Finnish regulator grants LocalBitcoins a virtual currency operator license

Finnish regulator grants LocalBitcoins a virtual currency operator license

Blockchain
November 18, 2019 by cryptorolling.com
196
The Financial Supervisory Authority (FSA) of Finland has officially registered the popular P2P trading platform LocalBitcoins as a virtual currency operator.
localbitcoins

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.

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