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Local bitcoins is preparing for new regulatory support

the The Finnish Parliament adopted a new money laundering laws. Then, the Finland-based Bitcoin-trading platform local bitcoins is announcing some changes to t

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Local bitcoins is preparing for new regulatory support
the The Finnish Parliament adopted a new money laundering laws. Then, the Finland-based Bitcoin-trading platform local bitcoins is announcing some changes to their login process. In addition, local bitcoins would like to introduce four different levels for user accounts.

By Alex Roos
28. March 2019BTC$4.033,06 0.43%part Facebook Twitter LinkedIn xing mail

The trading of Bitcoin, enjoys a dubious reputation. Just for a politician is a suspicion of money laundering or the financing of terrorism. Even if the US Congress noted that state cash is still popular in the case of terrorists, progress regulators around the world. Accordingly, the Finnish Parliament adopted, on 13. March the Act on Virtual Currency Service Provider and a Supplement to the Act on Detecting and Preventing Money Laundering and Terrorist Financing.

local bitcoins the new regulatory

fall After the Finnish Parliament has the new laws waved through, from the beginning of November 2019 fiduciary services for virtual currencies under the supervision of the Financial Supervisory Authority of Finland. On the one hand, this law relates to Wallets, in which a third party, the Private key for the crypto-currencies. On the other hand, the rules also apply to stock exchanges, which hold Assets for their customers.

The trading platform local bitcoins, with headquarters in Finland, was subsequently, on 25. March 2019 on your Blog. The company see the new legislation as a positive sign for the legal status of Bitcoin. As of November, Bitcoin has a fixed Asset class, what is the verb: strengthen the Position of essere and the other Bitcoins Status as a legitimate financial network.

as a result, local bitcoins work remain to improve the processes of compliance. For the customer, this manifests itself since the 18th century. March in a new registration process. New customers must first confirm basic information, which is intended to increase the trustworthiness of exchange partners.

In addition, local bitcoins is working on a more efficient and reliable ID verification service. The new verification system has four individual Account levels, according to exchange and transaction volume. With the distinguishing features, once again, the trustworthiness is to be increased. Business accounts get a separate verification process. More Details to follow in the near future, writes local bitcoins on the Blog.

Whether it is local bitcoins with the Changes starting in November, also available in Germany, remains open. So far, the site doesn't block all German IP addresses, to avoid conflicts with the BaFin.

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