Doo Prime, an online brokerage firm, has announced on Wednesday that it gained an investment dealer license from Mauritius Financial Services Commission (FSC).
With this, the local subsidiary Doo Prime Mauritius Limited can now legally offer discount brokerage services, ensuring its compliance with the regulatory standards of the jurisdiction.
“Doo Prime will strictly comply with FSC’s regulatory requirements and provide investors with a compliant, transparent, and high-quality trading environment,” the brokerage noted.
As highlighted by the brokerage, the licensing will allow it to promote its products to financial institutions and capital markets in Mauritius and will also ensure protection to members of Doo Prime’s clients investing in non-banking financial products.
The FBS CopyTrade Team Presents a New 'FBS CopyStar' ContestGo to article >>
Doo Prime offers trading with a number of assets including stocks, futures, currency, precious metals, CFDs, and cryptocurrencies. For its more than 200 trading pairs, the brokerage also offers signals from thousands of high-quality signal providers.
Increasing regulatory oversight to ensure trust
Apart from the Mauritian entity, the platform also has another brokerage subsidiary registered under the Vanuatu Financial Service Commission (VFSC), while Doo Clearing Limited, UK is regulated by the UK Financial Conduct Authority (FCA).
The announcement also detailed that the brokerage has tapped Mauritius Commercial Bank to deposit the client’s funds and also stressed how it separates the client’s capital from the company’s capital.
While the jurisdictions like Mauritius are attracting financial service providers, The Bahamas is tightening its rules towards foreign exchange and CFD brokers. The Securities Commission of The Bahamas is putting a ban on binary options trading and also implementing leverage restrictions of 200:1, along with some marketing restrictions.