The LocalBitcoins Blog

Tales from the world of Bitcoin & Cryptocurrency

AML regulation and new features update

On Wednesday 13th March 2019, the Finnish Parliament has voted and approved a proposal for a new Act on Virtual Currency Service Providers and an amendment to the Act on Detecting and Preventing Money Laundering and Terrorist Financing ("AML law") that will bring virtual currency services (i.e. custodian wallet providers and exchanges) like LocalBitcoins under the AML law supervised by the Financial Supervisory Authority of Finland. 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.

J

LocalBitcoins Statement on the Coming AML regulations and Compliance

In July 2018, the European Commission brought into force the 5th Anti-Money Laundering Directive (Directive 2018/843 of the European Union, also known as 5AMLD) which for the first time takes into consideration virtual currencies. 5AMLD includes virtual currency exchange services and custodian wallet providers in its scope. Even though EU member states are given a transposition period until January 2020 for implementing the directive, Finland has already drafted new legislation concerning virtual currency services, amending its Anti-Money Laundering Act in accordance with 5AMLD.

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More tools for offchain transactions

We have developed several tools that can help make transacting with Bitcoin cheaper in certain cases. One feature is offchain-only option for our merchant tool. Other is the recv tag in the QR code for deposits or invoice payments. Note that this blog post is aimed towards developers, merchants and/or service providers.

Jeremias

Login page changes

We have removed the security image feature from the login page.

Jeremias

Compensation for users holding Bcash (BCH) balances

As most of you are aware, a new cryptocurrency called "Bcash" or "Bitcoin cash" was created on August 1st 2017. It was created in such a way that everyone who had access to a private key holding a Bitcoin balance received a corresponding amount of Bcash on the other blockchain. Since the air-drop we have received numerous requests for us to start supporting the new cryptocurrency.

Max