Seychelles Market Opinion
SEYCHELLES THE IGAMING FRAMEWORK
As Seychelles establishes itself as a regulated jurisdiction for interactive gambling, obtaining a licence is only the first step. Wellington Manjengwa, Founder of Albright Compliance Advisors and Victoria Chartered Certified Accountants, examines the operational, financial and compliance obligations that operators must meet to build a sustainable, regulator-ready business under the country's new iGaming framework.
Seychelles took a decisive step in January 2024. Te Financial Services Authority issued the Seychelles Gambling (Interactive Gambling) Rules 2024, made under the Seychelles Gambling Act 2014, and with them, the jurisdiction moved from a less clearly defined online gambling position to a dedicated licensing and supervisory framework. For operators eyeing Seychelles, that is welcome news. But
there is a mistake I see again and again: treating the licence as the destination rather than the entry point. Te Rules are far less about getting approved than about what you must build, hold and report once you are. Here is what sits beyond the licence.
TWO LICENCES, TWO BUSINESS MODELS Te FSA may grant two categories of Interactive Gambling Operator licence. A Type 1 licence is for operators who develop their own live and online games and software and offer them on their own websites. A Type 2 licence is for operators who use games and
software from other developers under contract. Only a company incorporated under the Companies Act 1972 may hold either, and the licence authorises interactive gambling and nothing else. Choose the wrong category for your model and you are rebuilding your application.
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WELLINGTON MANJENGWA Founder, Albright Compliance Advisors and Victoria Chartered Certified Accountants
Wellington Manjengwa is the Founder of Albright Compliance Advisors and Victoria Chartered Certified Accountants, based in Victoria, Mahé. He acts as outsourced Compliance Officer and MLRO for FSA-licensed entities advising on AML/CFT frameworks, internal control systems, licensing readiness and regulatory strategy across the Seychelles financial services sector, with an emerging focus on interactive gambling compliance.
www.albrightcompliance.com
compliancesupport@albrightcompliance.com
THE CAPITAL YOU MUST HOLD - AND KEEP Tis is where applicants most often underestimate Seychelles. A licensee must maintain paid-up capital of at least SCR1 million (which may be cash, a bond, or other security approved by the FSA), a cash reserve of at least SCR3 million, and a revolving fund for operating expenses, each in a separate account at a Seychelles-licensed bank. Player funds sit on top of that, segregated from the operator’s own money. Te operative phrase in the Rules is “at all times.” Tis is not a one- off test at licensing; it is a standing obligation, and dropping below it carries an administrative penalty.
SUBSTANCE IS NOT OPTIONAL Seychelles wants genuine presence, not a brass plate. Player registration servers must be located in Seychelles. Game-play servers may be hosted offshore, but only with FSA approval and only if a mirrored server is kept in the country. Every licensee must also appoint a Designated Official who is resident in Seychelles, sits as a director or senior key employee, and is approved by the FSA as fit and proper. Tat person is the regulator’s single point of contact and carries personal responsibility for the operation’s compliance. If they resign, the licensee has 30 days to install an approved replacement.
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