LOCALBITCOINS INTRODUCES NEW RULES FOR VERIFICATION OF USERS

In July 2018, the European Commission introduced the FIFTH ANTI-MONEY LAUNDERING DIRECTIVE (EU Directive 2018/843, also known as 5AMLD), which for the first time in history takes into account virtual currencies.

5AMLD contains provisions on the services of the exchange of virtual currencies and the operators of custodial wallets. Although it is necessary for EU member States to implement the Directive by January 2020, Finland has already prepared a new bill focused on cryptocurrency services, which amends the country’s anti-money laundering law in accordance with the 5AMLD Directive.

Legislative requirements are still being developed, but it is already clear that the new law will make significant changes in the activities of crypto-currency exchanges, which will eventually affect all exchanges and participants of the European crypto market. The most important changes include improvements to the process of registering new accounts and identifying users.

LocalBitcoins promises to make the transition to the new rules as simple as possible for customers who legally use the service and already comply with the terms of service of the exchange.

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