is withdrawing their application for IBF license in Latvia & is relocating to Croatia:
''After a long investigation of other markets, we came to a final decision to withdraw our application for an IBF license in Latvia and to relocate our operations to another EU country, to Croatia, where we have a company (legal name Peerberry d.o.o) for two years already.
Below are the main reasons why:
- Latvian regulation requires having an office and the core team in Latvia
- IBF licensing does not cover real estate projects
- Current regulation in Latvia has no relation with the regulation in other jurisdictions
- The investor protection mechanism under the IBF licensing raises questions
To implement our global strategy, PeerBerry will fully relocate its operations to Croatia, a member of the EU, before October 6th this year. Our activities fully comply with the requirements of Croatian law, and we can successfully continue our activities in Croatian jurisdiction with an official company which activity is registered to engage in financial service activities, except insurance and pension funding. Croatian local authorities are ready to implement EU-level regulation for alternative investment platforms after it is introduced.
After the relocation of PeerBerry operations to Croatian jurisdiction, nothing changes to our investors – we remain the same team, with the same office in the same country (Lithuania), and our business partners remain the same. Our investors will be able to continue to use the same products under the same conditions. The only change is that PeerBerry will be operating under PeerBerry d.o.o., a limited liability financial service company registered in Croatia, a member of the EU.
After PeerBerry operations are fully relocated to Croatian jurisdiction, PeerBeery’s share capital, as planned earlier, will be increased to EUR 125 000.''