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Cyprus brokers need a Russian license

Cyprus brokers need a Russian license

4 2018 June
Tags: Cyprus, Economy, Russia

The Cyprus Securities and Exchange Commission (CySEC) 1 June 2018 issued a new circular warning all licensed Cypriot investment firms (CIF) that they should not work with clients from Russia without having a license from the Russian financial regulator.

According to the LeapRate portal, the Bank of Russia introduced licensing for retail forex brokers in 2016 and to date has issued only eight licenses, mainly to brokers based in Russia and relevant divisions of Russian financial institutions. Nevertheless, many brokers based outside of Russia continue to work with Russian traders from abroad (and even attract new ones).

It seems that the Bank of Russia is beginning to tighten supervision in the sector, cooperating with foreign regulators, such as, for example, CySEC, in order to keep foreign brokers from working in the Russian market.

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