Several forex brokers have in recent years registered entities in Mwali, an autonomous island that is part of the Comoros Union and located off the coast of south eastern Africa. Forex brokers on the island need to be registered and hold a license to operate from the Mwali International Services Authority (MISA), the local regulator and business register.
Like in many offshore jurisdictions, the regulations that forex brokers in Mwali are subject to are very loose. For instance, there are no restrictions on things like negative balance protection or trading leverage, which explains why some of the brokers here offer extremely high leverage. Traders who sign up with a Mwali-registered broker can also expect a simple sign-up and verification process, and cryptocurrencies will often be accepted as a funding method.