One of the leading Russian brokers in the industry, Forex Club has announced that the company has filed an application to get listed as a foreign exchange dealer with the National Bank of Belarus. The country’s central bank is maintaining a register of forex dealers since June of last year, after putting in place a regulatory framework.
Forex Club has applied for a central bank license yesterday and is expecting its application to be ascertained by the National Bank of Belarus within 30 days.
Commenting on the matter, the Managing Director of Forex Club, Ilya Volkov stated, “Our application for a central bank license from the National Bank of Belarus is a natural progression for our business in the country and in the region. We will let the public know when our company acquires the foreign exchange dealer license.”
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The legislative framework in Belarus is relatively tough with capital requirements amounting to 50 percent of the client deposits held at the brokerage. The new regulatory requirements have been enforced since the 7th of March 2016.
The company has also recently applied for a license from the Bank of Russia, however for the time being the company has not received a reply from the Russian mega-regulator.