Why are Seychelles no longer paradise islands for crypto business?

Seychelles seems to be one of the most economically viable jurisdictions for registering a crypto business. This hypothesis is confirmed by the fact that many large crypto exchanges: OCX, Binance, Huobi provide services to users from almost all over the world through legal entities incorporated in the Seychelles. The reason for this popularity is that the legislation of the Seychelles provides many advantages to offshore business: favorable taxation, confidentiality and asset management capabilities. However, the “paradise islands» may lose this status due to upcoming changes in legislation on virtual assets. An overview of the upcoming changes in the legislation of the Seychelles was presented in the article by Ksenia Kaminskaya, a junior lawyer at Zenitlegal.