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VFSC requires offshore brokers to set up physical offices, effective from October 16!

Posted on 2022-10-282022-10-28 By xiaoya No Comments on VFSC requires offshore brokers to set up physical offices, effective from October 16!

The Vanuatu Financial Services Commission (VFSC) is requiring offshore brokers to set up a physical office in the jurisdiction; those who do not meet this requirement will have their license revoked by the VFSC. The new rules will take effect on October 16. Additionally, offshore brokers are required to appoint a local manager and director.

The introduction of the new regulations was not sudden. Back in March 2021, the regulator had formally adopted legal regulations requiring physical presence for all licensed currency pair brokers. So far, only four currency pair and CFD brokers have met the new regulations, namely FXPrimus, Titan FX, TradeNext and MFM Securities.

Vanuatu is one of the main jurisdictions favored by offshore brokers due to its relaxed regulations. For now, however, tightening regulations and the increased cost of maintaining a Vanuatu license are cooling offshore brokers’ enthusiasm for this destination.

Martin St-Hilaire, President of the Vanuatu Financial Markets Association, said: “Our regulators only want to attract the most serious applicants. If their intentions are sincere, their approach is focused and they intend to do business right in Vanuatu, then the VFSC will be flexible and Be patient. Our country wants to transition from an offshore, protected financial center to an onshore, transparent financial technology center that will bring about a sea change in the way we do business.”

forex news Tags:Forex Brokers, forex news

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