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15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the FRC licence, including banking and payment rails.
Forex license in Mongolia: NBFI currency licence, no retail CFD route.
A forex license in Mongolia is, in practice, a Financial Regulatory Commission (FRC) licence for a non-bank financial institution (NBFI) to trade foreign currency: Mongolia's NBFI and securities laws have no category for retail leveraged FX or CFDs. An Ulaanbaatar NBFI needs MNT 5 billion of paid-in capital; 165 held the currency licence at end-2025. We confirm timing per case and run the file from our Ulaanbaatar office.
27 yrs
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Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Mongolia in brief
Forex license in Mongolia: the FRC licenses currency exchange, not CFD brokers.
Mongolia's NBFI and securities laws have no licence category for retail leveraged FX or CFDs, and the two nearest routes stop short of one. The first is the Law on Non-Bank Financial Activities of 12 December 2002 (NBFI Law). An NBFI permitted to trade foreign currency under Art. 7.1.7 may buy, sell, lend and guarantee it (Art. 4.1.6), and the FRC's rules for that activity, point 2.7 of Resolution No. 68 of 25 February 2025, are written for cash desks: CCTV, counting machines, a public rate board. They contain no provision on leverage, margin or derivatives. The second route is the Securities Market Law in its revised version of 24 May 2013. It counts as derivatives only options, futures and other instruments admitted to a regulated market (Art. 4.1.7) and leaves the rest outside the Law unless another law says otherwise (Art. 5.2.2). A licensed securities dealer may trade derivatives, but only among professional participants in investment activity (Art. 19.1).
The NBFI route is open to foreign founders, since Art. 6.1 admits foreign legal entities to NBFI activity under an FRC permit. FRC Resolution No. 69 of 25 February 2025 sets minimum paid-in capital at MNT 5 billion for an NBFI in Ulaanbaatar, MNT 1.2 billion in Bayan-Undur, Darkhan and Zuunmod, and MNT 400 million in other aimags and soums; whether an FX-only firm has a floor of its own is confirmed with the FRC before quoting. The segment is shrinking. At the end of 2025, 165 of Mongolia's 575 licensed NBFIs held the currency licence, against 178 a year earlier, and 60 of them did nothing else. The NBFI Law changed again on 3 July 2026 and now asks for a bank statement of the paid-in capital in the file (Art. 8.1.9). Corporate income tax is 10% on taxable income up to MNT 6 billion and 25% on the excess.
Mongolia's NBFI and securities laws offer no licence for retail leveraged FX or CFDs. The FRC permits NBFIs to buy, sell, lend and guarantee currency, and the 2013 Securities Market Law keeps derivatives on regulated markets.
An Ulaanbaatar NBFI needs MNT 5 billion paid in, and 165 held the currency licence at end-2025. Foreign legal entities may apply. Tax is 10% up to MNT 6 billion, 25% above.
One licence, one closed door
A currency-trading NBFI in Mongolia, leveraged FX and CFDs elsewhere.
The FRC permits NBFIs to carry on the activities listed in Art. 7.1 of the NBFI Law, and foreign currency trading is one of them. Leveraged OTC contracts with the public are not on that list, and the 2013 Securities Market Law keeps derivatives on regulated markets and among professionals.
A currency-trading NBFI in Mongolia; leveraged FX and CFDs licensed abroad.
01 - NBFI · FOREIGN CURRENCY TRADING
The currency-trading NBFI
An NBFI permitted to trade foreign currency (Art. 7.1.7) buys, sells, lends and guarantees it (Art. 4.1.6) under the FRC's cash-desk rules in Resolution No. 68. Paid-in capital is MNT 5 billion for an NBFI in Ulaanbaatar under Resolution No. 69, and the firm reports its FX trading to the FRC every month by the 8th (point 3.27.3).
An NBFI permitted to trade foreign currency (Art. 7.1.7) buys, sells, lends and guarantees it (Art. 4.1.6) under the FRC's cash-desk rules in Resolution No. 68. Paid-in capital is MNT 5 billion for an NBFI in Ulaanbaatar under Resolution No. 69, and the firm reports its FX trading to the FRC every month by the 8th (point 3.27.3).
