The Finnish Financial Services Authority (FIN-FSA) has officially registered LocalBitcoins as a virtual currency provider since November 2019. Finland only allows officially registered providers that comply with legal requirements.
In order to receive registration, LocalBitcoins had to prove to FIN-FSA that it had implemented AML and KYC requirements, and also provided adequate protection for customers' assets. Management and key personnel also had to meet certain criteria.
It is believed that Finland has a high level of control and trust in the global community. LocalBitcoins CEO Sebastian SONNTAG commented:
“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.”
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