You may have heard the hype about the recent independence of the tropical island Atlantis. The tiny island nation with an area of just 7.4km2 is located in the Caribbean Sea, just a stone’s throw from the BVI. The island with a population of just 900 people has recently established itself as an independent republic. The nation depends heavily on its agriculture and fishing industry. Last year, the island’s GDP was a dismal 8 coconuts per capita. The newly formed parliament sought to establish itself as an international finance centre. The plan seems to be working as there are almost as many forex brokers as people inhabiting the island.
According to the regulator’s prospectus, some of the advantages of gaining authorization from the Atlantis Independent Department of Securities (AIDS) include;
High Leverage
Brokers can offer leverage up to 1:10000000. With a modest investment, traders with just 10 cents can open positions of 10 Lots.
Easy Incorporation
Due to the lack of real estate and infrastructure on the island, firms can register their business to one of the many vacant palm trees.
Risk Disclosures
Since the island doesn’t have an official language yet, the regulator would not be able to enforce any rules on marketing messages or risk disclosure statements.
Application Fees
As the island also doesn’t have an official currency yet, the fee of 10000 (TBC) can be paid in any foreign currency. Some firms have elected to pay the fee in South Korean Won.
Reporting Obligations
Due to the limited internet connectivity on the island, the regulator prefers it if no one submits any reports or statements. There are penalties for sending files larger than 2mb.
Accessibility
Atlantis is easily accessible by transferring from Terrance B. Lettsome International Airport to one of the many banana boat operators working from Long Bay Beach, just minutes from the airport.
Wow Super Trade was one of the first brokers to get the popular license. David Cheeseburger, the owner of the brokerage highlighted a flaw with the license. Cheeseburger stated “the license is only applicable for 10 months of the year. For six weeks during the rainy season, the island is underwater and therefore the license becomes void since the island technically doesn’t exist”.
