LocalBitcoins, the popular Finland based person-to-person bitcoin trading site, announced it is currently developing a more efficient and reliable identity verification process.
The new ID verification system will build upon recent updates by introducing 4 individual account levels per trade and BTC transaction volume, which is designed to increase trustworthiness and add distinction to the user profile. Further, corporate accounts will undergo a separate verification process. These new streamlined features come by request from current users.
In the past months, the company has been working on improvement measures that will allow it to provide a safer and better service conforming to regulations. Back on Monday, March 18th, LocalBitcoins 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.
On Wednesday, March 13th 2019, the Finnish Parliament voted and approved a proposal for a new Act on Virtual Currency Service Providers and an amendment to the Act on Detecting and Preventing Money Laundering and Terrorist Financing (“AML law”) that will bring virtual currency services (i.e. custodian wallet providers and exchanges) like LocalBitcoins under the AML law supervised by the Financial Supervisory Authority of Finland. The Virtual Currency Service Providers Act will come into full effect at the beginning of November 2019 creating a legal status for crypto assets, which should improve significantly Bitcoin’s standing as a viable and legit financial network.