The popular p2p platform LocalBitcoins provided some details of the new user verification process.
The procedure for registering users has changed:
On Monday 18th March, we have launched a new account registration process where users can verify basic information already during sign-up, making it easier for the newcomer to find trading partners from day 1 and increasing the number of suitable customers to advertisers as well as inhibiting the creation of illegitimate accounts.
In addition, LocalBitcoins is working on additional changes for the user verification system. So, in the new system there will be four levels of accounts that differ in the available volumes of transactions with BTC. At the same time, there will be a separate verification process for corporate users. The company is convinced that future changes are appropriate, since accounts can be classified according to various criteria.
Representatives of LocalBitcoins promised to publish additional information about the new system as soon as possible.
The company also notes that on March 13, the Finnish parliament voted for a new law on providers of services in the field of virtual currencies and for amendments to legal norms on countering money laundering and terrorist financing (AML). In accordance with the new legislation, LocalBitcoins and other cryptocurrency platforms must comply with the AML requirements set by the country's financial regulator.
The Virtual Currency Service Providers Act will come into full effect in the beginning of November 2019 creating a legal status for crypto assets, which should improve significantly Bitcoin’s standing as a viable and legit financial network.
According to them, the presence of Bitcoin legal status should contribute to the mass adoption of cryptocurrencies.