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Retail forex broker Alpari has announced that it was added to the list of Registered Forex Brokers by The National Bank of Belarus, the country’s central bank and financial regulator.
Belarus is a fairly sizable country of about 10 million people, nestled between Poland, Russia and Ukraine.
Alpari joins fellow Russian brokerage giant Forex Club as the initial members of the Registered FX list in Belarus. Ironically, both Alpari and Forex Club have yet to receive Forex Broker licenses in their home country (and largest market) of Russia. Former Alpari Director of Compliance Andrey Lisitsyn was recently named President of Russian Forex self regulatory body CRFIN, however to date only 3 Russian FX dealer licenses have been issued, to TeleTrade (the #3 broker in the country after Alpari and Forex Club), TrustForex and FINAM Forex.
Belarus followed Russia’s lead earlier this year, enacting a Forex Law (by Presidential Decree) requiring all dealers offering leveraged currency trading to Belarus residents to be registered with the central bank, and to meet a few other criteria, such as a $100,000 capital deposit with the central bank.
The press release issued on the matter by Alpari reads as follows:
The National Bank of Belarus Includes Alpari in its List of Registered Forex Companies
Yesterday the National Bank of the Republic of Belarus included Alpari Eurasia Ltd. In its list of registered Forex companies. As such, clients of this company – a part of the international financial Alpari brand – will be able to receive services which provide access to international financial markets within Belorussian jurisdiction.
On 7th March, 2016, Belorussian presidential decree № 231 from 4th June, 2015 regarding activities in the over the counter Forex market came into force. This decree brought in rules to the work of the currency market of Belarus which was previously unregulated. As part of its preparations to conduct activities as a Forex broker within the new legal framework in Belarus, the international Alpari brand registered the company Alpari Eurasia on 19th April, 2016.
To enter into the list of registered Forex companies whose activities are permitted on Belorussian territory, Alpari Eurasia underwent a comprehensive check and fulfilled a range of the national bank’s organisational and normative requirements, including the forming of statutory capital of no less than 2 billion Belorussian roubles or 100,000 USD. In order to guarantee the fulfilment of its obligations before its clients, the company will make a 55,000 USD deposit in the very near future to the guarantee fund that was created on the basis of the presidential decree.
“Alpari has always spoken out for market regulation in the countries where it conducts its operations and so we were one of the initiators and active participants in creating the corresponding Belorussian regulation. The coming into effect of the decree and for us to receive the licensing is, of course, very positive news and a real landmark moment for the development of the financial industry within the country. It’s important to note that the Belorussian jurisdiction is focussed on creating favourable conditions for the development of the Forex market, providing for an influx of clients and, at the same time, providing their rights with a high level protection,” noted Alpari Eurasia director, Alexander Sabodin.
Being able to operate as a Forex company within the Belorussian jurisdiction brings many advantages. First and foremost, it provides the right to work with both physical persons and legal entities, in addition to with residents and non-residents of the country. It’s also notable that clients of Belorussian Forex companies (physical persons) are absolved from income tax until 1st January, 2019, making work within the Belorussian jurisdiction even more attractive for traders and investors from other countries of the world. More rigorous control on part of the regulator and the guarantee fund will minimalize risks in regards to malevolent fulfilment of obligations and total loss of invested funds.
Alpari, founded in 1998, is one of the world’s leading brands which provides services for working on financial markets. Alpari currently has over 80 offices open around the world and the companies of the brand service clients from 150 countries. In July 2010 the offices for the official Alpari partner in Minsk opened. From the very beginning, one of the company’s key tasks was to bring the Belorussian segment of the over the counter Forex market closer to international high standards of openness and transparency.
The business reputation of Alpari has stood the test of time and is confirmed by the trust placed in it by its clients. Today the company has over 1.1 million client accounts opened with it. In 2015 the company’s average monthly trading turnover was $90 billion.
Over the 6 years Alpari has been working in the Republic of Belarus, Alpari has put a large amount of effort into raising financial knowledge and awareness amongst its clients, with the number of listeners to its lectures and online seminars exceeding 10,000 people. Alpari actively supports educational initiatives and works with a number of leading media outlets and higher education institutes of the country, including the Belarus State Economic University, the Polessky State University, the Minsk Financial-Economic College, the Institute of Entrepreneurial Activity, the Vitebsk State Technological University and the Grodno State University.
A special note worthy of mention is Alpari’s support for the development of initiatives and programs in Belarus. For example, Alpari took part in the purchase and repatriation of the unique 16th century Statute of Lithuania to its historical homeland. The Statute currently resides in the Mahiliou History Museum.