Bulgarian FX License back on the market

BinaryOptionsNow | Published on January 29, 2019 at 2:09 pm

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As you may already know, the Bulgarian FX license has not been accessible for Forex brokers for the last couple of years. Regardless of the halt, there was a tsunami of applications for the regulator as Bulgarians are one of the desired markets for any upcoming Forex broker in Eastern Europe.

It looks like the regulator caved in or was just able to conduct all of its amendments to the system and is now once again open for new applications. Applications that may be approved this time.

The Bulgarian Financial regulator, known as Financial Services Commission or the FSC is looking forward to seeing what types of innovations and services the applicants will bring to the table, for Bulgarian customers.

Despite the fact that Bulgaria may not be the largest market in the EU, it is still attractive enough for Forex brokers as the corporate tax laws in the country a lot more forgiving. The rate is set at 10%, which is among the lowest in the European Union. Speaking of which, we need to also see how well the FSC has integrated its jurisdiction with ESMA.

The future

bulgariaThe re-opening of FSC licensing is sure to stir up some Forex brokers awaiting a review. Some of these brokers may include familiar names like Trade212 and many more.

It’s safe to say that Bulgaria is more than experienced in the Forex industry, therefore the brokers will be able to easily find talented staff and provide maximum efficiency to the local customer base, in their local language as a matter of fact.

How to be approved for an FSC license

In order to receive the FSC license and be able to operate in Bulgaria, the company will require two directors. 1 of whom needs to be Bulgarian in order to be sort of an intermediary between the brokerage and the FSC, and of course to coordinate all of the Bulgarian staff that the company will hire.

The Directors will be required to have a Bachelor’s or a Master’s degree in a related field or just some experience in working in Law, Finance or Economics. Therefore it’s safe to say that the FSC was able to make quite a beneficial amendment to the license requirements for the local population as it is guaranteed to create a number of high paying jobs.

Strict but kind

As you can see the regulator is open for new applications, but that doesn’t mean that just having competent local employees will get the broker far. The FSC is considered to be one of the strictest financial regulators in the world, and just meeting the bare minimum requirements won’t cut it. The business plan of the company will have to be drafted. All of the expected expenses, revenue and of course the profit margin, to know that the company does indeed have a chance at surviving and providing tax money for the government.

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