Coinbase to track off-platform crypto transfers in Canada, Singapore, Japan

Coinbase, a crypto exchange, announced that it will soon collect additional information about users located in Canada, Singapore, and Japan to ensure compliance with local jurisdictions.

Coinbase users from Canada and Japan will need to provide additional information when sending cryptocurrencies to another platform (non-Coinbase). This change will take effect from April 1.

While Singaporean and Japanese investors will need to provide additional information about the recipient for each off-platform transaction they make, Canadians who send less than $801 (1,001 CAD) will be exempt from this requirement.

Screenshot of Coinbase asking Canadian users for recipient information. Source: Coinbase

Canadian users will need the recipient’s full name and address as shown in the screenshot.

Canadian users who meet the above conditions will be required to give the recipient’s information when they transfer funds between their crypto wallets.

However, Coinbase will be required by both Japanese and Singaporean regulations to collect information from local investors about recipients for any off-platform transaction that exceeds a certain threshold.

Screenshot of Coinbase asking for recipient information from Singaporean users Source: Coinbase

Investors from Japan, like Canadian users, will need to provide information such as the recipient’s name, full address, and the name of any crypto exchange that handles the wallet.

Singaporeans will not be required to provide the recipient’s address, but they will only need the recipient’s name and country. Insufficient information will prevent the user from sending cryptocurrency out of Coinbase for the relevant jurisdictions.

Coinbase users that no longer reside in these jurisdictions will need to update their country of registration in order to gain exemption from the soon-to-be-implemented rule.

Similar: Thailand SEC bans cryptocurrency payments and seeks disclosure about system failures from exchanges

Many jurisdictions find that stringent regulations, under the pretext to protect investors, are the main roadblocks to mainstream adoption of crypto. The ban on cryptocurrency payments in Thailand was announced by the Securities and Exchange Commission of Thailand (SEC) starting April 2022.

The SEC proposed a new rule to complement this law. If implemented, it will require Thai-based cryptocurrency businesses, brokers, exchanges, and dealers, to disclose information about service quality and IT usage.

Cointelegraph reported that a joint study by the Thai SEC (BOT), and Bank of Thailand (BOT), concluded that:

“[Crypto Payments] could affect the stability and economic system in general, including the risks for people and businesses.”

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

Close Bitnami banner
Bitnami