LocalBitcoins to be Supervised by Finland’s Financial Supervisory Authority

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LocalBitcoins to be Supervised by Finland's Financial Supervisory Authority

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Popular decentralized cryptocurrency exchange LocalBitcoins has announced it will soon operate under the supervision of the Financial Supervisory Authority of Finland.

The Helsinki-based exchange detailed the upcoming changes in a blog post today, determining the reasons why as down to changing policy from the Finnish government. Cryptocurrency will be given legal status in Finland following the passing of legislation on 13 March and a further proposal has been passed for a new Act on Virtual Currency Service Providers.

Due to an amendment of the country’s anti-money laundering (AML) and terrorist financing acts, cryptocurrency wallet providers and exchanges will be required to comply with the applicable regulations other financial service providers are expected to adhere to.

LocalBitcoins provided a positive spin to the news, saying the changes showcase Bitcoin as a legitimate financial network while bringing the cryptocurrency more widely into the public eye.

The peer-to-peer exchange also informed clients of new features to expect on the platform, including ”a more efficient and reliable identity verification process” that would increase mutual trust in trading partners and add ”distinction to the user profile”.

 

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