Coinbase has stated that it would soon gather extra information from customers in Canada, Singapore, and Japan, citing compliance with local regulations.
Coinbase users in Canada, Singapore, and Japan will be asked to submit more information starting April 1 when sending cryptocurrency to a non-Coinbase platform.
While Singaporean and Japanese investors will be asked to give additional recipient information for any off-platform transaction, Canadians sending less than $801 (1,000 CAD) will be excluded.
Canadian users will need to disclose the recipient’s full name and residential address, as indicated in the screenshot above.
Furthermore, when transferring funds between their own crypto wallets, Canadian users who meet the aforementioned two criteria will be legally required to submit the recipient’s (self) information.
For every single off-platform transaction, however, both Japanese and Singaporean rules will force Coinbase to collect information about the beneficiaries from local investors, with no minimum threshold.
Investors from Japan, like Canadians, will be required to reveal information such as the recipient’s full name and address, as well as the name of the crypto exchange that will be holding the wallet.
Users in Singapore will just need to submit the recipient’s name and country of residence, rather than their residential address. The user will be unable to send bitcoins out of the platform for the jurisdictions in issue due to a lack of required information.
To be exempt from the soon-to-be-implemented rule, Coinbase users who no longer reside in certain areas must amend their country of registration.
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