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Seychelles Financial Services Authority

Initially published 15.11.2019 19:55 Last edit 14.10.2024 12:40

Expert opinion

The Seychelles Financial Services Authority regulates and licenses various businesses, including the gambling industry. The office was established in 2013 and took office in early March 2014. Online and offline gambling are subject to mandatory regulation.

Table of contents

Regulator licensed casinos

Seychelles Financial Services Authority review

License types of Seychelles Financial Services Authority

Dispute resolution

Conclusion

Regulator licensed casinos

The network does not yet have an online casino with a gambling license issued by the Seychelles Financial Services Authority.

Seychelles Financial Services Authority review

Seychelles is a small country with an area of 450 sq. km. It consists of several Islands located near the mainland of Africa in the Indian Ocean. Despite its small size, the Islands are attractive to many companies conducting various businesses, as they are an offshore territory with a loyal tax system.

The Seychelles Financial Services Authority (FSA) is an independent regulatory body.

The regulator's activities began in 2013 with the adoption of the law "on financial services management." Previously, the main law regulating the regulator's duties was the Seychelles International Business Act (SIBA), adopted in 1994. However, with the development of the gambling entertainment industry, greater transparency was required, which led to the creation of a new bill.

The main aspects of the work of the FSA are:

Monitors and adjusts a variety of businesses in the financial services industry that are not related to the banking sector in Seychelles
Ensuring compliance with regulatory requirements

Main activities licensed by the regulator:

Capital markets and collective investment
Insurance
Games of chance

The organization is sensitive to protecting the interests of its citizens and other users using the services of businesses licensed in Seychelles. On the official website, you can find a special form to submit a complaint if the rights of players (casino) or other customers have been infringed.

License types of Seychelles Financial Services Authority

Under local law, any gambling activity in the state is subject to licensing. Note that everything is very concise, unlike similar licenses, where it is necessary to operate a large variety of licenses (sometimes with an overabundance) in Seychelles. There are only three types of gambling licenses:

A casino license is required to open a land-based casino
A slot machine license is issued for slot machines located offline (land)
An interactive gaming license is for any gambling carried out by means of communication (Internet, TV, phone). That is, this type of licensing is used for online casinos.

Accordingly, depending on the planned activity, it is enough to fill out an application for a license simply. The application form is available on the regulator's official website.

Important aspects of obtaining a license in Seychelles are:

A mirror server of a licensed online casino must be installed on the state's territory. All information should be duplicated so that the regulator can easily access it anytime.
The founders of the company must include a citizen of Seychelles

The cost of licensing in the framework is quite low compared to similar jurisdictions. Fee for consideration of the application for a license:

The interactive license is about $4000.
The casino license is approximately $2000.
The license for slot machines is $1000.

After obtaining a license, you must pay a fee:

The interactive license is about $22,000.
The casino is licensed for approximately $75,000. You must also pay about $190 for each slot machine installed in the house. An average of $270 is paid for each table.
The slot machine license averages $190 per slot.

All types of licenses are valid for one year.

Dispute resolution

The regulator has developed an entire management manual consisting of eight pages to aid the registration of complaints. Such detailed instruction was required, as the regulator's area of responsibility covers a very wide list of different branches of business. We recommend that you read this manual for reference.

Appeals should be sent to complaints@fsaseychelles.sc or using the feedback form on the official website. The average time it takes to consider players' appeals is four weeks.

It should be noted that complaints are considered by the fair trade commission (FTC) and only after the player has tried to settle the issue with the licensee (casino).

After receiving the client's request, the FTC analyzes the information and passes it to the FSA, but only after Management takes action.

Conclusion

According to Casinoz, such a versatile approach to the desire to regulate a large number of business areas by one organization leads to its low efficiency. For example, on the official website of the Department, it is quite difficult to get all the necessary information to the player, there is not even a clear register of licensed online casinos. It is also quite confusing to file a complaint against any gambling establishment, although it is possible.

But the availability of any regulator already works well. In addition, the Financial Services Authority of Seychelles is rapidly developing, which has a beneficial effect on the industry.

Frequently asked Questions

The Seychelles Financial Services Authority (FSA) is an independent government body established to regulate and supervise various financial activities in Seychelles, excluding banking services. It is responsible for issuing licenses, monitoring compliance with legislation, and protecting the interests of financial services consumers.

The FSA was established in 2013 after the enactment of the relevant law. Before that, financial services were regulated under the Seychelles International Business Act, which was passed in 1994.

The FSA regulates various financial services, including capital markets, collective investment, insurance, and gambling.

The main objectives of the FSA are to ensure financial market stability, protect the interests of financial services consumers, prevent financial crime, and maintain international standards.

The official FSA website has a special form for filing complaints. This form allows you to report any violations by FSA-licensed companies, such as non-compliance or fraudulent activities.

An FSA license indicates that a company meets certain standards and requirements. However, as with any investment, there are risks involved. It is important to thoroughly research the company and consult a financial advisor before making an investment decision.

To obtain a license, you must apply to the FSA and submit all the required documents. The requirements for licensees may vary depending on the type of activity. Detailed information on the procedure for obtaining a license can be found on the FSA's official website.

Seychelles offers an attractive environment for financial businesses due to its loyal tax system, political stability and effective regulation by the FSA.

The FSA license gives a company legitimacy and credibility on an international level. It also provides access to new markets and clients.

The FSA strictly monitors the activities of licensed companies, conducts regular inspections and takes action against companies that violate the law. The FSA also provides consumers with information on how to protect their rights and where to go in case of problems.