Citing local jurisdiction compliance, crypto exchange Coinbase announced it will soon be collecting additional information from users based in Canada, Singapore and Japan.
Starting April 1st, it will be Coinbase users from Canada, Singapore, and Japan necessary to provide additional information while sending cryptocurrencies to another (non-Coinbase) platform.
However, while Singaporean and Japanese investors are required to provide additional information about the recipient for each individual off-platform transaction, Canadians sending less than $801 (CAD$1,000) are exempt from this requirement.
As shown in the screenshot above, Canadian users must provide the recipient’s full name and residential address.
Additionally, Canadian users – who meet the two conditions above – will be required by law to provide the recipient’s (self) information, even when transferring funds between their own crypto wallets.
On the other hand, both Japanese and Singaporean regulations require Coinbase to collect beneficiary information from local investors for every single off-platform transaction with no minimum threshold.
Similar to Canadian users, investors from Japan have to do this reveal Information, including the recipient’s name and full address, and the name of the crypto exchange that manages the wallet.
Singapore users are not required to provide the recipient’s residential address, just the recipient’s name and country. The lack of required information prevents the user from sending cryptocurrencies from the Coinbase platform for the jurisdictions concerned.
Coinbase users who are no longer based in those jurisdictions will need to update their country of registration to be exempt from the soon-to-be-implemented rule.
For many jurisdictions, the road to mainstream crypto adoption is paved by strict regulations under the guise of investor protection. As of April 2022, the Thailand Securities and Exchange Commission (SEC) announced a nationwide ban on crypto payments.
Complementing this law, the SEC also proposed a new rule that, if implemented, will require Thailand-based crypto companies — brokers, exchanges, and dealers — to disclose information about service quality and IT usage.
As Cointelegraph reported, a joint study by Thailand’s SEC and the Bank of Thailand (BOT) concluded:
“[Crypto payments] can affect the stability of the financial system and the entire economic system, including risks to people and companies.”
https://cointelegraph.com/news/coinbase-to-track-off-platform-crypto-transfers-in-canada-singapore-japan Coinbase to track off-platform crypto transfers in Canada, Singapore, and Japan