ICM.com, a leading global fintech company, has obtained regulatory approval from the Financial Services Authority (FSA) in Seychelles. This addition marks the seventh jurisdiction where the company holds a regulatory license. Other regulatory bodies overseeing ICM.com include the FCA in the UK, FSRA in Abu Dhabi, FSC in Mauritius, FSA in South Africa, and ARIF in Switzerland.
Expansion with Seychelles FSA License
Seychelles has emerged as a strategic hub for brokerage firms due to its location connecting Africa, Asia, and the Middle East. The newly acquired license strengthens ICM.com’s regulatory presence and supports its mission to deliver global financial services.
Founded in the UK in 2009, ICM.com offers access to over 5,000 trading instruments for retail and institutional investors. With a presence across Europe, Asia, Latin America, the Middle East, and Africa, the company operates multiple regional offices to cater to its diverse clientele.
Shoaib Abedi, CEO of ICM.com, commented on the milestone
“The FSA license is a pivotal achievement for ICM.com, enabling us to expand into emerging markets while continuing our growth in regions such as Latin America and Southeast Asia. Our clients can trust that they are working with a highly regulated and innovative fintech leader.”
Future Investments and Initiatives
In 2024, ICM.com is intensifying its efforts to grow in Latin America, Africa, and India. The company has also partnered with Swisspod Technologies, a pioneer in Hyperloop transportation, and is committed to advancing its capabilities through investments in artificial intelligence and innovative products.
Seychelles Tightens Virtual Asset Regulations
In related news, the Seychelles National Assembly has enacted legislation to regulate virtual asset service providers (VASPs), according to The Finance Line. This new law requires VASPs to establish a robust presence in the country, including appointing a resident director and staffing local offices with qualified personnel.
Entities must incorporate under specific legal frameworks and, if already regulated, secure approval from the central bank. This regulation applies to wallet providers, exchanges, brokers, and investment platforms, all of which must undergo stringent evaluations before obtaining a license.