LocalBitcoins Announces Supervision by Financial Supervisory Authority of Finland

On March 18, LocalBitcoins established a brand new account registration process, and is now focusing on a much more efficient and secure identity verification process. The business noted that corporate account will experience a separate confirmation process.

International peer-to-peer (P2P) crypto exchange LocalBitcoins will soon become supervised by the Financial Supervisory Authority of Finland, as the firm announced on its site on March 25.
The jurisdiction has passed a proposition for a new Act on Virtual Currency Service Providers that’s expected to come into force in November 2019.

According to LocalBitcoins, the adoption of the acts will donate to public awareness of crypto by introducing significant cryptocurrency Bitcoin (BTC) as a workable and legit financial system.

Formerly, Cointelegraph noted that a crypto exchange and wallet support in Finland was experiencing issues with local banks that refused to operate with crypto-related companies. Especially, Prasos platform became a subject of concerns among the banks, with four banks needing to deal with the entity.

Together with the regulatory statement, LocalBitcoins also stated that it’s developing resources to boost compliance with regulators.
Helsinki-based LocalBitcoins composed that the Parliament approved new legislation that will offer a legal status for cryptocurrency assets on March 13, 2019.

Earlier this year, Cointelegraph reported to a hack attack that led to a phishing LocalBitcoins clone website link being submitted on the official LocalBitcoins forum. As a result, the alleged attackers allegedly was able to steal around $28,000 worth of Bitcoin in the right time of the report.