The trading platform LocalBitcoins has implemented the new KYC rules, users need to complete the certification before October 1st

The Bitcoin peer-to-peer trading platform LocalBitcoins has implemented new KYC rules, and platform users need to complete the required procedures by October 1. It is reported that the decision to tighten KYC/AML measures is related to the new legislation of Finland. The new regulations require companies to comply with the rules applicable to financial companies. The cryptocurrency community has been skeptical about the new rules enforced by LocalBitcoins, and many traders worry that this would hurt privacy. According to the new regulations, if the annual transaction amount is less than 1000 Euros, users will have to provide their full name, country of residence, email and phone number. If the transaction amount exceeds the limit, the platform operator will request completion of the KYC program. This means that the user must submit a passport or other identity document. The new system has four different account types that correspond to different trading volume limits.