When sending cryptocurrency to non-Coinbase wallets, certain Coinbase users will be required to reveal recipient information.
Coinbase, citing compliance with local authorities, said that it will soon gather extra information from customers in Canada, Singapore, and Japan.
Coinbase users in Canada, Singapore, and Japan will be asked to give more information when transmitting cryptocurrency to a separate (non-Coinbase) platform beginning April 1.
While Singaporean and Japanese investors will be forced to submit additional recipient information for every off-platform transaction, Canadians sending less than $801 (1,000 CAD) will be excluded from this requirement.
As illustrated in the screenshot above, Canadian users must include the recipient’s full name and residential address.
Furthermore, Canadian users who meet the aforementioned two criteria will be legally required to submit the recipient’s (self) information even while moving funds between their own crypto wallets.
Coinbase, on the other hand, will be required by both Japanese and Singaporean regulations to collect information about the beneficiaries from local investors for every single off-platform transaction, with no minimum threshold.
Investors from Japan, like Canadians, will be required to give information such as the recipient’s name and full address, as well as the name of the crypto exchange holding the wallet.
Singapore customers will just need to enter the recipient’s name and country of residence, rather than the recipient’s actual address. In the absence of any required information, the user will be unable to send bitcoins out of the Coinbase platform for the jurisdictions in question.
Coinbase users who no longer reside in certain areas must update their country of registration to be excluded from the soon-to-be-implemented rule.
Many nations’ path to mainstream crypto adoption is paved with harsh laws ostensibly designed to safeguard investors. The Thailand Securities and Exchange Commission (SEC) has announced a nationwide ban on crypto payments beginning in April 2022.
In addition to this regulation, the SEC proposed a new rule that, if approved, will oblige Thai-based crypto firms — brokers, exchanges, and dealers — to report information about service quality and IT utilization.
A collaborative research conducted by the Thai SEC and the Bank of Thailand (BOT) revealed that:
“[Crypto payments] may affect the stability of the financial system and overall economic system including risks to people and businesses.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