- ✓Buy, sell, lend and guarantee currency
- ✓MNT 5 billion paid in, Ulaanbaatar
- ✓Cash-desk rules - Resolution No. 68
- ✓Non-cash firms exempt from desk equipment
- ✓ISO/IEC 27001 for online delivery
- ✓Monthly FX report by the 8th
02 - WHAT MONGOLIA DOES NOT LICENSE
Retail FX and CFDsLeveraged FX and CFDs, licensed elsewhere
Mongolia's NBFI and securities laws offer no licence for retail leveraged FX or CFDs, and derivatives not admitted to a regulated market fall outside the 2013 Securities Market Law unless another law brings them in (Art. 5.2.2). A group with that plan licenses the book abroad: CFDs and principal dealing under an AFSA licence in Kazakhstan's AIFC at USD 500,000 of base capital; leveraged FX alone under the SFC's Type 3 in Hong Kong, or a Labuan money broking licence at RM1,000,000 paid-up for an intermediary that never deals as principal.
No retail FX or CFD category; CFDs go to Kazakhstan's AIFC, leveraged FX alone also to Hong Kong or Labuan.
- ✓No retail FX or CFD category
- ✓OTC derivatives outside the 2013 Law
- ✓Dealers trade among professionals only
- ✓AIFC, Kazakhstan · USD 500,000
- ✓Hong Kong SFC Type 3 · HK$30M paid-up
- ✓Labuan money broking · RM1M paid-up
Costs and timelines are confirmed for your case before any work begins. The FRC charges NBFIs a yearly regulatory service fee; the amount for your firm, any FX-only capital floor and the FRC's timing are confirmed before quoting.
Why Mongolia
What the FRC offers a currency dealer, and what Mongolia keeps closed.
Mongolia licenses currency exchange, foreign-owned firms included, on published capital and prudential rules; leveraged FX and CFDs stay outside its licences.
✓
Open to foreign legal entities
Art. 6.1 of the NBFI Law, in its wording of 17 June 2022, allows NBFI activity by foreign as well as Mongolian legal entities. Foreign money is already in the market: 26 licensed NBFIs had foreign investment at the end of 2025, 9 of them among the 165 currency licensees.Art. 6.1, wording of 17 June 2022.
✓
163,519 clients of FX-only firms
The 60 NBFIs that trade only foreign currency served 163,519 clients, 4.0% of all NBFI clients, according to the FRC's report on 2025 year-end accounts.4.0% of NBFI clients, end-2025.
✓
Lighter ratios for FX-only firms
An NBFI that trades only currency is exempt from the asset-concentration and FX-risk ratios of Resolution No. 68 (point 3.2). The Tier 1 and total capital ratios, 10% and 20% of risk-weighted assets, are not among the exemptions.No concentration or FX-risk ratios.
✓
A 10% band up to MNT 6 billion
A currency dealer with up to MNT 6 billion of taxable income a year pays 10% corporate income tax. Only the excess above that line is taxed at 25% (Art. 20.1).25% only on the excess.
✓
Online, with certification
An NBFI may serve clients through technology if it complies with the Cyber Security Law and holds an ISO/IEC 27001 certificate (Resolution No. 68 point 2.1.6). A firm that trades only in non-cash form skips the CCTV, equipment and rate-board rules (point 2.8).ISO/IEC 27001 and the Cyber Security Law.
✓
Warning: a supervisor that suspends
In 2025 the FRC granted 15 NBFI licences, revoked 13 and suspended 28. Its 2016 NBFI procedure provides for suspending an activity licence after three consecutive quarters without activity and revoking it after four; we confirm that procedure still applies before filing.28 NBFI licences suspended in 2025.
How it compares
How Mongolia differs from other routes.
