LocalBitcoins has announced that it has been registered as an approved virtual currency provider by Finland’s Financial Services Authority (FIN-FSA). That registration is now required for all digital currency providers if they intend to provide services in Finland.
In an online blog post announcing the news, LocalBitcoins confirmed that FIN-FSA had examined the company and concluded that it met the agency’s standards for AML and counter-terror-financing procedures, as well as its expectations for customer asset protection. In addition, the regulators determined that LocalBitcoins’ “management and key personnel” met the requisite fitness criteria.
LocalBitcoins CEO Sebastian Sonntag praised Finland for its high quality financial system and commitment to protecting client positions. He also emphasized the importance of operating with official approval, and suggested that the registration would open up new opportunities for the company:
“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.”