Issued August 30th 2019
This advisory is issued by the Financial Services Authority (“FSA”) pursuant to section 4(1) m of the Financial Services Authority Act, 2013 (“FSA Act”) and is addressed to the general public and to potential investors in respect to the scope of the FSA’s regulatory function.
line with relevant legislations, the FSA is mandated to supervise, monitor and
regulate financial services business carried on in or from within Seychelles.
Furthermore, as per the provisions of Part 2 of schedule 1 of the FSA Act, the
FSA also administers registry legislations.
That said, the FSA has observed an increase in companies that claim to be licensed and regulated by the FSA to provide various services including services to clients within the Financial Technology (“Fintech”) landscape including but not limited to services pertaining to virtual assets and other services that are required to be undertaken only by approved, licenced or regulated persons.
In this light and particularly considering concerns received from affected persons, other competent authorities and law enforcement agencies, the FSA would like to inform investors and the general public, that its regulatory oversight extends only to the activities of persons, in or outside of Seychelles, that are licensed or regulated by the FSA under the relevant regulatory legislations. Kindly consult the following link, which provides for the details of these regulated persons within the different regulated sectors: https://www.fsaseychelles.sc
In that respect, while the FSA is responsible for administering the International Business Companies Act, 2016, the FSA confirms that it does not licence, regulate or supervise the activities of International Business Companies, unless these companies are conducting activities that fall under the regulatory ambit of the FSA.
Therefore, the FSA strongly recommends that investors and the general public avail of the services of entities that are either licensed or under the regulatory purview of competent Authorities, either in Seychelles or abroad. Investors and the general public that wish to engage the services of such companies and any other entities providing services specified herein are advised to take sufficient precaution and be vigilant of the inherent risks associated with those activities.
 International Business Companies Act, 2016, as amended, Limited Partnership Act, 2003, Foundations Act, 2009, International Trusts Act, 1994.
 As defined by the FATF recommendations, a virtual asset is a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes.
 International Business Companies that are used as the underlying structure for funds and licensed as such under the Mutual Fund and Hedge Fund Act, 2008
All the above being said, the FSA wishes to advise investors and the general public that it is undertaking the necessary to set up appropriate mechanisms in accordance with Regulation 3 of the Sandbox Regulations to ensure that certain services being offered by International Business Companies are captured in a regulated environment under the purview of the FSA, whereby the general public shall be notified of the commencement date of same.
The Financial Services Authority