Kazakhstan's AIFC, Hong Kong and Labuan license leveraged FX, each on its own terms; Mongolia's nearest licence covers currency exchange. The AFSA asks USD 500,000 of base capital to deal as principal and allows retail CFDs on COB 5.7 terms. Hong Kong's SFC asks HK$30,000,000 paid-up for a Type 3 dealer, and Labuan caps forex leverage at 100:1 for an intermediary with RM1,000,000 paid-up.
Mongolia vs other jurisdictions
| Feature |  Mongolia | Other jurisdictions |
|---|---|---|
| Leveraged FX and CFDs | No licence category | AFSA licence AIFC · FX only: SFC Type 3 Hong Kong, Labuan money broking |
| Capital | MNT 5bn paid-in · NBFI in Ulaanbaatar | USD 500,000 AIFC · HK$30M paid-up Hong Kong · RM1M Labuan |
| Leverage rules | None in the FX rules of Resolution No. 68 | 100:1 forex cap Labuan · 50% close-out AIFC |
| Corporate tax | 10% to MNT 6bn · 25% above | 3% of audited profits Labuan · 8.25% / 16.5% Hong Kong · AIFC exempt to 2066 |
Leveraged FX and CFDs
MongoliaNo licence category
Other jurisdictionsAFSA licence AIFC · FX only: SFC Type 3 Hong Kong, Labuan money broking
Capital
MongoliaMNT 5bn paid-in · NBFI in Ulaanbaatar
Other jurisdictionsUSD 500,000 AIFC · HK$30M paid-up Hong Kong · RM1M Labuan
Leverage rules
MongoliaNone in the FX rules of Resolution No. 68
Other jurisdictions100:1 forex cap Labuan · 50% close-out AIFC
Corporate tax
Mongolia10% to MNT 6bn · 25% above
Other jurisdictions3% of audited profits Labuan · 8.25% / 16.5% Hong Kong · AIFC exempt to 2066
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Mongolia | FRC NBFI · foreign currency trading | 10% · 25% above MNT 6bn | MNT 5bn paid-in, no CFD category |
 Kazakhstan · AIFC | AFSA licence · Dealing as Principal | CIT exempt to 2066, VAT exempt · substance | USD 500k base capital, USD 14,000 fee |
 Hong Kong | SFC Type 3 | 8.25% / 16.5% | HK$30M paid-up + HK$15M liquid |
 Labuan | Money broking licence | 3% of audited profits | RM1M, office + staff, 100:1 |
MongoliaLicense typeFRC NBFI · foreign currency trading
Taxation10% · 25% above MNT 6bn
RequirementsMNT 5bn paid-in, no CFD category
Kazakhstan · AIFCLicense typeAFSA licence · Dealing as Principal
TaxationCIT exempt to 2066, VAT exempt · substance
RequirementsUSD 500k base capital, USD 14,000 fee
Hong KongLicense typeSFC Type 3
Taxation8.25% / 16.5%
RequirementsHK$30M paid-up + HK$15M liquid
LabuanLicense typeMoney broking licence
Taxation3% of audited profits
RequirementsRM1M, office + staff, 100:1
The Middle East, Asia and Oceania
Forex licences in neighbouring jurisdictions
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How to start a forex brokerage: license, capital and steps →
Before you apply
Forex license requirements in Mongolia: what the FRC checks.Mongolia forex license requirements.
Art. 8.1 of the NBFI Law lists the file, and FRC Resolution No. 68 of 2025 adds the people, systems and cash-desk rules. For a currency-trading NBFI the review turns on ten points.
01
Legal form - a company formed under the Company Law (NBFI Law Art. 5.1), joint-stock or limited liability under the FRC's 2016 procedure, confirmed per case; Art. 6.1 admits foreign as well as Mongolian legal entities, while state-budget bodies, religious and political organisations and NGOs may not carry on NBFI activity (Art. 6.2).
02
Activity - foreign currency trading under Art. 7.1.7, meaning buying, selling, lending and guaranteeing foreign currency (Art. 4.1.6); only a permitted entity may call itself a non-bank financial institution (Art. 11.2).
03
Capital - MNT 5 billion paid in for an NBFI in Ulaanbaatar under FRC Resolution No. 69 of 25 February 2025, from lawful, reported income and free of encumbrances (Resolution No. 68 point 2.1.2); any FX-only floor is confirmed with the FRC.
