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Seychelles Looks Into the Pros and Cons of Licensing Crypto Trading Platforms

Seychelles’ Financial Services Authority (FSA) and finance ministry are looking into a policy that would either ban or license crypto trading platforms as registered international businesses.

The decision by the FSA takes place as a result of an increased volume of international investigations into scam crypto trading platforms that, when traced, led to the island.

The head of the FSA anti-money laundering and terrorist financing section, Randolf Samson, declared:

“There are many incorporated companies that are facilitating that activity. The reason why they are using Seychelles is because we do not have a framework that would otherwise discourage them. Cryptocurrency developed quite fast but the laws of many countries are not up to date with this type of activity.”

He also mentioned that “a risk assessment needs to be carried out to look at the pros and cons” before any resolution.

This means that if the results of the risk assessment show that Seychelles may benefit from this, trading companies will receive a license. But, if crypto trading platforms “bring too many risks and bad reputations, we will simply prohibit the activity.”

Samson also declared:

“The problem with cryptocurrency, the way things are going, you will have to take a stance as it is popular among a growing number of people and other countries are taking options to regulate this activity.”
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