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Coinbase will track cryptocurrency transfers in Canada, Singapore and Japan; understand

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Cryptocurrency exchange Coinbase has announced that it will now require customers from Canada, Japan and Singapore who send cryptocurrencies to another financial institution or exchange to provide additional data to the platform.

According to Coinbase, the list of data that will be requested includes the name and address of the recipient of the transaction. In addition, in the case of Japan, the type of destination wallet will also be requested.

Tracking recipients of cryptocurrency transactions

In a post on its blog, Coinbase informed that the changes will take effect from April 1, 2022. As explained by company, the changes aim to comply with the local regulations of the countries in question.

The platform further clarified that the change will not affect the experience of buying and selling cryptocurrencies on Coinbase.

“While we always stand for what we think the laws should be, we must respect existing laws if we are to offer Coinbase’s suite of services to customers in that country. I also want to make it clear that these changes, as described in our FAQ, only apply to Canada, Singapore and Japan, where laws require us to collect additional information. We are not applying this globally to customers,” a Coinbase spokesperson told CoinDesk.

Canada

In the case of Canada, a user who sends cryptocurrencies from 1,000 CAD to a financial institution or other exchange will need to provide the full name and residential address of the recipient.

“When you send cryptocurrencies to another exchange or financial entity, Canadian rules require us to collect additional information about the recipient of that transaction.”

Singapore

Meanwhile, in the case of Singapore users, all cryptocurrency transfers to an external address will require the recipient’s full name and country of residence.

“When you send cryptocurrencies outside of Coinbase, Singapore regulations require us to collect information about the recipient of that transaction,” Coinbase explained.

Japan

Finally, in Japan, all cryptocurrency transfers to recipients outside of Japan must include the recipient’s name, address, and destination wallet.

“If you do not submit the required information, you will not be able to proceed with the submission procedure. Furthermore, if inaccurate information is submitted, it could lead to delays or cancellations in processing transactions or restrictions on subsequent transactions,” the exchange said.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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