Eternity Law International News Forex license in Belarus: key features of obtaining procedure

Forex license in Belarus: key features of obtaining procedure

November 1, 2021

Brokerage licensing in Belarus makes it possible to act as an intermediary in the securities market. Initially, it is necessary to register a brokerage firm in Belarus. If we compare the countries in the post-Soviet space, we can conclude that Belarus is making significant improvements in its legislation, which relate to the regulation of the financial market. Since 2017, there has been a noticeable increase in the number of people wishing to become holders of an FX license in the Belarusian jurisdiction. Next, we will analyze how to become the owner of a forex license in Belarus and whether it is possible to obtain a Forex license in the Republic of Belarus without personal presence.

Control over the work of brokers in the Republic of Belarus

In the first half of March 2016, Decree 231 “On conducting operations in the OTC Forex market” came into force. It can be understood from it that only after registering a forex broker in Belarus, it will be possible to issue an FX license.

The regulation of brokerage activities in Belarus is considered the most relevant in the Forex market not only among all CIS countries, but also among other jurisdictions in the world.

What do you need to register an FX firm in Belarus?

Commercial organizations that are included in the register of forex companies can function as forex brokers. In fact, this register is considered a substitute for licensing for such enterprises.

In order to be included in the register, certain conditions must be met:

  • register a legal entity;
  • create authorized capital in the amount of at least 200 thousand Belarusian rubles (approximately 70 thousand euros);
  • organize a staff of employees who meet the requirements of the law in terms of education (higher legal or higher economic education), as well as business reputation.

The application review period by the National Bank of the Republic of Belarus is 1 month. However, it is worthwhile to understand that it takes a certain time to comply with the requirements of the law, therefore the most correct period for obtaining a certificate of entry into the register is up to 60 days.

Do forex brokers in Belarus have the right to operate on the international market?

Of course, yes. Brokers have many options:

  • creation of accounts in foreign jurisdictions for keeping clients’ finances;
  • service of users from any world states;
  • remote registration of users;
  • withdrawal of money using international payment systems.

Forex firms in Belarus can trade a wide range of assets: from futures contracts to currencies, securities, including copy trading. Leverage for some clients can be up to 200, for professional clients up to 500.

Let’s summarize

Initially, in order to enter the brokerage market in Belarus, one should register a brokerage firm in this country. In the post-Soviet space, Belarus is popular with both local entrepreneurs and foreign ones regarding the registration of a brokerage license. According to the Decree “On Conducting Operations in the OTC Forex Market” only after a brokerage firm has opened in the territory of the state, you can send an application for a broker’s license. Moreover, only a local legal entity can do it.

We have made an analysis of all the requirements that apply to those wishing to become the owner of an FX company in Belarus. If you still have questions about obtaining a license in Belarus or another jurisdiction you are interested in, contact our specialists for detailed advice or write to us in the CRM form at the bottom of the page, our specialists will answer you online. You can also see our offers in category ready-made companies and licenses for sale.

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