Analysis
No Crypto Firm Holds a Full Seychelles VASP Licence Yet: All 9 on the FSA List Are Under Assessment
Who is on the FSA's VASP page, and what “under assessment” means under the VASP Act, 2024.
The short version: No firm holds a full VASP licence from the FSA in Seychelles (FSA VASP page, read 22 Oct 2026). 9 applicants are under assessment and may keep operating: Bequant, BTG Technology Holdings Limited, Bybit, eToro, Keyrock SYC, Match2Pay, OKX, Thecorio Ltd, Tradu. They filed complete applications under the transitional rules of the VASP Act, 2024, and the FSA permits them to continue operating until it decides.
Applications Under Assessment
| Firm | Legal name | Service tabs | Date shown | FSA no. |
|---|---|---|---|---|
| Bequant | Bequant Prime Limited | wallet service provider, virtual asset broking | 26 May 2025 | 1271 |
| BTG Technology Holdings Limited | BTG Technology Holdings Limited | wallet service provider, virtual asset broking, virtual asset exchange, investment provider | 9 Mar 2026 | 1455 |
| Bybit | Bybit Technology Limited | wallet service provider, virtual asset exchange | 28 May 2025 | 1273 |
| eToro | Etoro (Seychelles) Ltd | wallet service provider, virtual asset broking, virtual asset exchange | 10 Jul 2025 | 1300 |
| Keyrock SYC | Keyrock SYC Ltd. | virtual asset exchange | 25 Sep 2026 | 1539 |
| Match2Pay | MATCH2PAY LTD | virtual asset exchange | 12 May 2025 | 1272 |
| OKX | Aux Cayes FinTech Co. Ltd | virtual asset exchange | 18 Jul 2025 | 1303 |
| Thecorio Ltd | Thecorio Ltd | wallet service provider, virtual asset broking, virtual asset exchange | 28 Aug 2025 | 1326 |
| Tradu | Stratos Tech Limited | virtual asset exchange | 14 Oct 2025 | 1356 |
The FSA's cards label the date as “Date of Approval”; for entries in the assessment directory this is not a licence approval. Dates range from 12 May 2025 to 25 Sep 2026.
Sources
- FSA Seychelles, Licensed VASPs fsaseychelles.sc