There are a few requirements you need to meet in order to take part in this regulatory test.
You need to be resident in the UK
You need to be in possession of the Estonian e-residency digital ID.
Your e-residency card would look like this.
Before we can do business with you, we are required to perform full Know Your Customer (KYC) in compliance with UK regulations. This means we need to collect from you certain documents:
- a proof of your identity – a passport or national ID collect certain documents
- proof of residence (council tax bill, utility bill or similar)
Once this onboarding process is complete we can engage with you and accept your funds:
- we will provide you with the bank account details for your depoist
- your money will be held in a segregated client funds account as required by Electronic Money Regulation
- we will issue Pound Sterling tokens corresponding to the amount you deposited
- we will issue the tokens directly to your Estonian residency ID
- we guarantee a 1-to-1 pegged or fixed rate between pounds and tokens. For example 100 tokens is always 100 pounds and 100 pounds is always 100 tokens
You can spend the tokens at one of the merchants participating in the regulatory test or you can send them back to us to redeem the corresponding monetary value. You can also send the tokens to one of the other participants in the regulatory test.
For advanced users who are comfortable with the technology, you can also have the option to send the tokens to an Ethereum address and make payments from that address. Please contact us to white-list your address.