Seychelles Examines the Pros and Cons of Licensing Crypto Trading Platforms.

10 Sep 2021, 08:00

Seychelles Examines the Pros and Cons of Licensing Crypto Trading Platforms Seychelles’ Financial Services Authority (FSA) together with the country’s finance ministry, is reportedly working on a policy to either prohibit or license crypto trading platforms as registered international businesses. Increase in International Investigations of Crypto PlatformsAccording to a report, the move by the FSA happens against the backdrop of a rising number of international investigations into scam crypto trading platforms that have been traced to the island nation. As recently reported by Bitcoin.com News, the Onecoin bitcoin scam became the latest foreign crypto entity to be a target of such an investigation. This after a request for a probe was submitted to the country’s law enforcement.Meanwhile, in the same report, Randolf Samson, who heads the FSA’s anti-money laundering and terrorist financing section, is quoted explaining the rationale behind the regulator’s move. Samson detailed: There are many incorporated companies that are facilitating that activity. The reason why they are using Seychelles is because we do not have a framework that would otherwise discourage them. Cryptocurrency developed quite fast but the laws of many countries are not up to date with this type of activity.