Mintos to become a regulated marketplace
Last year, Mintos applied for the Investment Firm license as well as for an Electronic Money Institution license. After the acquisition of both, Mintos will become a regulated marketplace.
We are convinced that regulation will help us grow in a sustainable way and will benefit our investors. Our goal is to offer the same Mintos experience, just in a regulated environment that adds value with increased investor protection and allows us to expand our services. Both licenses will allow such services to be provided across the EU and EEA.
Later in the year we shared another update with more details on the upcoming changes, as we look forward to making the transition to a regulated entity as smooth as possible for our investors.
We are now coming closer to a point where we will have submitted all the required materials to the regulator and we look forward to work with its team on the next steps.
We will be sharing with investors as soon as we have more updates.
Does this mean that we have to have LEI code to invest under a company?
If that is true, i'm done with Mintos.0
Hi Pineapple Express OÜ For investors who operate on Mintos via legal entities, a LEI code will be required to buy or sell Notes after Mintos becomes a regulated marketplace, similar to trading other securities. We will consider the possibility to introduce a LEI code allocation service provider to make this process easier and smoother for investors. For more information on LEI codes, please see ESMA information.1
I figured that would happen. Too bad really, as LEI code is absolutely ridiculous (not your fault of course), and paying or that fraudulent service would take signifcant part of my profit. So this will probably be farewell to my investing with Mintos.0
If you don't invest for fun, but in order to build assets to feed you, it's hard to do without LEI. I already have it because of the broker with whom I trade shares, so no problem for me. It will be better for everyone if Mintos are regulated. I see funds in recovery for more than few months as a bigger problem.1
Sorry I'm lacking of context but pretty much interested into the discussion since I'm an investor myself. How am I supposed to get the LEI code if let's say later on we do have to have a LEI code when investing as an investor ?1
Hi Eka Rudianto,
I assume you are an institutional investor. The LEI codes are issued by specialized service providers - there are various pan-European service providers. Mintos is not authorized to issue them. Each institutional investor will need such a personal code for investing in Notes. In coming months, as we come closer to releasing Notes on Mintos marketplace, we will be sharing more details for both retail and institutional investors on how this process will be organized and we will also try to provide as much information for you to help obtain the LEI codes if you choose to invest in Notes issued by Mintos.1
Hi Eka Rudianto, yes, that's correct - institutional investor means you are an organization or a company and are making investments from your organisation's/corporate accounts. You, having an individual account with Mintos, are investing as an individual. LEI codes are not necessary for you.0
Will Mintos participate in the Automatic Exchange of Information (AEOI)?1
Hi Max Shakhray As soon as Mintos will receive the license it will be compliant with The Common Reporting Standard (CRS) that is an information standard for the Automatic Exchange Of Information (AEOI).0
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