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LocalBitcoins To Come Under Finnish Regulatory Body Soon

27 Mar 2019

LocalBitcoins, one of the most popular decentralized exchanges in the world, is all set to work under the Finland financial regulator, the Financial Supervisory Authority of Finland, soon.This development came about, earlier this month, when the the Finnish Parliament voted and approved a proposal for a new Act on Virtual Currency Service Providers and an amendment to the Act on Detecting and Preventing Money Laundering and Terrorist Financing (“AML law”) that would bring virtual currency services (i.e. custodian wallet providers and exchanges) like LocalBitcoins under the AML law.The Act will kick into effect from November 2019.In  a blogpost, detailing the development, the exchange said, “LocalBitcoins is working on improvement measures that will allow us to provide a safer and better service conforming to the regulations. On Monday 18th March, we have launched a new account registration process where users can verify basic information already during sign-up, making it easier for the newcomer to find trading partners from day 1 and increasing the number of suitable customers to advertisers as well as inhibiting the creation of illegitimate accounts.”The changes have not come as a surprise. The writing has been on the wall for quite sometime when, earlier, the new European Union privacy regulations came into force, making almost all major internet companies change their business and data storage practices.At the time, we had reported that the new regulations proposed by EU are called 5th Anti-Money Laundering Directives (5AMLD). At the time, the exchange had said, “The most important changes concerning LocalBitcoins’ users will be related to improving the registration of new accounts and the identity verification processes, introducing wallet withdrawal and trade volume-based verification tiers.”However, it didn’t mean that the existing users would also have to go through a cumbersome process after the introduction of these new changes. The company had added to its announcement that “it is working to smoothen the transition for those customers who make legitimate use of its platform.”Liked what you read? Join us on Telegram

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