04
Owners - income statements and the source of funds of every holder of 10% or more, and accounts and audit opinions for corporate holders (Art. 8.1).
05
File - charter and founding documents, business plan, staff, equipment, premises and the shareholder register, audited accounts or an opening balance sheet (Art. 8.1.4, amended on 3 July 2026) and a bank statement showing the paid-in capital (Art. 8.1.9, added the same day).
06
Chief executive - FRC-recognised NBFI training and a certificate within 6 months of appointment (Resolution No. 68 point 2.1.5).
07
Cash desk - secure premises, CCTV archived for at least one month, currency checkers, counting machines and a public board of buy and sell rates (points 2.7.1-2.7.5), unless the firm trades only in non-cash form (point 2.8).
08
Online delivery and agents - compliance with the Cyber Security Law and an ISO/IEC 27001 certificate (point 2.1.6), and no work with unlicensed persons who trade currency or take client orders away from the FRC-registered address (point 2.7.8).
09
Prudential ratios - Tier 1 capital of at least 10% and total own funds of at least 20% of risk-weighted assets, liquid assets of at least 8% of funds raised (points 3.4.1, 3.4.2, 3.11), a quarterly prudential report and a monthly FX-trading report by the 8th (points 3.25, 3.27.3).
10
AML - reports to the Financial Information Unit of the Bank of Mongolia: cash and foreign-settlement transactions of MNT 20 million or more within five working days, suspicious transactions within 24 hours (AML Law Arts. 7.1-7.2).
01
Company Law entity, foreign entities allowed.
02
Currency trading, Art. 7.1.7.
03
MNT 5bn paid in, lawful income.
04
Owners from 10% show their funds.
05
Art. 8.1 file, 2026 additions.
06
CEO certified within 6 months.
07
Cash desk or non-cash set-up.
08
ISO/IEC 27001, no unlicensed agents.
09
Ratios of 10%, 20% and 8%.
10
AML reports to the FIU.
Reflects the NBFI Law as amended on 3 July 2026, FRC Resolutions No. 68 and No. 69 of 25 February 2025 and the 2013 Securities Market Law, as of October 2026. Staffing and residence rules beyond these are confirmed per case.NBFI Law as amended on 3 July 2026 and FRC Resolutions No. 68 and 69, as of October 2026.
Verify it yourself
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawLaw of Mongolia on Non-Bank Financial Activities - legalinfo.mnlegalinfo.mn
- LawLaw of Mongolia on Securities Market (revised version, 24 May 2013) - FRCfrc.mn
- RegulatorFRC Resolution No. 68 of 25.02.2025 - NBFI activity and prudential-ratio procedurefrc.mn
- RegisterFRC - NBFI sector consolidated financial report, 2025 year-endfrc.mn
- GuidanceMongolian Tax Administration - Evaluation of the Corporate Income Tax Law (2025)mta.gov.mn
How it works
From the model test to an FRC currency licence.
01
Model test
The plan is split into what an NBFI may do under Art. 7.1 and what needs a licence abroad, before any Mongolian document is drafted.Mongolian scope fixed first.
02
Company and capital
The company is formed, the owners document lawful income for the paid-in capital, and the bank statement Art. 8.1.9 asks for is prepared.Lawful funds, bank statement.
03
File and systems
Business plan, owners' source of funds, staff and premises, the cash desk or non-cash set-up, and the ISO/IEC 27001 certificate where services run online.Plan, owners, desk, certificate.
04
FRC review
The FRC reviews the file and may ask for more documents. We confirm the timing of its decision per case, against the procedure in force after the amendments of 3 July 2026.Timing confirmed per case.
05
Licence and reporting
Monthly FX-trading reports by the 8th of the next month, quarterly prudential reports, and an FRC answer within 5 working days on any change of board, chief executive or address.Monthly FX reports by the 8th.
