Dealing – Principal / Hybrid
The firm deals on its own account, may internalise client flow and can hedge
externally where appropriate. Common for brokers using a market-making or
hybrid book model, with defined risk limits and pricing policies.
Licensing at NFSA
License families for Forex, fintech, funds and banking activity.
The Neves Financial Services Authority (NFSA) sets out clear license families for Forex and multi-asset brokers, proprietary trading firms, PSPs, EMIs, digital banks, funds, custodians and service providers using Neves as a base.
NFSA – Financial services & markets oversight
Trading, payments, digital assets & banking structures
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Scope and expectations are shaped to the size, risk and business model of each applicant.
NFSA license families on this page
Neves Financial Services Authority
Financial services arm of the Neves Licensing Authority
NFSA is the dedicated financial services arm of the Neves Licensing Authority, a statutory supervisory body for activity conducted in or from Neves. NFSA focuses on licensing and ongoing oversight of financial and markets-facing business models.
- Clear license families for trading, prop activity, payments, EMIs, digital banking, funds and services.
- Supports cross-border business using Neves as a structured, clearly framed base.
- Works alongside the Neves Gaming Authority (NGA), which covers remote gaming and betting licenses on a separate page.
Capital Markets & Dealing license
Issued by NFSA
The primary license for Forex and multi-asset brokers. This category covers firms
that provide access to trading in foreign exchange, CFDs, indices, commodities,
metals, energies, equity-linked instruments and, where permitted, crypto pairs
used for trading.
Dealing – Agency / Execution-Only
Orders are routed to external liquidity providers. The firm does not run its
own dealing book and focuses on pricing, routing, execution technology and
connectivity for clients.
Dealing – Market Maker
The firm provides its own bid/offer pricing, spreads and risk controls to
clients and, where relevant, to other participants. Emphasis is placed on
pricing integrity, conflict management and clear disclosure of the model.
Who this suits: Forex and CFD brokers of all sizes, multi-asset trading
brands, liquidity hubs and aggregators that want a clear, license-based capital markets
footprint under NFSA oversight.
Proprietary Trading license
Issued by NFSA
For firms that trade using their own capital rather than client deposits. This
includes remote online prop programmes as well as internal institutional trading
desks, with clear rules on evaluation, selection, risk limits and payouts.
Prop – Remote Online Programmes
The firm invites external traders to participate in challenges or evaluations,
usually fee-based, and provides “funded” trading allocations backed by the
firm’s capital or risk limits. Client deposits are not used as trading risk
capital; the model must clearly explain rules, drawdowns and payout mechanics.
Prop – Internal Institutional Desks
Proprietary trading activity using internal traders or teams, without mass
market online challenges. Often used by groups that want a clearly identified
prop book and risk structure within the NFSA framework.
Who this suits: Prop businesses that want to move away from informal
arrangements into a defined, license-based model, and institutions that wish to locate
their prop desk in Neves under a recognised NFSA license.
PSP license – Payment Service Provider
Issued by NFSA
For firms that focus on processing and routing payments but do not themselves
issue stored value or hold customer balances as electronic money. PSPs support
commerce by providing collection, payout and routing services between clients,
merchants and platforms.
PSP – Merchant & Gateway Services
Focused on collecting and settling funds for merchants or platforms, providing
checkout, card processing, alternative payment methods and payout rails as part
of the firm’s commercial activity.
PSP – Orchestration & Routing
Concentrated on routing transactions between multiple processors, banks and
pay-out partners, optimising approval ratios and cost without holding customer
balances as stored value.
Who this suits: Payment firms that sit between merchants, banks and EMIs,
providing the connectivity and routing layer for Forex brokers, prop firms, exchanges
and digital businesses.
EMI license – Electronic Money Institution
Issued by NFSA
For firms that issue electronic money, provide wallets or stored-value accounts
and hold customer balances for payment purposes. EMIs are focused on stored
value, not on taking deposits or extending credit like a bank.
EMI – Wallet & Stored-Value Accounts
For multi-currency wallets and stored-value balances where customers can load,
hold and use funds for payments, transfers and withdrawals under clear limits
and conditions.
EMI – Card & Token Issuance
For issuing payment cards, virtual cards or tokenised instruments linked to
stored-value balances, including programmes integrated with trading or
investment platforms.
Who this suits: Fintech and payment businesses that want to issue and
manage wallets and stored value in their own name under NFSA oversight, often in
combination with PSP partners and banks.
Digital Banking license
Issued by NFSA
For institutions that conduct core banking activity in or from Neves, including
accepting deposits, offering current and savings accounts and extending credit,
delivered primarily through digital channels.
Digital Bank – Retail & SME
Focused on individuals and smaller businesses, providing current and savings
accounts, cards, payments, FX and suitable lending products under a primarily
digital delivery model.
Digital Bank – Business & Institutional
Focused on corporate, institutional and professional clients, providing
accounts, credit lines, trade-related finance, treasury and other banking
services aligned to business needs.
Who this suits: Groups that want to anchor their digital banking, deposit
and lending operations in Neves, with a clear distinction from PSP and EMI activity.
