Seychelles vs Sierra Leone
Crypto regulation comparison
Seychelles
Sierra Leone
Legal
No Regulation
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.
Sierra Leone has no specific cryptocurrency regulation. The central bank has not issued formal guidance on crypto.
Tax Type
No tax
Tax Type
None
Tax Rate
0%
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
Financial Services Authority (FSA)
Regulator
Bank of Sierra Leone
Stablecoin Rules
Regulated under VASP Act 2024
Stablecoin Rules
No stablecoin regulation
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
Key Points
- No specific cryptocurrency legislation
- Central bank has not issued formal crypto guidance
- Limited financial infrastructure
- Minimal crypto adoption
- No licensing framework for crypto services