Why is Seychelles suitable for the crypto industry?
One of the most favorable atmospheres for cryptocurrency activities is Seychelles. Therefore, this jurisdiction attracts many investors to expand their business. Seychelles crypto license is an excellent solution for small startups and huge corporations. State authorities conduct loyal regulations and create the appropriate infrastructure for successful actions
Advantages of this country
Having received a permit, the company gets many advantages for successfully developing financial activities.
Favorable tax policy
The state has a very favorable tax regime for financial companies, which contributes to business expansion. The country has no capital gains, source, inheritance, or corporate tax on foreign income.
Strong local talent
Because the crypto industry is actively developed in the Seychelles, local workers are highly qualified and have sufficient professional experience. By hiring professionals, the company’s business will be stable and prosperous.
Powerful infrastructure
The state authorities actively support the crypto industry and invest in infrastructure development. The presence of innovative technologies ensures the comfortable activities of financial companies.
Stable politics and economy
This jurisdiction has one of the most stable political and economic atmospheres. This aspect has a very positive effect on the successful development of the economy, which has a beneficial impact on the activities of financial organizations.
Loyal control of regulatory authorities
The regulatory program is characterized by flexibility and transparency of the legislative framework. All issues that arise during the activity are resolved quickly and without conflicts. The Regulator will always cooperate with the company to resolve conflicting situations.
Ensuring reliability and safety of activities
The company is guaranteed reliable cooperation with business partners since regulatory authorities monitor the implementation of AML and KYC policies. These positive aspects attract many entrepreneurs to obtain a crypto license in a given state.
Process of obtaining a permit
The Regulator in the state is the Seychelles Financial Services Authority (FSA), which administers financial companies whose activities are related to cryptocurrency. This body is also responsible for licensing organizations. Let’s look at the licensing requirements the FSA imposes.
The structure of the company
When obtaining a permit for crypto activities, it is necessary to have a responsible lawyer and a local representative of the organization in the territory of a given state. You also need to rent or purchase an office within the state borders of Seychelles and appoint two managers.
Implementation of AML, CFT, and KYC programs
All organizations that will undergo licensing must provide within their structure programs aimed at combating illegal transfers, countering the financing of terrorism, and knowing their clients. The Regulator will review the application of these policies.
Office technical compliance
The company must meet specific technical standards (including required software). It is also essential to provide for reliable protection of customer data and the safety of their financial assets and to develop actions in emergencies or unauthorized external attacks on the system.
Prove financial prospects
To obtain a license, regulators need to confirm the company’s financial stability, which will contribute to regular economic activities. The minimum authorized capital is 50,000 US dollars. It would be best if you also had insurance policies.
Management team
Directors of the organization and heads of departments must have appropriate qualifications and professional experience in cryptocurrency activities. In addition, it is necessary to confirm a clean reputation with a proper certificate of no criminal record. The Regulator will inspect the entire staff of the company.
When undergoing licensing, if all the regulatory authority requirements are met, a crypto license can be obtained in no longer than two months.
Conclusion
The Seychelles has a lot of advantages that allow you to conduct activities related to cryptocurrency transactions comfortably. If questions arise, the Regulator will be open and loyal to the organization that applies. The overall stability of the state will favor the successful development of a cryptocurrency organization.
