LocalBitcoins, the P2P bitcoin marketplace, announced today that The Finnish Financial Supervisory Authority, FIN-FSA, has registered LocalBitcoins as an official virtual currency provider.
Starting from the beginning of November 2019, only registered virtual currency providers that fulfill the legal requirements are allowed to operate in Finland.
As part of the registration process, the FIN-FSA has determined that LocalBitcoins has suitable procedures in place to prevent money laundering and terrorist financing, that customer assets are adequately held and safeguarded, and that the company’s management and key personnel fulfill the fitness and propriety criteria.
Registering to be an official virtual currency provider was part of a long evolution in which LocalBitcoins has invested in the transparency, reliability, and accountability of its bitcoin exchange service globally.
“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. These themes are also at the heart of LocalBitcoins’ operations. Operating as an official virtual currency provider strengthens our position and enables us to continue to operate responsibly and reliably. At the same time, it opens up new business opportunities for us. Our goal is to create a truly global marketplace where everyone, regardless of their starting point, can participate in the virtual economy.”
– Sebastian Sonntag, CEO, LocalBitcoins
In the near future, LocalBitcoins intends to continue developing its operations, with a focus on customer service and on topics covered by the FIN-FSA, such as the prevention of money laundering. To help fulfill regulatory requirements, the company recently introduced a new multi-tiered verification system.