MISA / AOFA · Comoros
Mwali International Services Authority / Anjouan Offshore Finance Authority
These authorities on the islands of Mohéli (Mwali) and Anjouan sell forex, banking, and insurance licences. Comoros' central bank, the Banque Centrale des Comores, has publicly warned that they are fictitious structures with no power to license financial institutions.
- Retail leverage
- Unregulated.
- Compensation
- None.
- Capital
- None of substance.
- Supervision & substance
- A licence certificate, but no recognised legal authority behind it. A 2010 IMF report found the islands' offshore institutions were created in breach of Comoros law.
- Stocks, futures & crypto
- None. Comoros' finance ministry has also warned about fake crypto licences issued in its name.
- Trade-off
- The paperwork looks like a licence. It is not one.
What it means for you: Treat a MISA or Anjouan 'licence' as unregulated, and arguably worse: it suggests the broker is trying to look regulated.
Common questions about MISA / AOFA
Is MISA / AOFA a good regulator for forex brokers?
In our view, MISA / AOFA is not meaningful regulation for forex brokers (Red flag). These authorities on the islands of Mohéli (Mwali) and Anjouan sell forex, banking, and insurance licences. Comoros' central bank, the Banque Centrale des Comores, has publicly warned that they are fictitious structures with no power to license financial institutions. Treat a MISA or Anjouan 'licence' as unregulated, and arguably worse: it suggests the broker is trying to look regulated.
What leverage can brokers regulated by MISA / AOFA offer retail clients?
Unregulated.
Is there a compensation scheme if a broker regulated by MISA / AOFA fails?
None.
Does MISA / AOFA regulate stocks, futures, or crypto?
None. Comoros' finance ministry has also warned about fake crypto licences issued in its name.
A licence only protects you if your account is with the entity that holds it. Many broker groups hold several licences and onboard clients through an offshore entity. Check your client agreement, and verify the licence on the regulator's own register.
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Tiers and ratings are M1 Strategic's own assessment, based on public sources listed in our regulator guide. Rules change: always verify with the regulator directly. Not financial advice.