There still needs to be a crypto law in Seychelles. However, the primary regulator is the FSA Seychelles(4). It has a crypto sandbox license, and some crypto exchanges operate from Seychelles with a Capital Market license (brokerage). You may check more information about crypto sandbox on the FSA website (5). Here (6) is the list of companies with Capital Market License from FSA - some operate with crypto assets like eToro.
Also, the Сentral Bank of Seychelles, in its report (August 2022), estimated (7) that about 500 entities operate crypto companies in the country without license as IBC companies. According to local media (8), IBCs are incorporated in Seychelles under the International Business Companies Act 2016, and they are not licensed nor regulated by the FSA for their chosen business activities.
Probably this number 500 is calculated by summarizing the total number of companies operating in the country over several years. However, we at Crypto Penetration estimate that the number of such companies is quite large. If the legislation of Seychelles allows such a situation, then we should be talking about at least 50.
Binance, with its headquarters in the Cayman Islands, also incorporated Binance Investments in Seychelles. Moreover, BitMEX is a Seychelles-based cryptocurrency exchange. Only one crypto entity has a VASP license in Seychelles - SECDEX. It also has a Capital Market license.
Seychelles has announced in 2021 and 2023 that it will implement advanced crypto regulations. However, the adoption of the necessary law or by-law for VASPs has been constantly delayed until 2024, then the Seychelles approved VASP act (9). The island nation's regulatory regime is now closer to the Caymans and BVA. All cryptocurrency companies operating in the country are required to register as VASPs by the end of 2024.
It has become mandatory for a company to have a physical presence on the island. Among other things, registered VASPs must now have a physical office, and at least two employees. The capital requirement is $125,000. Also mining activities and crypto mixers are prohibited under the VASP act.