The Seychelles government is set to revamp its approach to online gaming and betting with new regulations under the Seychelles Gambling Act.
The Seychelles government is set to revamp its approach to online gaming and betting with new regulations under the Seychelles Gambling Act. These changes, endorsed by the Cabinet of Ministers, aim to refine the licensing process for interactive gambling and set clear guidelines regarding fees and conditions.
Vice President Ahmed Afif explained that these updates are designed to give the Financial Services Authority (FSA) better tools for overseeing licensee operations. He pointed out that while the 2014 Gambling Act mandates regulatory oversight of gambling, the existing laws are insufficient for properly supervising online activities. Afif noted the current loopholes in the legislation allow licensed operators to engage in online gaming without adequate control.
The vice president stressed the need for these regulations to not only provide clarity for bettors but also to strengthen measures against illegal activities like money laundering. He outlined that operators venturing online must have robust control systems, including clear tracking of online gambling receipts and regulated payment processes, in line with anti-money laundering protocols.
Seychelles is also very popular with the crypto industry, thanks to its welcoming regulatory environment for cryptocurrency and blockchain-related ventures. Initial Coin Offerings (ICOs) are particularly favored in the country, although they must comply with specific regulations and laws, including the Financial Services Authority’s (FSA) guidelines for digital asset businesses.