Peer-to-peer cryptocurrency Exchange LocalBitcoins has been registered as an official virtual currency provider in Finland.
The registration which was done by the Finnish Financial Supervisory Authority FIN-FSA allows LocalBitcoins starting from November to operate in the Finnish country.
According to LocalBitcoins, the FIN-FSA considers the exchange has suitable procedures in place to prevent money laundering and terrorist financing. It also considered that LocalBitcoins’ customer assets or funds are adequately held and safeguarded against cyber breaches or any other mishap.
The registration process assessed and found that LocalBitcoin management of the exchange and its key personnel are seen to fulfill fitness and propriety criteria.
LocalBitcoin emphasized that registration as an official virtual currency provider is part of its longer evolution in which it has invested in its transparency, reliability and accountability.
The CEO of LocalBitcoin, Sebastian Sonntag, commenting on the registration 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.”
The future holds promise for the Exchange as it intends to continue developing its operations with a focus on customer service and on issues relating to the FIN-FSA such as money laundering prevention.
“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 concluded.
Founded in 2012 and operating in over 7500 cities across more than 200 countries in the world, LocalBitcoins.com is a person-to-person bitcoin trading site with the mission of connecting everybody to Internet economy.