Seychelles FSA starts striking off 10 IBCs over VASP names

The Seychelles Financial Services Authority has begun the process of striking 10 international business companies from its register after a naming deadline expired.

The FSA said in a notice dated 27 August 2026 that the action concerns section 40(1) of the Virtual Asset Service Providers Act 2024. The provision restricts people other than VASP licensees or registrants from using names that could reasonably suggest the provision of services requiring authorisation under the act.

The naming restriction

The prohibited expressions include ‘block chain’, ‘exchange’, ‘cryptocurrency’, ‘ICO’, ‘currency’, ‘NFT’, ‘DeFI’, ‘virtual’, ‘digital wallet’, ‘virtual coin’, ‘hot/cold wallet’ and ‘Web 3’.

The FSA said it reviewed the register of International Business Companies and identified entities that remained non-compliant with section 40. It said the companies had previously been notified through their International Corporate Service Providers and given a reasonable period to remove the relevant words from their registered business or trade names if they did not intend to become licensed or registered under the VASP Act.

That period has expired.

The notice identifies the naming breach as an offence that may result in a fine, imprisonment or both under the VASP Act. It does not say that the named companies provided virtual-asset services without authorisation.

The 10 entities listed in Annex A are:

- COIN INCORPORATED LTD, IBC number 245957
- Coinkove Labs Ltd., IBC number 247541
- CoinUnited Limited, IBC number 231043
- CoinX Global Limited, IBC number 247215
- Star Coin International Limited, IBC number 222170
- Mynft Ltd, IBC number 227838
- Nftscan Ventures Ltd, IBC number 233752
- NFT Wealth Creations LTD, IBC number 241658
- VirtualFibers Limited, IBC number 240551
- Web2haven Ltd, IBC number 238312

Strike-off process

The FSA said it had initiated the process of striking the entities off the Register of International Business Companies under the International Business Companies Act because of continued non-compliance.

The record separates a corporate naming breach from a determination about the entities’ activities. It does not establish that any listed company operates an exchange, issues a token or provides custody, nor does it identify which entities, if any, applied for a VASP licence or registration.

The notice does not specify a further remediation period, a separate appeal route or the date on which any strike-off will take effect. The immediate consequence is procedural: the Annex A entities face removal from the IBC register under the process the FSA has initiated.

The next record to monitor is an FSA or corporate-register update showing whether the entities changed their names or were struck off.