Finnish regulator grants LocalBitcoins a virtual currency operator license
Note that only registered service providers can operate in Finland. In order to obtain a licence, a firm must prove to the regulator that it carries out customer identification and anti-money laundering procedures and takes due care of the customer’s funds.
“Finland is a well-functioning society that maintains a high level of trust and confidence. At the same time, control in the financial sector is strong and clients are well protected,” said LocalBitcoins CEO Sebastian Sonntag.
This summer, the platform turned off the option to exchange cryptocurrencies in person for cash. Now LocalBitcoins users can use only those types of money transfers that are made with the help of payment operators, such as bank transfers.