Digital Assets & Crypto Exchange license
Issued by NFSA
For platforms providing access to digital asset trading, including spot crypto
and other NFSA-permitted digital instruments, either as an order-book venue
or an arranging / facilitating model.
Digital Assets – Exchange / Order-Book
For entities running an order book where participants place bids and offers and
trade with each other on a structured venue, with clear rules on listing,
matching and settlement.
Digital Assets – Broker / Facilitator
For entities that intermediate, aggregate or arrange digital asset trades,
often on an OTC or request-for-quote basis, without operating a full
exchange-style order book.
Who this suits: Digital asset businesses that want a clear license for
both venue-style and desk-style models, and that may integrate with PSP, EMI,
MSB or banking arrangements for their fiat and payout flows.
Fund Management H1 license
Issued by NFSA
For pooled investment vehicles and managed account structures where client assets
are combined under defined strategies. This can include classic fund structures
and MAM / PAM style pools attached to trading platforms.
H1 – Professional & Qualified Investor Funds
Pooled vehicles aimed at professional, institutional or otherwise qualified
investors who understand complex products and associated risks. Strategies may
include Forex, multi-asset, systematic or discretionary approaches.
H1 – Managed Pools & MAM / PAM Structures
Pooled or master–feeder style accounts where client funds follow one or more
strategies under a manager’s discretion, including MAM / PAM arrangements
connected to trading platforms, with participation and exit terms defined.
Who this suits: Asset managers and brokerages building strategy-based
investment products in a fund or pooled account format within the NFSA framework.
Investment Advisory license
Issued by NFSA
For firms whose primary activity is investment analysis, strategy and guidance,
rather than operating a fund or dealing book. Advisory activity can support
trading, funds or banking services operated under separate licenses.
Advisory – General / Non-Personal
Focused on research, model portfolios, thematic insights and general guidance
not tailored to a single individual’s overall profile. Often used for content,
signals or strategy tools.
Advisory – Personal / Profile-Based
For advice that takes into account the situation and objectives of specific
clients, often connected to separate dealing, fund or banking structures,
with clear documentation around suitability and scope.
Who this suits: Firms that want to give structured investment guidance
while keeping execution, fund operation, custody and banking under separate licenses
or partners.
MSB Remittance license
Issued by NFSA
For businesses whose core activity is moving money for clients across borders
or within the region, either for individuals or organisations, outside of a
full banking license.
MSB – Consumer & SME Corridors
For providers serving individuals and smaller businesses sending and receiving
funds through defined routes, including agent networks and online channels.
MSB – Corporate & Institutional Corridors
For platforms and desks handling higher-volume payment flows for businesses
and institutions, often integrated with trade or treasury activity.
Who this suits: Firms that sit at the intersection of Forex,
remittance and trade flows and want a clear license for value transfer activity
that is distinct from PSP, EMI and digital banking roles.
Custodian & Trustee license
Issued by NFSA
For entities that hold assets, rights or security on behalf of others, or act
in a trustee capacity under transaction documents, separate from trading,
advisory or fund roles.
Custodian – Financial Assets
For safekeeping of financial instruments, balances and related records,
independent from trading, advisory or fund management roles, with a focus
on control and record-keeping.
Trustee – Security & Transaction Structures
For entities that stand as trustee in financing, collateral or structured
transactions to hold security and enforce rights where needed under
documented terms.
Who this suits: Firms that support funds, capital markets,
lending or structured finance by acting as an independent asset and security holder
within the NFSA framework.
Insurance & Reinsurance license
Issued by NFSA
For entities providing risk cover, capacity or risk sharing arrangements in
connection with projects, groups or specific risk pools.
Insurance – Primary Carriers
For entities issuing policies directly to individuals or businesses as part
of their normal activity, including niche or project-specific cover.
Reinsurance – Risk Capacity Providers
For entities accepting risk from primary carriers or providing capacity into
pooled or layered arrangements, including group and captive solutions.
Who this suits: Groups that want to base insurance or reinsurance
activity in Neves, including structures supporting financial, trade, infrastructure
or logistics projects.
TCSP – Trustee & Company Service Provider license
Issued by NFSA
For firms that form, administer and maintain companies, trusts and similar
structures on behalf of clients, often in combination with fund, banking,
custody or advisory arrangements.
Company Service Provider
For incorporation, registered office, company secretarial and governance support
for Neves entities, including maintenance of corporate records and filings.
Trust & Fiduciary Service Provider
For firms administering trusts, foundations and similar arrangements as
professional fiduciaries, often alongside tax, succession or asset protection
planning carried out by other advisers.
Who this suits: Firms building and maintaining Neves-based
company and trust structures for international clients, families and business groups.
NGA licenses (Neves Gaming Authority – gaming & betting)
The Neves Gaming Authority (NGA) provides structured oversight of the remote gaming and betting sector, with a focus on fair play, technical integrity and meaningful player protection across licensed operations.
In scope under NGA are, among others: online casino and RNG-based platforms, sportsbook and e-sports wagering, remote gaming operators and networks, game testing and technical certification, and responsible gaming standards and player safeguards. These are set out on a dedicated NGA page so that financial and gaming streams remain clearly separated.