The Seychelles Ministry of Finance has issued a press release on the 20th of December 2023 where the National Anti-Money Laundering and Countering the Financing of Terrorism Committee (NAC) has announced the launch of the consultation phase for the proposed framework for the regulation of Virtual Assets (VA) and Virtual Asset Service Providers (VASPs).
The draft framework that accompanies the press release was created to promote innovation and facilitate the responsible and sustainable expansion of the virtual asset (VA) industry. It aims to address and prevent potential financial crime risks related to the improper use of VA products and Virtual Asset Service Provider (VASP) services offered in or from the Seychelles.
As per the press release, the NAC has proactively participated in the initiative to mitigate associated risks and comply with the Financial Action Task Force (FATF) Recommendation 15 relating to new technologies. The NAC plans to submit a re-evaluation request for Recommendation 15 to the Eastern and Southern African Anti-Money Laundering and Countering the Financing of Terrorism (ESAAMLG) Task Force and the current launch of the consultation phase is a crucial element of this action plan.
Interested parties wishing to comment are requested to do so on the e-mail address vasp.enquiries@fsaseychelles.sc by close of business on the 8th of January 2024. Furthermore, the press release announces that a public meeting will follow on the 9th of January 2024 at the STC Hall Conference Room at 1:30 p.m. to present the policy and draft laws, to respond to queries and comments and to take on board suggestions in relation to the proposed framework. Interested parties wishing to attend can do so by sending an e-mail to vasp.enquiries@fsaseychelles.sc.
Concluding, the NAC encourages active participation in this consultation process with the aim of establishing a framework that strikes a balance between promoting responsible innovation and preventing potential risks linked to the misuse of Virtual Assets (VA) and Virtual Asset Service Providers (VASP).