Cypriot Forex License

Publication date: 06 Mar 2023

The Cypriot jurisdiction gives Forex brokers the opportunity to expand their operations in the European Union, accept customer deposits and legally establish a presence in Europe. In order to obtain a Forex license from Cyprus Securities and Exchange Commission (CySEC), a broker must prepare and submit a set of documents to the CySEC.

Apart from the standard requirements for obtaining a Forex license, a number of additional conditions must be fulfilled:

• the physical office of the brokerage company must be located in Cyprus and the dealer’s principal place of business must also be in Cyprus;
• the company must pay the required fee through the Central Bank of Cyprus;
• the amount of the registered capital of the Forex broker must be €125,000;
• the company must draw up a business plan and a financial plan for 3 years;
• an Anti-Fraud and Anti-Money Laundering Policy as well as a KYC (Know Your Client) Policy must be prepared;
• the organization must provide a Criminal Record Certificate for each employee;
• all employees of the company must not have bankruptcy status;
• the company must be governed by a Board of Directors. There must be at least 4 members of the Board of Directors who are in good standing and two of them must be residents of Cyprus.

After receiving the application from the broker, the Cyprus Securities and Exchange Commission has six months to make its decision on the issue of the license. If a Forex broker fails to comply with at least one item on the list, he will not be granted a CySEC license.

Offers from brokers with a Cyprus license