B2Prime has become the first FX prime broker to get a license in Belarus. The broker, which is backed by technology broker B2Broker, received its license to offer brokerage services in Belarus. Forex Magnate reported that the company had met all the requirements and regulations stipulated for such a license in the country.
B2Prime, or Prime Brokerage Service, provides a wide range of brokerage services to its clients and customers. The company offers services on more than 800 instruments, including commodities, metals, indices, shares, as well as forex services.
Belarus National Bank issued the license to allow B2Prime to provide brokerage services to clients in the country. The Belarus bank has also included B2Prime to the list of registered forex companies.
More steps to go
Apart from the license, B2Prime still needs to fulfill certain things before the company can be allowed to be fully operational. According to the Belarus Bank, the issuance of a license is the first step. In the next step, the Bank has to assess the trading platform of the brokerage firm to ascertain its readiness to commence operations. The firm will undergo this assessment at the Belarus National Forex Center.
There is a minimum financial requirement for any forex company that wants to operate in the country. Any applying company must deposit a guaranteed amount of $50,000 to cover for compensation of financial loss. Besides, they must meet the minimum capital requirements of at least $100,000 (BYR 2 billion) before they can receive a full license.
The third obligation is for the forex broker to register as a member of the Financial Market Development (ARFIN) in Belarus. Also, they must accept to incorporate a local entity as they commence business in the country. There are some other less demanding requirements the licensed forex broker must meet before the regulator completely certifies them.
Belarus draws interest from Forex Industry
The forex industry has continued to see Belarus as a potential favorable place for forex trading. In the past, forex brokerage business was not regulated in the county, and forex brokers were seen as illegitimate. But this has gradually changed as the Belarus government has intensified efforts to regulate the industry.
Belaru’s interest in the Forex industry came against the backdrop of Russian extreme regulatory activities on Forex trading last year. The Bank of Russia ceased the license of top forex brokers in the country, including Teletrade Group, Trustforex, Fix Trade, Forex Club, as well as Alpari Forex. The idea was to eliminate competition from the market. However, their licenses were revoked recently, and the forex business resumed as usual.
B2Broker breaking new boundaries
B2Broker is one of the most active brokers when it comes to business development strategies. The brokerage firm has established several platforms, including the B2BX project, which is an aggregator of cryptocurrency liquidity.
The company was formerly established to offer forex technology solutions. Now it has become one of the top liquidity providers in the crypto market. The company is assisting smaller brokers to acquire liquidity, which ordinarily may not have been possible with the top-level providers.