Is Forex Legal in Belarus?

Forex trading is legal in Belarus under a comprehensive regulatory framework established by Presidential Edict No. 231, which came into effect in March 2016 (1). The legislation allows only specific entities to conduct foreign exchange operations, including legal persons registered in Belarus with minimum capital requirements, banks, credit and finance organizations, and the National Forex Center. All forex companies must register with the National Bank of the Republic of Belarus (NBRB), which serves as the primary regulatory authority overseeing the forex market in the country.

The regulatory structure requires forex companies to maintain capital of at least BYR2 billion (approximately US$129,000) and obtain proper licensing from the NBRB to be included in the official register (1). Additionally, all forex operations must go through the National Forex Center, an institution established by the Council of Ministers together with the National Bank, with more than 50% of its shares held by the Republic of Belarus. Belarus has maintained elements of a command economy approach to financial regulation, with the government retaining significant oversight over foreign investment and financial activities (2).

"Only legal persons registered in Belarus and listed as forex companies with capital of at least BYR2 billion, as well as the National Forex Center, banks, and credit and finance organizations, can conduct operations with forex instruments in the country."

The Belarusian government has created favorable conditions for forex companies through reduced taxation, setting the corporate income tax rate at 9% for forex companies compared to the general 18% rate, with this preferential treatment originally scheduled until March 2019 (1). Individuals participating in agreements with licensed forex companies are exempt from income tax on income derived from such agreements. However, the government retains the authority to restrict investments in the interests of national security, public order, and other state interests, reflecting Belarus's approach to maintaining control over financial markets while allowing regulated forex trading activities (2).

Sources:
https://www.loc.gov/item/global-legal-monitor/2015-06-15/belarus-edict-establishes-rules-for-forex-companies/
https://www.state.gov/reports/2017-investment-climate-statements/belarus/

Last updated: 31-05-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.