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The retail forex market in Belarus was regulated in March 2016. A forex broker that wants to operate in the country should obtain a license by the National Bank of the Republic of Belarus and to be included in the Register of Forex Companies, supported by the Bank.
The minimum capital requirement for all brokers, licensed in Belarus is approximately 100 000 USD, but the brokers are not obliged to keep their clients funds in a segregated from their own, trust account, as is the practice with all brokers regulated in the European Union, the US or Australia.
That however is only the first stage of the licensing process. The broker should also pass a software assessment, deposit 55 000 US dollar in a client compensation fund and become a member of the local Association of Financial Market Development (ARFIN).
The maximum leverage allowed for retail clients is capped at 1:100, for qualified clients at 1:200, and for professional traders at 1:500.
Obtaining a license from the National Bank of the Republic of Belarus requires incorporation of local legal entity.