It’s the end of an era. One of the last known exchanges for anonymous bitcoin trading, the Finland-based LocalBitcoins, has started requiring its users to provide their identities due to an upcoming amendment to Finnish anti-money laundering law.
As LocalBitcoins announced on its blog earlier this week, Finnish Parliament approved both a proposal for a new Virtual Currency Service Providers Act and a change to the Act on Detecting and Preventing Money Laundering and Terrorist Financing on March 13. The changes mean that cryptocurrency services like LocalBitcoins will now fall under the supervision of the Financial Supervisory Authority of Finland. Though the Virtual Currency Service Providers Act doesn’t go into effect until November, LocalBitcoins said it initiated changes to its registration process on March 18.