The Vice President of the Council of Ministers of Seychelles announced last week that the Council has approved the new law on virtual assets that will be submitted to the National Assembly.

At a press conference, Ahmed Afif said that now that the Council has given its approval, “this will be presented to the National Assembly as soon as it is resumed.” According to him, the proposed regulatory framework for virtual assets (VA) and virtual asset service providers (VASP) aims to “encourage innovation and support the growth of the virtual asset sector in a responsible and sustainable manner.” The law, which is expected to be finalized by the end of February, will be submitted for reassessment for recommendation by 15 March

The reassessment will be reviewed by the Working Group on Combating Money Laundering and Terrorist Financing in Eastern and Southern Africa (ESAAMLG) in September 2024.