Kazakhstan Stock Exchange warned about risks of Forex trading

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ASTANA. KAZINFORM Kazakhstan Stock Exchange (KASE) has expressed its attitude towards foreign currency exchange market (Forex), Kazinform correspondent reports.

"Currently, clients' relations with Forex companies are not regulated by a separate legislation of Kazakhstan and are based solely on contractual relations. Therefore, the investor is personally responsible for all financial and legal risks associated with the use of these services. It is necessary to understand that companies operating on Forex market can be registered in offshore zones. Therefore, in case clients encounter any financial disputes with such companies it would be difficult to conduct any proceedings due to their geographical remoteness", KASE's response to official Kazinform request reads.

It should be noted that today in Kazakhstan only banking organizations are licensed to conduct foreign exchange operations, including those on behalf of their clients.

"There is  a number of companies in Kazakhstan that provide access to Forex trading via the Internet. These financial intermediaries do not have licenses to conduct foreign exchange operations required by legislation and issued by the National Bank of Kazakhstan", KASE's response reads.

 

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