The Financial Services Authority hereby issues this public statement, in line with section 28 of the Financial Services Authority Act, 2013 to notify the public that the Virtual Asset Service Providers Application submitted by Gray Matter Labs Limited trading as ‘Coinflare’ for approval under the Virtual Asset Service Providers (VASP) Act, 2024 (“the Act”), has been refused effective as of the 14th October 2025. The company was formally instructed to cease all operations immediately or migrate its services out of the jurisdiction.
The public is hereby advised as to Gray Matter Labs Limited having opted to migrate its service offering outside of the Seychelles, and has successfully redomiciled.
For further enquiries of the transition, members of the public may contact Gray Matter Labs Limited directly on +60123910933 or in the alternative please contact vass@fsaseychelles.sc.