Quick facts
RegulatorFRC, Ulaanbaatar
Retail FX and CFDsNo licence category
Nearest licenceNBFI · foreign currency trading
Paid-in capitalMNT 5bn in Ulaanbaatar
FX-only floorConfirmed with the FRC
Currency licensees165 at end-2025, from 178
Decision timingConfirmed per case
Corporate tax10% · 25% above MNT 6bn
No retail forex licence exists to schedule. For an NBFI currency licence we confirm the FRC's timing per case before filing, because the NBFI Law changed on 3 July 2026.
On the ground in Mongolia
Run from our Ulaanbaatar office.
Prifinance - Mongolia
Ulaanbaatar · Mongolia
Ulaanbaatar, Mongolia
01
What Mongolia can license
We read the business model against Art. 7.1 of the NBFI Law and the 2013 Securities Market Law and say, before any filing, which part of it an FRC licence can carry.Model read against Art. 7.1.
02
The NBFI and its capital
The company, paid-in capital from lawful income shown on its own bank account, and the Art. 8.1 file in its wording of 3 July 2026.Company, capital, Art. 8.1 file.
03
Desk, systems and people
A cash desk built to the Resolution No. 68 standard or a non-cash set-up, ISO/IEC 27001 for online delivery, and the chief executive's NBFI training.Cash desk, ISO/IEC 27001, CEO training.
04
Leveraged FX abroad
Where the plan includes leveraged FX or CFDs, we prepare that book's licence abroad, the AIFC for CFDs and principal dealing, Hong Kong or Labuan for leveraged FX alone, and keep the Mongolian NBFI to currency trading.AIFC, Hong Kong or Labuan.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Good to know
Taxation of forex brokers in Mongolia.
Mongolia taxes company profit in two bands under the Corporate Income Tax Law (CIT Law), and a currency dealer's rate depends on which band its taxable income reaches.
10% up to MNT 6 billion
Annual taxable income up to MNT 6 billion is taxed at 10% under Art. 20.1 of the CIT Law, adopted on 22 March 2019 and applied since 1 January 2020.CIT Law Art. 20.1.
25% above the threshold
Above MNT 6 billion of taxable income the charge is MNT 600 million plus 25% of the excess, so profit past that line is taxed at 25%.MNT 600 million plus 25%.
Small-taxpayer reliefs
A 1% rate covers taxable income up to MNT 300 million (Art. 20.2.7), and a 90% credit applies where taxable income stays at or below MNT 1.5 billion (Art. 22.1), both with sector exclusions. Whether a currency-trading NBFI qualifies is confirmed per structure.Eligibility confirmed per structure.
A yearly FRC service fee
NBFIs pay the FRC a regulatory service fee every year; in 2025, 570 of 572 NBFIs paid MNT 1,469.5 million between them. The amount for one firm is confirmed in the quote.Amount confirmed in the quote.
Consultation on rates
The Mongolian Tax Administration (MTA) counted 19 amendments to the CIT Law by 2025. Its evaluation that year reports that most responses to the 'Tax law reform 2025' consultation asked for lower rates or a higher MNT 6 billion threshold, so we recheck the rates before each tax year we model.Rates rechecked each tax year.
Pillar Two
Pillar Two top-up taxes apply only to groups with EUR 750 million of revenue, so a stand-alone currency dealer below that line is outside them.Groups from EUR 750 million.
Tax summary
Corporate income tax10% to MNT 6bn
Above MNT 6bnMNT 600M + 25% of the excess
Small-taxpayer reliefs1% rate · 90% credit · sector limits
FRC service feeYearly · amount in the quote
Pillar TwoGroups from EUR 750 million
*As of 2026 per the Corporate Income Tax Law (2019), the MTA's 2025 evaluation and the FRC's 2025 year-end report. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Mongolian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, authorised firm.
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Mongolia · FRC
Get your forex license in Mongolia with expert support.
Full-service assistance - from the model test and the NBFI company to the paid-in capital, the FRC file and a licence abroad for any leveraged FX or CFD book - run through our Ulaanbaatar office.
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Is Mongolia the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
What founders ask about forex, CFDs and the FRC.
