LocalBitcoins Begins Work On Compliance With EU Regulations
LocalBitcoins, a Finnish company offering the services of buying and selling the first cryptocurrency, will introduce a new customer identification system in accordance with the regulations of the European Union, as follows from a press release.
The regulatory document was developed and adopted to combat money laundering. It includes rules for the operation of crypto trading platforms and companies providing asset storage services. By early 2020, all European crypto firms must comply with the established standards.
LocalBitcoins has already begun to consult with the regulatory organizations of its country for compliance with the requirements of work in the new environment. The first results should appear in March 2019.
The specific changes that will affect the activity of the crypto platform are not yet known. Currently, the specialists are working on legal documentation. In any case, the EU rules will significantly change the work of crypto exchanges, the company reported in a statement.
Representatives of LocalBitcoins are confident that the new rules provide many advantages to crypto traders and investors. First of all, this is protection against intruders and high security. According to the company, the Bitcoin ecosystem will become even more reliable and will attract both institutional and private investors.
The issue of security is particularly relevant for LocalBitcoins. In late January 2019, the exchange fell victim to hackers who used phishing and stole funds from several clients.