July 14, 2021, | AtoZ Markets – After 14 years of its existence, E-Global Trade & Finance SVG, better known to a wide range of users of OTC trading services in the post-Soviet space as the Forex4you brand, begins to work legally in the Belarusian Forex market after it has established a representative office and obtained the necessary license.
So, the license numbered 24 was received by F-IKS FO U LLC, which was included in the register of forex companies, which gives it the right to offer trading services on the over-the-counter Forex market in the Republic. Apparently, the company will be presented under the same Forex4you brand.
It is worthy of note that on March 7, 2016, Decree 231 "On the implementation of activities in the OTC Forex market" came into force. In this regard, a decision was made to register a new company LLC F-IKS FO U, which becomes, as already mentioned, the 21st licensed forex company in the Republic of Belarus.
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It is worth noting that after Decree No. 231 came into force, only legal entities registered in the Republic of Belarus and included in the register of forex companies by the National Bank are allowed to carry out operations in Belarus on the over-the-counter Forex market.
According to the requirements of the current legislation, F-IKS FO U LLC, within 3 working days from the date (July 9, 2021) of the issuance of a certificate of inclusion in the register by the National Bank, must transfer an accounting fee of at least $55,000 to guarantee fund, formed by the National Forex Center (NFC), and pass the verification of the relevant software.
Meanwhile, the Belarusian website of the new forex dealer is at the stage of development and is still functioning only formally, which does not allow the general user, at the moment, to use the services of a broker or register. Moreover, the Company was registered by the Minsk City Executive Committee at the beginning of June last, 2020.
“The license is an indicator that this financial market player operates in accordance with the legislation of Belarus, which means that you will be legally protected from any illegal actions. Belarusian forex companies are supervised by the regulatory authorities of the republic - they submit reports, have passed testing of their software by the National Forex Center, make contributions to the guarantee fund, and form security capital on special accounts in Belarusian banks. All these and a number of other circumstances suggest that working with such companies is safe, and in case of any controversial issues, clients of Belarusian forex companies will be able to apply for legal protection on the territory of Belarus,” said representatives of the local NP ARFIN.
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