LocalBitcoins Receives Important Accreditation

LocalBitcoins Receives Important Accreditation

In its latest step as a company, the peer-to-peer cryptocurrency exchange, LocalBitcoins has been recognised by an important financial body in Finland to be an Official Virtual Currency Provider.

This is an important event for the platform as due to recently changed legalisation in Finland, it only companies registered as such that are allowed to operate and offer exchange services within the nation. As such, this recognition by the governing body, the Finnish Financial Supervisory Authority, FIN-FSA, will mean that the platform will now be able to operate within the confines of the law and still allow users from Finland to their platform.

Specifically, what it means for the platform is that they have been judged to have the adequate infrastructure in place to prevent money laundering and the funding of terrorism, while also the recognition that the platform is able to protect customers assets adequately. It also means that the company’s management and key personnel have been deemed to fulfil the fitness and propriety criteria.

This is good for the Finnish traders, as LocalBitcoins is the leading exchange platform in its field, with the unique approach where they allow users who live in close proximity to trade to one another directly. As such, with this new licensing this will not end in Finland and furthermore, should provide Finnish traders with a new level of trust in their platform for trading too.

This was described by LocalBitcoins as the latest step in their journey by which they are hoping to provide better “transparency, reliability and accountability” as a cryptocurrency exchange business. A description which was furthered by their recently appointed CEO, Sebastian Sonntag , who said “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”.

These efforts though are not going to end now that the firm has awarded the accreditation with them outlining that they will continue to pursue these so far fruitful efforts. With the platform stating that they plan to work closely with FIN-FSA to discourage the illicit activities that can occur at platforms, such as money laundering, as well as aiming to better serve their clients better.

Another sentiment that Sonntag touched upon. “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,” he said.

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