Cabo Verde · BCV · AGMVM · No offshore FX licence
Cape Verde forex license: no offshore licence, only full authorisation
“Cape Verde forex licences” are offered for sale online. In reality, any financial intermediation in Cabo Verde requires authorisation and prior registration with the securities regulator, the AGMVM, and the offshore banking regime was abolished in 2020. Here is what the law says.
Updated · By the Forex License Research Team · How we research
Cabo Verde has no offshore forex licence: financial intermediation requires authorisation and AGMVM registration, and offshore banking was abolished in 2020.
In shortCabo Verde has no offshore forex or CFD licence. Under the Securities Market Code, derivatives are financial instruments and any professional financial intermediation requires authorisation from the competent authority and prior registration with the AGMVM, the securities regulator under the Banco de Cabo Verde. The restricted-authorisation (offshore) banking regime was revoked by Law 79/IX/2020, and no forex or CFD broker appears among supervised intermediaries.
Key facts
| Regulator | Banco de Cabo Verde (BCV) and the securities regulator AGMVM (Auditoria Geral do Mercado de Valores Mobiliários) |
|---|---|
| Licence | None offshore. Financial intermediaries need authorisation plus prior AGMVM registration |
| Legal basis | Securities Market Code (Decreto-Legislativo 1/2012); Law 79/IX/2020 revoking offshore (restricted-authorisation) banks |
| Entity | Locally authorised financial intermediary |
| Typical timeline | Not applicable for an offshore licence; full authorisation is a lengthy onshore process |
| Capital | Full onshore requirements for authorised intermediaries |
| Tax | Onshore taxation; confirm with a Cabo Verde tax adviser |
| Recognition | AGMVM is an IOSCO ordinary member and MMoU signatory; no offshore forex regime |
| Client markets | Cabo Verde market for authorised intermediaries |
| EU passport | No |
| Our service | On request via partners |
Indicative information for comparison only, reviewed on the date shown. Requirements change and depend on your structure; confirm with the regulator and local counsel before deciding.
In the regulator’s words
“The professional exercise of any financial intermediation activity depends on: a) authorisation granted by the competent authority; b) prior registration with the AGMVM. (Original: « O exercício profissional de qualquer actividade de intermediação financeira depende: a) De autorização concedida pela autoridade competente; b) De registo prévio na AGMVM. »)”
Overview
In Cabo Verde, financial instruments, including derivatives, are governed by the Securities Market Code (Código do Mercado de Valores Mobiliários, Decreto-Legislativo 1/2012). Article 45 makes any professional financial intermediation dependent on authorisation by the competent authority and prior registration with the AGMVM, the securities regulator operating under the Governor of the Banco de Cabo Verde.
Cabo Verde used to have offshore (“restricted-authorisation”) banks, but Law 79/IX/2020 revoked that regime. The supervised intermediaries are local banks and an asset manager; no forex or CFD broker is registered. For a real offshore licence, compare Mauritius, Seychelles or South Africa for Africa-focused brokers.
How Cabo Verde regulates financial intermediaries
The AGMVM is Cabo Verde’s securities regulator. It operates under the Governor of the Banco de Cabo Verde with administrative and functional autonomy. Under the Securities Market Code:
- financial instruments include securities and derivative financial instruments (article 3);
- any professional financial intermediation requires authorisation from the competent authority and prior registration with the AGMVM (article 45).
The AGMVM’s list of supervised intermediaries contains local banks and an asset manager. There is no category for an offshore forex or CFD broker.
The end of offshore banking in 2020
Cabo Verde previously allowed restricted-authorisation (offshore) credit institutions. Law 79/IX/2020 of 23 March 2020 revoked that regime and gave such banks until 30 December 2020 to convert into general-authorisation banks, failing which their authorisations were revoked. The law’s preamble refers to Cabo Verde’s listing as an offshore jurisdiction by other authorities as part of the reason.
So offers built on Cabo Verde “offshore” status no longer have a legal basis.
Why “Cape Verde forex licences” are misleading
Any offer of a ready-made Cape Verde forex licence should be checked against the AGMVM register. The law requires authorisation and registration for intermediation, the offshore bank regime is gone, and the AGMVM publishes investor alerts naming firms that offer financial services without being registered.
How the application works, step by step
Check the AGMVM register
Look up any “licensed” firm on the AGMVM list of supervised entities.
Read the AGMVM alerts
The AGMVM names firms operating without registration.
Choose a recognised jurisdiction
For Africa-focused brokers, compare Mauritius, Seychelles or South Africa with our finder.
Plan onshore only if you mean it
Full Cabo Verde authorisation is an onshore project with local capital, people and supervision.
