LocalBitcoins Receives Finnish FSA Virtual Currency Provider License
Jack Martin's original article for cointelegraph.com reduced by 46%
The Finnish Financial Services Authority has officially registered LocalBitcoins as a virtual currency provider, starting at the beginning of November 2019. Finland only allows officially registered providers who fulfill the legal requirements to operate in the country. In order to receive the registration, LocalBitcoins had to prove to the FIN-FSA that it had implemented suitable Anti-Money Laundering and Know Your Customer procedures, along with having adequate safeguarding for customer assets.
Finland is seen as having a high level of control and trust in the global community, and being an official virtual currency provider opens new business opportunities for LocalBitcoins. The registration by FIN-FSA is just the latest step on LocalBitcoins path from an unregulated champion of KYC-avoiding Bitcoiners, to being a regulated peer-to-peer exchange. LocalBitcoins has previously been known for its adoption in countries that are undergoing political turmoil such as Venezuela.
Evidence of this can be seen in the trend of users dropping the service for alternative, and perhaps less-regulated providers.
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