Popular platform for physical buying and selling of bitcoin LocalBitcoins will introduce new rules for the identification of users, which will help it to meet the requirements of the fifth Directive of the European Union, aimed at combating money laundering. This is stated in the relevant statement based in Helsinki of the company.
Directive 2018/843 (5AMLD) contains regulatory provisions relating to the activities of cryptocurrency exchanges, exchange platforms and custodial services. According to the document, all companies whose activities are related to trade and store cryptocurrencies will have to comply with the provisions of the Directive by 1 January 2020.
In the message LocalBitcoins says that the company is working with local regulators with the aim of implementing the provisions of the Directive. What changes are waiting for users at this stage is not yet known, but further details, according to Localbitcoins, should be known in March.
“Legal requirements continue to be determined, but it is clear that they will mean big changes in the exchanges of virtual currencies”, — said representatives of Localbitcoins
The company also believes that the new regulations will provide “significant benefits” of cryptocurrency traders and investors, so as to protect them from fraud and provide more secure conditions for trade.
Also LocalBitcoins representatives argue that the new rules will make the bitcoin ecosystem more reliable and attractive for all types of investors and for ordinary users, the transition will be easy and painless.