A lesser-known broker called Visuno Capital Limited LLC (Wisuno Capital Limited, or WisunoFX), has become the licensed FX platform No.20 in Belarus as the small nation, next to Russia, continues to be a favorite destination for the foreign exchange industry.
Forex Magnates Russia reported today that WisunoFX secured its approval and has already been included in the register of forex companies in accordance with the country’s local legislation.
Belarus has recently approved B2Broker as the first forex prime broker after securing the National Bank of the Republic of Belarus (NBRB) license. The permit was issued under the name of Prime Brokerage Services Limited (B2Prime).
With more and more brokers coming to Belarus, the country’s president signed a document that makes Forex trading in the country tax exempt.
WisunoFX is the latest FX broker to eye a lucrative market in Belarus as the trends in retail trading are changing in the eastern European region. Of note, the country’s central bank is the sole regulator policing all aspects of OTC forex activities and thus supervises all brokers engaged in transactions with non-deliverable OTC financial instruments.
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FX industry’s interest in Belarus grows
The FX industry’s interest in Belarus is justified by the Russian crackdown against forex brokers, which dates back to early 2018. Minsk has become an important avenue for forex brokers as the Bank of Russia decided to strip several brokerage firms of their license to trade in forex. Most of the foreign exchange dealers operating in the country saw their licenses revoked last year.
Having acquired an NBRB license, the next step for WisunoFX is to undergo an assessment of their trading platform in the National Forex Center. Concerning the financial terms, forex companies must have a capital of at least BYR 2 billion (about US$100,000), and to deposit a guarantee payment to the Compensation Fund to the amount of $50,000.
Thirdly, the licensed forex broker is obliged to become a member of the local Association of Financial Market Development – ARFIN. Other specific requirements for these companies include the obligation to incorporate a local entity to obtain a license from the central bank.
In 2016, a new regulation on forex operations in Belarus came into force. Before this date, the activities of forex companies in the country were not regulated, and the absence of explicit definition created a risk that forex brokers’ operations could be classified as illegitimate activities.