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:
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: