LocalBitcoins has officially received the license to operate as a virtual currency provider from the The Finnish Financial Services Authority (FIN-FSA), and can publicly provide services from November 2019.
The strict laws of Finland requires every business to obtain the necessary legal papers and registration to function normally in the nation.
In order to do so, LocalBitcoins had to provide evidence to the FIN-FSA, showing the appropriate implementations from the firm, which are compliant with the Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols, along with offering suitable security measures to protect its clients’ assets.
Management and key decision makers are also required to meet the established criteria, in order to be deemed fit to sit in their positions.
Finland has earned its reputation as a nation with a high standard of of control and trust across the global market. And by obtaining the title of an official virtual currency provider potentially helps LocalBitcoins attract numerous different business ventures.
“Finland is a well-functioning society, which holds trust and confidence at high levels. At the same time, the controls in the financial sector are of particularly high quality and the position of the clients is well protected.” CEO of the firm, Sebastian Sonntag, remarked regarding the announcement.
The authorization from FIN-FSA is the newest initiative by LocalBitcoins in its plans of going from an unregistered champion of KYC-avoiding Bitcoiners, to a regulated peer-to-peer (P2P) exchange.