Micronesia vs Seychelles
Crypto regulation comparison
Micronesia
Seychelles
No Regulation
Legal
Micronesia has no specific cryptocurrency regulation. Uses the US dollar as its official currency.
The VASP Act 2024 effective Sept 2024 establishes FSA as regulator for virtual asset service providers. Exchanges require licensing. Mining and mixer/tumbler services are prohibited in Seychelles.
Tax Type
None
Tax Type
No tax
Tax Rate
N/A
Tax Rate
0%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
No
Regulator
Department of Finance and Administration
Regulator
Financial Services Authority (FSA)
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
Regulated under VASP Act 2024
Key Points
- No specific cryptocurrency legislation
- Uses the US dollar as official currency
- Very limited financial infrastructure
- Minimal crypto adoption
- No licensing framework for crypto services
Key Points
- VASP Act 2024 enacted Aug 30, effective Sept 1, 2024
- FSA licenses and supervises all virtual asset service providers
- Mining facilities and mixer/tumbler services prohibited
- VASPs must maintain local office and resident director
- Licensed IBC VASPs taxed at 1.5% on assessable income