Two new FX brokers have been given permission to operate in Belarus today. Alpari Group and Gerchik&Co have been granted foreign exchange licenses by The National Bank of Belarus and will be required to deposit $55,000 in a deposit insurance fund, which is administered by the Belorussian Currency and Stock Exchange (National Forex Center).
According to a Financial Magnates report, Gerchik&Co and Alpari's licenses will go into affect following an inspection that will verify the integrity and compliance of the firms' trading systems with the standards of the National Bank of Belarus.
Alpari has had an office in Minsk - the capital of Belarus - since 2010, but the brokerage registered its new branch, Alpari Eurasia, in April of 2016. Alexander Sabodin, Director of Alpari Eurasia, said that the company has been actively engaging with the country's authorities in establishing an appropriate regulatory environment for the foreign exchange industry:
"This is why we have become one of the most active firms in the region that has taken part in the definition of the regulatory framework for the forex industry.”
Sabodin explained that Alpari's new license is a "positive development" for the firm, "It is important to note that this is the start of a new era for the financial industry in the country." he added.
The Belorussian retail foreign exchange market has been growing at a steady pace since the beginning of 2016. In April, Cyprus-based Forex Club and Open Investments became the first FX brokers to get licenses in the country. And in May, TeleTrade and FTM Brokers also received permission from The National Bank of Belarus.
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