Popular p2p platform LocalBitcoins announced some details of the new verification process users.
AML regulation and new features update — LBC blog posthttps://t.co/8SvGx1ecwl
— LocalBitcoins.com (@LocalBitcoins) 25 March 2019 R.
So, last week on LocalBitcoins has changed procedure of user registration:
“On Monday, March 18, we launched a new registration process for new accounts. Users can check the basic information during registration. This step from the first day will make it easier for beginner to search for trade partners, increase the number of eligible customers for advertisers, and to prevent the emergence of doubtful accounts”, — noted in the company.
In addition, LocalBitcoins is working on additional changes to the verification system users. So, in the new system will be four levels of accounts that differ in the available volume of transactions in BTC. In addition, for corporate users there will be a separate verification process. The company believe that the upcoming changes are appropriate since the accounts can be classified according to various criteria.
Representatives LocalBitcoins promised to promptly post additional information about the new system.
Also the company noted that on March 13 the Finnish Parliament voted a new law on suppliers of services in the field of virtual currencies and for amendments to legal regulations on counteracting money laundering and financing of terrorism (AML). In accordance with the new legislation, LocalBitcoins and other cryptocurrency platforms must meet the requirements of the AML set by the financial regulator of the country.
“The rules will come into force in December this year, creating legal status for scriptactive” — note the representatives of well-known p2p platform.
According to them, the presence of bitcoin’s legal status should contribute to the mass adoption of the cryptocurrency.
We will remind, the introduction of new rules of verification LocalBitcoins announced in February, promised that the transition to the new system will be simple and painless for ordinary users.