response—configured and running.
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Governance that meets. Short minutes with decisions, action owners, and follow-ups.
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Vendor files. SLAs and security notes for KYC tools, analytics, custody/wallet, cloud, and payments.
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Audit trails. Training registers, access controls, alerts/triage logs.
Application path (high level)
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Map activities to categories. Be explicit about what you will and won’t do; scope creep slows reviews.
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Entity & resourcing. Local entity aligned to selected activity; identify key persons and external providers.
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Policies → controls. Draft, tailor, and prove—screenshots, logs, sample alerts, playbooks.
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Submission & dialogue. Provide complete packs; respond to queries with documents and records, not promises.
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Grant & go-live. Operate as licensed; maintain registers, submit returns, and manage changes via proper notifications.
Operating obligations to budget for
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AML/CFT routines. CDD/EDD, PEP/sanctions checks, periodic refreshers, STR/SAR processes.
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Monitoring & case management. Rules, alerts, escalation, and audit trails.
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Reporting cadence. Regulatory returns, incident reporting, and material change notifications.
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Training & drills. Role-specific onboarding plus annual refreshers; incident tabletop exercises.
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Resilience. Business continuity, disaster recovery, vendor risk management, and post-incident reviews.
Strategic comparison (quick)
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Seychelles. Practical entry point; partner perception hinges on evidence of governance and controls.
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Dubai (VARA). Higher substance and cost; strong institutional trust across MENA/APAC.
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EU (MiCA). Heavier lift, but passporting and enterprise procurement upside for EU-centric roadmaps.
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BVI/other offshore. Similar speed/cost; market familiarity can vary by counterparty.
Common mistakes (and easy fixes)
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Template policies. Align documents to your actual stack and attach screenshots/logs.
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Underpowered compliance. Part-time MLRO without tools/authority is a red flag—resource it properly.
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Vague product boundaries. Publish a one-pager that defines activities, assets covered, and blocked geos.
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Single-rail payments. Open a backup rail to prevent operational dead-ends.
“In 2025, as crypto adoption accelerates globally, we are seeing a significant rise in demand for VASP licenses in both traditional offshore hubs and modern regulatory jurisdictions,” said Aaron Glauberman, CEO of LegalBison. “Our role is to ensure clients can approach these licensing processes with confidence.” LegalBison is a trusted international advisory firm specializing in company formation, compliance, and licensing.
Disclaimer
This article is informational and does not constitute legal, tax, or investment advice. Requirements evolve; always validate against current supervisory materials before acting.