Is there a licence for retail forex or CFDs in Mongolia?+
No. Neither the NBFI Law nor the 2013 Securities Market Law has a licence category for retail leveraged FX or CFDs, and the FRC's currency-trading rules say nothing on leverage or margin. The nearest licence is an NBFI permit for foreign currency trading, which covers buying, selling, lending and guaranteeing currency.
What does an NBFI currency licence allow in Mongolia?+
Foreign currency trading under Art. 7.1.7 of the NBFI Law, defined in Art. 4.1.6 as selling and buying foreign currency, lending in it and issuing guarantees in it. It runs under the FRC's cash-desk rules, and a firm trading only in non-cash form is exempt from the CCTV, equipment and rate-board requirements.
Can a Mongolian securities dealer offer CFDs?+
Not to the public. Under the 2013 Securities Market Law a derivative is an instrument admitted to a regulated market (Art. 4.1.7), dealers trade derivatives only among professional participants (Art. 19.1), and derivatives on security prices or trading indices need FRC permission (Art. 19.4).
How long does a forex license in Mongolia take?+
There is no retail forex licence to wait for. An NBFI licence for foreign currency trading follows the FRC's own procedure, and we confirm its timing per case before filing, checked against the NBFI Law as amended on 3 July 2026.
What does a forex license in Mongolia cost?+
A retail one is not available at any price. For an NBFI permitted to trade currency in Ulaanbaatar, paid-in capital is MNT 5 billion under FRC Resolution No. 69 of 25 February 2025. Any FX-only floor, the yearly FRC service fee and our fees are confirmed in the quote.
Can a foreign company set up a currency-trading NBFI in Mongolia?+
Yes. Art. 6.1 of the NBFI Law, as amended on 17 June 2022, allows NBFI activity by Mongolian and foreign legal entities under an FRC permit. The owners' money must come from lawful, reported income and be free of encumbrances (Resolution No. 68 point 2.1.2), and holders of 10% or more document their source of funds.
Can an NBFI sell currency online or through agents?+
Online, yes, with an ISO/IEC 27001 certificate and compliance with the Cyber Security Law (Resolution No. 68 point 2.1.6). Through unlicensed agents, no: a currency-trading NBFI may not work with unlicensed persons who trade currency or take client orders away from its FRC-registered address (point 2.7.8).
How is a currency-trading NBFI taxed in Mongolia?+
At 10% of annual taxable income up to MNT 6 billion and 25% of the excess above it, under Art. 20.1 of the CIT Law. Reliefs for small taxpayers exclude listed sectors, and whether an NBFI qualifies for them is confirmed per structure.
Mongolia or Kazakhstan for a CFD broker in the region?+
Kazakhstan, because the AIFC licenses the business: the AFSA authorises dealing as principal at USD 500,000 of base capital and allows retail CFDs on COB 5.7 terms, and brokerage and dealer income is exempt from corporate income tax until 1 January 2066 for firms with substance. Mongolia offers a currency-exchange NBFI, not a CFD licence.
Why Prifinance for Mongolia?+
We tell you at the start which part of the plan Mongolia can license, then build the NBFI company, the capital proof and the FRC file for currency trading, and place any leveraged FX or CFD book with a regulator that licenses it. The work runs through our Ulaanbaatar office.
Retail forex or CFDs?+
No licence category.
NBFI licence?+
Buy, sell, lend, guarantee currency.
CFDs via a securities dealer?+
Not to the public.
How long?+
No retail licence; NBFI timing per case.
Cost?+
MNT 5bn paid in; fees in the quote.
Foreign founders?+
Yes, Art. 6.1.
Online or agents?+
Online with ISO/IEC 27001; no unlicensed agents.
Tax?+
10% to MNT 6bn, 25% above.
Or Kazakhstan?+
The AIFC licenses CFDs; Mongolia does not.
Why you?+
Ulaanbaatar office, scope first.
Client notes
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which part of your model Mongolia can license, and where a leveraged FX or CFD book belongs.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Financial Regulatory Commission (FRC) of Mongolia or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.