The financial regulatory body of Belize, the International Financial Services Commission (IFSC), has granted license to forex brokerage eToro Capital Ltd., data from the regulator’s website indicated.
Belize is known as an offshore destination and is a regulator of choice for many forex brokers due to its mild regulation and licensing requirements, as well as its lower incorporation costs. Earlier this year, the IFSC increased significantly the annual license fees and the minimum capital requirement for forex brokers to $25,000 and %500,000, respectively, but it still remains one of the countries with the lowest such requirements.
The IFSC rather relies on self-regulation by the companies. Nevertheless, a broker license is attractive to traders as it brings them a feeling of confidence and security when choosing a broker.