"The potential of the Forex industry growth in Belarus is to attract non-resident clients, which will increase the export of services and provide additional tax revenues to the budget. Those companies that will continue to work only in the domestic market will not have growth prospects in the long term, " he said.
According to the expert, Belarusian brokers offer quite competitive trading conditions in comparison with other jurisdictions. And the remote verification procedure allows clients from abroad to open real accounts in Belarusian Forex companies. At the same time, the Belarusian legislation still has a number of restrictions that hinder the development of the industry in the export direction.
The main problem when working with non-residents is the complexity of the introduction and return of margin security. The return of funds to customers ' Bank accounts in other countries is accompanied by high costs. In addition, many non-resident clients are used to working with electronic money, but now the work of Forex companies with electronic money is difficult because of the current legislative restrictions.
In particular, the rules of electronic money transactions approved in 2003 provide for the conclusion of an agreement with an agent Bank or an issuing Bank. But some popular systems of electronic money processing in other jurisdictions do not have banks with this status, which, accordingly, limits the ability to work with these systems.
Repayment of e-money to legal entities is allowed only in Belarusian rubles, while according to the decree "on activities on the over-the-counter Forex market" which entered into force in March 2016, brokers can accept margin security in foreign currency, in particular in us dollars.
There are also unresolved issues regarding the reception of electronic money from individuals.
Currently, at the initiative of the National Bank, the issue of preparation of the legal framework for the work of Forex companies with electronic money is being discussed. "This will serve as an incentive for the further development of the Belarusian Forex market and will allow domestic companies to significantly increase the export of their services," Alexander Sabodin is convinced.
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