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Saatja: Lemontrade <[email protected]> Saadetud: 27.02.2023 13:16 Adressaat: RAB rahapesu <[email protected]> Teema: Re: Virtual stock trading platform Manused: image001.jpg Dear Rahapesu, A virtual stock trading platform does not fall into any of these categories. The 4 you mention below are irrelevant to our service and also we will not issue a virtual digital currency. So we understand that, no license is required. We will ask for legal advice of course to verify it. Thank you On 27/2/2023 10:11 π.μ., RAB rahapesu wrote: Dear Sir / Madam Thank you for the letter. Businesses that operate in the following fields of activityneed Financial Intelligence Unit (hereafter FIU) license (Money Laundering and Terrorist Financing Prevention Act § 70 (1)): 1. operating as a financial institution; 2. providers of trust and company services; 3. providing pawnbroking services; 4. providing a virtual currency service; 5. buying-in or wholesale of precious metals, precious metal articles or precious stones, except precious metals and precious metal articles used for production, scientific or medical purposes. The following documents must be submitted (through Majandustegevuse Register / the Register of Economic Activities) to apply for a FIU license: 1. the address of the place of provision of the service, including the website address; 2. the name and contact details of the person in charge of provision of the service; 3. where the undertaking that is a legal person has not been registered in the Estonian commercial register: the name of the owner of the undertaking, the owner’s registry code or personal identification code; the beneficial owner’s name, personal identification code; 4. the name, personal identification code of a member of the management body or a procurator of the service provider who is a legal person; 5. the rules of procedure and internal control rules and, in the case of persons having specific duties, the rules of procedure and the procedure for verifying adherence thereto drawn up in accordance with the International Sanctions Act; 6. the name, personal identification code of the compliance officer;  7. the name, personal identification code of the person who is in charge of imposing the international financial sanction; 8. where the undertaking, a member of its management body, procurator, beneficial owner or owner is a foreign national or where the undertaking is a foreign service provider, a certificate of the criminal records database of its country of origin issued no more than three months ago; 9. where the undertaking, a member of its management body, procurator, beneficial owner or individual owner is a foreign citizen, copies of all of the identity documents of all of their countries of citizenship and the documents certifying the absence of the convictions; 10. regarding a member of a management body and a procurator of the undertaking, documents indicating the level of education, a full list of the employers and jobs and, in the case of a member of a management body, also the field of responsibility; 11. the list of payment accounts kept in the name of the undertaking, along with each payment account’s unique feature and the account manager’s name; 12. information on which financial service or virtual currency service will be provided. In addition to the aforementioned the following must be submitted by virtual currency service providers: 1. the amount of the assets and of share capital, as well as documents to prove that amount and the payment of the capital; 2. the applicant’s initial balance sheet and an overview of its revenue, expenditure, profits and cash flows as well as the preconditions for these; 3. for a going concern, the balance sheet and profit statement as of the end of the month preceding the filing of the application for authorisation and, if available, the annual reports for the last three years; 4. a business plan for at least two years (Money Laundering and Terrorist Financing Prevention Act § 701); 5. the appetite for risk, and concerning risk analysis; 6. particulars concerning information technology systems and other technical means and systems required to provide the envisaged services; 7. the number of shares or votes held or to be acquired by each shareholder or member; 8. particulars of the audit undertaking retained by the applicant and of the applicant’s internal auditor, including the name and personal identity code or registry code; 9. particulars of any persons who possess a significant holding in the applicant, including their name, personal identity code; 10. particulars concerning companies in which the holding of a member of the applicant’s management body or of a person possessing a significant holding in the applicant exceeds 20 per cent. You can familiarize youself in more detail with the list of necessary documents from § 70 (3) to § 701 (2) of Money Laundering and Terrorist Financing Prevention Act. If you want an FIU license for a virtual currency service provider, please read the guide for applying for an operating license on FIU website. We would like to draw your attention to the fact that FIU’s main tasks do not include legal advice, so we kindly ask you to present a comprehensive legal analysis, in which you explain why your business plan needs the operating license specified in § 70 (1) of Money Laundering and Terrorist Financing Prevention Act. Kind regards, Rahapesu Andmebüroo | Estonian Financial Intelligence Unit Tel +372 696 0500 | Pronksi 12, Tallinn | www.fiu.ee From: Lemontrade <[email protected]> Sent: Thursday, February 23, 2023 7:33 PM To: RAB rahapesu <[email protected]>; [email protected] Subject: Virtual stock trading platform Hello, We are a start-up who wants to launch a virtual stock trading platform. Company is already registered in Estonia. Users will be able to virtually trade stocks and get virtual account. No real money or real accounts involved. It will be just for practicing. Majority of users will be from India and will be able to trade stocks only, not other financial products (Options, CFDs, Forex, etc.), mainly in Indian Stock Exchange (NSE) or US stock exchanges. Do we need a license for this activity? If yes, who is the regulatory body who issues it and how we can find more info about the process? Thank you Käesolev e-kiri võib sisaldada asutusesiseseks kasutamiseks tunnistatud teavet. 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