Business news

MINSK, 22 November (BelTA) – Belarus’ off-exchange forex market is among the most attractive in the Eurasian Economic Union (EAEU) and Western Europe, Director of Alpari Eurasia Alexander Sabodin said during the online conference hosted by BelTA on 22 November.

“According to many experts and market participants, today Belarus’ forex regulations are among the most attractive and well-devised in comparison with other EAEU and Western European markets. They rely on a solid and carefully developed legal framework,” Alexander Sabodin remarked.

He cited such advantages as reasonable charter capital requirements and tax exemptions for forex companies, multi-layer protection of customers’ money, and a wider choice of investment instruments. “Income tax exemption for individual customers makes Belarus’ forex market attractive for traders and foreign investors. The guarantee fund formed by the Belarusian National Forex Center minimizes the risk of misconduct and complete loss of investment,” Alexander Sabodin underlined.

Experts consider business conditions on Russia’s foreign market to be much tougher than in Belarus. Ukraine and Kazakhstan are yet to finalize the relevant legislation, and the market in these countries has been developing in an uncontrolled manner. This means that for a local customer, the risk to be cheated or get low-quality services is high. “At this stage, Belarus’ forex market is a happy medium where a client is protected and business can grow and bring profit to the owner as well as to the government in the form of taxes, new jobs, and high-technology services,” Alexander Sabodin pointed out.

Belarus, he added, should keep working on the legislation to secure its positions. “It is crucial that the legislation keeps up with the global market and the Belarusian forex market shows high-quality development. This will help introduce new products sold on other markets and sought after by customers. No doubt, this will also attract more non-resident customers,” Alexander Sabodin clarified.

Belarus should also pay attention to improving the financial literacy of citizens and promoting the technology process. Thanks to the well-developed IT sector, Belarus has everything necessary to advance new financial technologies and cutting-edge IT solutions on the currency market.

“All of this will help Belarus take a rightful place among the established and recognized forex markets,” Alexander Sabodin stated.

It is also important that Belarus’ National Bank is ready for a dialogue with forex companies to continue developing the market, the expert emphasized.