Retail forex broker Alpari has announced that on December 6 Belarusian Currency and Stock Exchange confirmed that Alpari Eurasia has successfully passed the software test for compliance with the requirements set by the National Bank of the Republic of Belarus.
As LeapRate reported, Alpari was added to the list of Registered Forex Brokers by The National Bank of Belarus, the country’s central bank and financial regulator earlier this year.
Thus, in accordance with applicable law, Alpari Forex Eurasia officially became a registered FX company in the Republic of Belarus and is now free to start operations there.
The full operation of market participants need to undergo series of procedures in accordance with the Law of the President of the Republic of Belarus. Alpari Eurasia passed all the tests and implemented a number of organizational and regulatory requirements of the National Bank, including the formation of the authorized capital in the amount of not less than 200 000 Belarusian rubles (about 100,000 USD). The company has also made a contribution of $55,000 USD per established by the Decree of the President warranty.
According to many experts and market participants, the Belarusian jurisdiction, covering the work of Forex companies, is one of the most well-organized compared to other markets in Western Europe and the Eurasian Economic Union (EAEU). Thus, customers of Belarusian Forex companies (or individuals) are exempt from income tax until January 1, 2019, making Belarus attractive jurisdiction for traders and investors from other countries. Moreover, the guarantee fund, stored in the National Forex center, minimizes the risk of total loss of investment.