22/10/25
Seychelles’ regulator, the Financial Services Authority (FSA), has recently signalled material changes affecting Forex/CFD licensing under its Securities Dealer regime. License-seekers and incumbents alike must now closely monitor shifting capital, compliance and structural expectations.
📘 Key Facts & Regulatory Framework
The Seychelles Securities Dealer License is issued under the Securities Act, 2007, and supervised by the FSA under its enabling statute, the Financial Services Authority Act, 2013. Current official FSA guidance sets the minimum issued and paid-up capital requirement at USD 50,000 for a Securities Dealer license. The FSA retains discretion to impose higher capital for riskier activities. Applicants must submit a full license application with company formation documents, personal questionnaires, proof of capital deposit, compliance frameworks, KYC/AML policies, and must maintain a local registered address and representative functions.
🔍 Analysis & Emerging Developments
Recent commentary suggests the FSA is raising the capital threshold from USD 50,000 to USD 100,000 for new Forex/CFD brokers, with a transitional period for existing licensees. This would be a 100% increase and a significant shift in the barrier to entry. The proposed change appears targeted especially at more leveraged or cross-border operations, intended to align Seychelles with stricter peer jurisdictions. Other changes reportedly include enhanced requirements for jurisdictional declarations, legal opinions on target markets, and new fees for structural changes (e.g. director swaps, trade name changes). If adopted, these steps narrow the regulatory arbitrage that many Forex operators assumed under a lower-cost model.
💡 Practical Impacts & Illustrations
For example, a new entrant that planned to launch under the USD 50,000 regime may now need to double equity or reassess its choice of jurisdiction. An existing Seychelles-licensed broker may have an 18-month grace period to meet the new capital or structural demands (as some advisors suggest). Failure to adapt could force withdrawal from certain markets or even license cancellation.
Conclusion
As of October 2025, the official capital requirement for a Seychelles Securities Dealer license remains USD 50,000, with the FSA holding discretion to tighten. However, significant market commentary indicates that the regulator is poised to raise that threshold to USD 100,000, introduce stronger jurisdictional scrutiny, and impose more onerous structural fees. Operators and applicants must stay alert and position for compliance shifts. If you need bespoke legal advice on a Seychelles FX/CFD license, restructuring or regulatory adaptation, reach out to NUR Legal for guided, jurisdiction-aware support.
Kätrin Särap