Localbitcoins ruled on a new legislation called the Virtual Currency Service Providers Act and an amendment to the current Law on the Detection and Prevention of Money Laundering and Terrorist Financing (AML Law), which will grant new powers to the Authority of Financial Supervision of Finland.
The Virtual Currency Service Providers Act will come into force in early November 2019, creating a legal status for cryptoactives, which should significantly improve Bitcoin’s position as a viable and legitimate financial network.
Both regulations, which will become effective in November, translate into a new legal status for cryptoactives and greater supervision of exchange platforms such as Localbitcoins.
The platform for the BTC exchange indicated that they are developing a new, more efficient and reliable identity verification process. The new protocol would consist of four levels of verification per operation for the individual accounts, while the corporate accounts will have a different process.
The exchange service is popular in Latin American countries such as Venezuela and Colombia.
Source: www.criptonoticias.com
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