Peer-to-peer (P2P) bitcoin exchange LocalBitcoins has registered with the Finnish Financial Supervisory Authority, FIN-FSA, the financial regulatory authority of the Finnish government. Earlier this month, Crowdfund Insider reported that five different virtual asset service providers (VASPs) had been approved and LocalBitcoins was in the mix
As noted on LocalBitcoins’ official website, only registered virtual currency providers that meet the relevant legal requirements will be permitted to provide services in Finland.
According to an announcement from the company:
“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 fulfil the fitness and propriety criteria.”
LocalBitcoins’ management says that becoming an official virtual currency provider is “part of a longer evolution” of the company. The P2P exchange aims to provide greater transparency, accountability, and reliability if its bitcoin trading service globally.
LocalBitcoins CEO Sebastian Sonntag stated:
“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”
LocalBitcoins’s management noted that it is planning to further expand its operations, with a special focus on improving the platform’s customer service and it will also address matters involving the FIN-FSA, particularly the “prevention of money laundering.”
“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.”