LocalBitcoins changes verification process to comply with new Finland legislation

A P2P cryptocurrency exchange service LocalBitcoins changed the verification procedure for existing users and amended registration rules for new users. Newcomers will be allowed to get acquainted to the service during the registration procedure, while the existing clients will be divided into four groups with different available functionality. 

The company made changes to comply with the new Finland Act on Virtual Currency Service Providers and an amendment to the Act on Detecting and Preventing Money Laundering and Terrorist Financing (“AML law”)  approved by Finland parliament on March 13.  

As the platform supplies financial services it is supposed to fulfill the requirements of the effective legislation. 

“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 company wrote in a press-release. 

The Virtual Currency Service Providers Act will come into force in November 2019, creating a legal status for digital assets. According to the company’s press-release, this development will improve Bitcoin’s standing.