NBRB — National Bank of the Republic of Belarus
Belarus | Eastern Europe | Founded 1990
What is the NBRB?
The NBRB is the central bank of Belarus and serves as the regulator for forex companies operating in the country. Belarus legalised retail forex trading in 2016 through Decree No. 231, making it one of the few post-Soviet states with a specific regulatory framework for retail forex. The NBRB issues licences to forex companies and sets requirements for capital, client protection, and conduct. However, the regulatory framework is relatively new and enforcement capacity is limited compared to established regulators.
What the NBRB Does
Licenses forex companies under Belarusian law
Sets minimum capital requirements for licensed forex companies
Requires client fund segregation
Sets leverage limits for Belarusian residents (up to 100:1)
Maintains a register of licensed forex companies
What the NBRB Protects You From
Unlicensed forex companies operating in Belarus — the NBRB publishes a list of licensed entities
Basic misconduct — licensed companies must comply with Belarusian financial regulations
What the NBRB Does NOT Protect You From
Non-Belarusian residents — the NBRB's regulatory reach is limited to Belarus
There is no investor compensation scheme
International disputes — pursuing a complaint from Africa against a Belarus-licensed entity is extremely difficult
Trading losses — regulation does not protect against market risk
Key Requirements for NBRB-Regulated Brokers
Obtain a forex company licence from the NBRB
Maintain minimum capital of approximately USD 200,000
Segregate client funds from operational funds
Comply with Belarusian AML/KYC requirements
Submit regular reports to the NBRB
Investor Compensation Scheme
Belarus does not have an investor compensation scheme for retail forex traders. If an NBRB-licensed forex company becomes insolvent, clients have no guaranteed recovery mechanism.
Jurisdiction Warning
Belarus has a specific forex regulatory framework, which is more than many countries offer. However, the framework is relatively new, enforcement is limited, and the country faces international sanctions that may affect financial services. NBRB regulation is not widely recognised internationally.
Note for African Traders
An NBRB licence has limited relevance for African traders. It indicates the broker has some form of regulatory compliance, but Belarus's framework is not comparable to FCA, ASIC, or even FSCA standards. If a broker mentions NBRB regulation, look at what other, stronger licences they hold.
How to Verify a Broker's NBRB Licence
Visit the NBRB website and check the register of licensed forex companies. The register shows the company name, licence number, and status. Note that the website is primarily in Russian and Belarusian.
Open NBRB Register