“Cryptocurrencies developed quite fast, but the laws of many countries are not up to date with this type of activity”

Seychelles’ finance ministry and capital market regulator are now working on a crypto-policy framework, according to local reports. The island nation is on its way to either prohibit or license crypto-trading platforms as registered international businesses.

The development comes on the back of several trading scams, along with the ongoing investigation into the $10-billion OneCoin scam. The country’s financial crime investigation unit is probing the transfer of 230,000 Bitcoins since the parent company was registered in Seychelles.

However, it is often difficult to trace where these companies are based. Randolf Samson, Director of the National Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Committee (NAC), told reporters that cryptocurrency platforms register as International Business Companies (IBC)…

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