Since November, LocalBitcoins can now operate in Finland.
In a recent press report, it was informed that the Finnish Financial Services Authority (FIN-FSA) approved the necessary license for LocalBitcoins to operate in this territory. As it is known, in the country only financial companies are allowed to operate until they get a license issued by the regulatory entity.
Since the current month of November, LocalBitcoins can expand its business and operate freely in Finland, this after complying with all the requirements of the law that FIN-FSA asks national and international financial companies.
With the aim of LocalBitcoins to obtain the license, it had to adjust its processes to the laws of the country, as well as comply with certain mandatory parameters.
Among them, the adequacy of updated procedures that fight against money laundering and other crimes stands out, in addition to incorporating the “Know Your Client” (NYC) system, this should also include an option which allows the protection of the assets and services of its users, in order to improve the safety of their personal information.
One of the requirements that LocalBitcoins has to adapt to operate in Finland is the change in financial procedures, as well as adapting their key personnel and management to the financial criteria suggested by the authorities. These are the aspects that stand out. They must be fully complied to keep your license in order and avoid penalties.
It is well known that Finland maintains strong parameters for financial operability among other countries in the world. For this reason, it is considered a great advance for the crypto community that Finland approves an operating license for a cryptocurrency provider such as LocalBitcoins.
In this sense, the CEO of the company, Sebastian Sonntag, expressed feeling satisfied and explained his opinion on the controls that had to be overcome to obtain the license.
“Finland is a society that works well, that has confidence and security 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”, concluded Sonntag.
The company’s registration with FIN-FSA has been the last step that it had to complete in order to obtain the operating permits so at the moment its systems are in development for activation for customers in the country.
LocalBitcoins is a company that is considered an asset safeguard for people who do not have the necessary income. It is for this reason that the company usually seeks to operate in countries that experience strong economic repressions or political crises such as Venezuela.
Looking for their adaptation to these countries, and building trust among their customers, even with few controls. However, in making these important regulatory efforts before the Finnish economic authorities, it seems to have changed its position on the lack of controls and seeks to expand its business despite strong requirements.
A sample of this can be seen changing the provider of some users looking for less regulated platforms.
By María Rodríguez