Previous Post
Tweet about this on TwitterShare on LinkedInShare on Google+Email this to someoneShare on Facebook
Read on Mobile

LocalEthereum Adds Bitcoin as LocalBitcoins Bows to Finland Regulators

https://images.cointelegraph.com/images/528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy80OTVkZGJiNDZlNzhjNzc0ZjBlNDAyYmNmMTExNjdiNS5qcGc=.jpg
In a blog post on Nov. 19, LocalCryptos, formerly LocalEthereum, said it had completed the pivotal step of adding support for Bitcoin as well as Ether (ETH).

LocalEthereum becomes LocalCryptos

“The platform is a one-stop shop for fiat-to-crypto ramps worldwide, beginning with BTC and ETH,” the blog post reads, describing the move as a “large milestone.”

In the future, more cryptocurrencies will join its offering:

“LocalCryptos will list some of the most popular Ethereum-based tokens over time. We’ll develop a new smart contract to handle ERC20s, and, in the more distant future, ERC721s.”

: LocalBitcoins is “official virtual currency provider”

The move comes roughly a week after LocalBitcoins announced its registration with regulators in its home country of . Part of a multi-year scheme to formalize its compliance, LocalBitcoins is now an official virtual currency provider in the eyes of the Finnish Financial Supervisory Authority or FIN-FSA.

As Cointelegraph reported, the platform’s metamorphosis has alienated many users, who found they were no longer able to transact anonymously.

Executives had incrementally phased out ways of trading on LocalBitcoins without revealing one’s identity, with cash trades now banned and ID submission obligatory.

By contrast, LocalCryptos stays away from such requirements, operating as a non-custodial resource under which no financial liability is taken on.

The setup allows the platform to retain features that LocalBitcoins has shunned. When cash trades disappeared, LocalCryptos turned the decision into a PR opportunity on social media.

Other operators in the space, such as Bisq, also saw a surge in popularity during the change, which occurred in June this year.

Receive the latest Crypto Regulatory and Legal News via LinkedIn or Twitter:
Twitter
Visit Us
Follow Me
LinkedIn

Source: https://cointelegraph.com/news/localethereum-adds-bitcoin-as-localbitcoins-bows-to-finland-regulators

Next Post

Related Post

Finnish Authorities Seized And Prepare To Sell $76 Million In BTC: Report
ADVERTISEMENT Finnish Authorities seized and prepare to sell $76 million in BTC from 2016 at

Related Post

Finnish Regulator Assumes Oversight of Local Crypto Companies
Finland’s Financial Supervisory Authority (FIN-FSA) has published an announcement which confirms that it would now

Leave a Reply

Your email address will not be published. Required fields are marked *