The Cypriot financial regulator, CySEC, has granted three more forex broker licenses this week – to IFC Investments Cyprus and Jin Daocheng, and FXBFI Broker Financial Invest Ltd. According to the publication on the Commission’s website, the decisions were taken on September 20 and 21, however the licenses are not yet in effect.
We could not find detailed information on neither of the new licensees, except that Jin Daocheng is based in Hong Kong and that IFC Investments Cyprus Ltd was founded in 2015. Nonetheless, all three companies are now allowed to provide investment services such as reception and transmission of orders (in relation to one or more financial instruments), execution of orders on behalf of clients and investment advice, as well as safekeeping and administration of financial instruments. Besides, CySEC permits the newly licensed brokers to provide foreign exchange services where these are connected to the delivery of investment services.
Of course, getting a CySEC license means that the holder is authorized to provide its financial services in all 28 EU member states under the MiFID regulations.
Lately CySEC keeps publishing decisions on new licenses granted. In mid-September Australian forex broker Royal Financial Trading got licensed in Cyprus. Wonderinterest Trading, Fenix Capital Markets Trading became EU regulated in Cyprus on September 6, and earlier in January, CySEC granted license to forex & CFDs broker Trading 212, which is also regulated in the UK and Bulgaria.
It seems that Cyprus has become an extremely attractive forex broker destination. With UK preparing to leave the EU after the crucial referendum that took place in June, it is likely that Cyprus will become the most popular forex hub in Europe.