Documents you will usually need
- For full intermediary authorisation: business plan, criminal records and CVs of managers, and the AGMVM application set
- For an offshore forex licence: the documents of the jurisdiction you choose instead
Indicative timeline
| Stage | Typical time |
|---|---|
| Offshore forex licence | Not applicable: none exists |
| Full onshore authorisation and registration | Lengthy; aimed at local institutions |
Substance and people
- Full local presence, capital and fit-and-proper management for authorised intermediaries
Ongoing obligations
- Full supervision by the AGMVM and the Banco de Cabo Verde
Advantages
- Clear legal framework
- Securities regulator is an IOSCO MMoU signatory
Drawbacks
- No offshore forex or CFD licence
- Offshore banking abolished in 2020
- “Licences for sale” are not supported by the law
How it compares with the alternatives
| Option | Forex licence? | Typical time | Local substance | Recognition | Best for |
|---|---|---|---|---|---|
| Cabo Verde | No offshore licence; full authorisation only | Lengthy | Full | IOSCO MMoU regulator | Local financial institutions |
| Mauritius FSC | Yes | 4–8 months | High | Higher | Africa-focused international brokers |
| Seychelles FSA | Yes | 3–6 months | High | Moderate | International retail brokers |
| South Africa FSCA | Yes (FSP/ODP) | 4–18 months | High | High | Brokers targeting South Africa |
A good fit if you…
- Are a local institution prepared for full authorisation and supervision in Cabo Verde
Probably not for you if you…
- Want an offshore forex or CFD licence
- Were offered a ready-made “Cape Verde forex licence”
- Need a fast route to an international licence
How to verify a licence or registration
Check the AGMVM’s list of supervised entities and its investor alerts, such as the WS Group alert of October 2025. A firm that is not on the AGMVM register is not authorised to carry on financial intermediation in Cabo Verde.
Recent changes
23 March 2020: Law 79/IX/2020 revoked the regime for restricted-authorisation (offshore) credit institutions, which had until 30 December 2020 to convert or lose their authorisation. 2024–2025: AGMVM investor alerts about firms offering financial services without registration, including WS Group in October 2025.
Frequently asked questions
Is there a forex license in Cape Verde?
Not an offshore one. Any professional financial intermediation requires authorisation and prior registration with the AGMVM under the Securities Market Code; there is no light offshore forex licence.
Are derivatives covered by Cabo Verde law?
Yes. The Securities Market Code defines financial instruments as securities and derivative financial instruments.
Does Cabo Verde still have offshore banks?
No. Law 79/IX/2020 revoked the restricted-authorisation (offshore) bank regime; such banks had until 30 December 2020 to convert into general-authorisation banks or lose their authorisation.
Are “Cape Verde forex licences for sale” genuine?
The law requires authorisation and AGMVM registration for intermediation, and the offshore regime no longer exists. Check any offer against the AGMVM list of supervised entities before paying.
Who is on the AGMVM register?
Local banks and an asset manager. As of October 2026 no forex or CFD broker appears among supervised intermediaries.
Does the AGMVM issue warnings?
Yes. It publishes investor alerts about firms that are not registered as financial intermediaries, for example WS Group in October 2025.
Is the AGMVM internationally recognised?
Yes. It is an IOSCO ordinary member and signed the IOSCO Multilateral MoU in 2019.
What should an Africa-focused broker choose instead?
A recognised licence such as Mauritius or Seychelles, or an onshore licence such as South Africa if you target that market.
Official sources
Primary sources we rely on. Rules change; always confirm current requirements with the authority.
- AGMVM: Securities Market Code (Decreto-Legislativo 1/2012) agmvm.cv
- AGMVM: authorisation, approval and registration (supervised entities) agmvm.cv
- AGMVM: about (IOSCO membership) agmvm.cv
- Law 79/IX/2020 revoking restricted-authorisation banks (Boletim Oficial, 23 March 2020) anas.gov.cv
- AGMVM investor alert: WS Group (October 2025) agmvm.cv
- Banco de Cabo Verde bcv.cv
Similar jurisdictions
St Vincent & the Grenadines
Financial Services Authority (FSA), SVG: registers companies, does not license forex
None. A foreign licence or approval must be filed since 6 January 2023
View profileMarshall Islands
None for forex; companies registered via the Registrar of Corporations
None
View profileDominica
Financial Services Unit (FSU) for financial entities other than commercial banks and securities business; ECSRC for securities
None for forex/CFD brokerage. Securities dealing: ECSRC broker-dealer licence
View profileNot sure which licence is right for you?
Tell us your business model and target markets. We will shortlist jurisdictions and send a fixed, itemised proposal.