Virtual Assets (VA) and Virtual Assets Service Providers (VASPS) FSA conducts a national risk assessment |19 February 2022
The capacity-building session at the Savoy Resort & Spa
The Financial Services Authority (FSA) has partnered with a qualified and experienced consultant to assist Seychelles in conducting a risk assessment of Virtual Assets (Vas) and Virtual Assets Service Providers (VASPs).
The risk assessment, which is expected to last for a period of six months, was kick-started on February 17, 2022 with a capacity building session at the Savoy Resort & Spa, with representatives of the FSA and partner competent authorities.
The VA/VASP risk assessment has the primary objective of aiding the FSA and other competent authorities to access the feasibility, potential benefits and potential draw‐backs of having a VA/VASP regime in the Seychelles where due consideration and focus will be placed on assessing the risks pertaining to such a regime. VA are activities such as crypto currency, digital assets, virtual currency which VA related service providers are exchanges and certain wallet providers.
It is important to note that the exercise will also guide the Authorities on policy decisions in line with the development of legislations that will allow the Seychelles to meet its obligations in regards to Recommendation 15 (REC 15) of the Financial Action Task Force (FATF) particularly in relation to the VA and VASPs.
The National Risk Assessment is of a high priority in light of the FSA’s on-going assessment by the Eastern and Southern Africa Anti- Money Laundering Group (ESAAMLG) the FATF-Style regional body which the Seychelles is a part of, as it conveys the FSA’s commitment to being compliant to the FATF standards. The outcome of the risk assessment will feed into the Seychelles National Risk Assessment scheduled for later in 2022 and will enable FSA and its domestic counterparts, to better understand the potential risks the country is facing, and to support their own risk assessment and ongoing supervisory activities.
Press release from the Financial Services Authority