Belarus, the Rise of an Important FX player in Eastern Europe

Belarus, the Rise of an Important FX player in Eastern Europe

The small country of Belarus has recently become the focus of attention as it increased its number of licensed forex brokers to 20. The lesser-known Visuno Capital Limited LLC has become number 20, as it scores an operating license from the country’s forex regulator, namely the National Bank of the Republic of Belarus (NBRB). Numbers are expected to rise, as this previously overlooked nation is accumulating international attention.

This increase of brokers has prompted the Belorussian president to sing a document that makes local forex trading tax exempt.

The wind of change dates all the way back to 2016, when the country introduced a new regulation on FX operations that quickly was set in motion. Before then, brokers were not regulated in Belarus, which not only bread many unverified brokerage firms, but also stained the country’s image in the eyes of the global forex industry

The sudden interest in Belarus as a prime forex environment can be explained by the Russian crackdown against FX companies in early 2018. The bank of Russia decided to strip many legitimate companies of their trading licenses. The next logical move for many of these firms was to shift their focus to the neighboring country of Belarus. Since then Minsk has been established as an important FX destination in Eastern Europe.

Newly licensed brokers must follow a revamped set of rules set by the Belorussian regulator. For one, FX firms must hold at least $100k (2 billion BYR/Belorussian ruble) in capital, and they must deposit a payment of guarantee to the Compensation Fund, equaling to $50k. Another important requirement is that newly licensed brokers must become members of the local Association of Financial Market Development.

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