Coinbase Requires Additional Information For Transferring Cryptocurrencies

Canadian, Japanese, and Singaporean Coinbase users must provide additional information, such as name and address when transferring crypto.
Canadian, Japanese, and Singaporean Coinbase users must provide additional information, such as name and address when transferring crypto. exchange platform, Coinbase requires additional information from users in countries such as Canada, Japan, Singapore.

Coinbase Reveals Changes in Sending Cryptocurrency

Some changes will occur for Japanese and Singaporean Coinbase users starting April 1st. The Monetary Authority of Singapore (MAS) established the regulations for all transactions when transferring from their Coinbase wallet to an outside wallet.

Users of cryptocurrencies must now provide additional details when transferring these digital currencies. Coinbase users in Canada, Japan, and Singapore must abide by local regulations. They must comply when sending digital assets to another cryptocurrency exchange or financial institution. Users must impart specific information, including name and address.

Likewise, all cryptocurrency transfers to recipients outside Japan need to provide their names and addresses. It also includes the destination wallet of the addressee. It is according to the self-regulatory rules of the Japan Cryptocurrency Trading Association (JVCEA).

Canadian users, on the other hand, must also disclose the names and addresses of their recipients. Coinbase strictly requires this to those who will send over CAD 1,000 in virtual currencies to a financial entity or other “money service business.”

There will be an exemption for those who will transfer a lesser amount. The giant cryptocurrency exchange platform mentioned that the changes would start on April 4. They based the changes according to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). It oversees transactions to determine and avoid forestall financial activities.

According to the official blog post:

“If you’re located in Canada, Singapore, or Japan and are sending digital assets outside of Coinbase, you may need to provide information about the type of wallet you’re sending assets to and information about the recipient, depending on the country.”

Negative Reactions from Coinbase Users

This move of the cryptocurrency exchange platform has earned negative reactions from its users. Most countries impose more stringent laws and minimise privacy to hinder the crypto ecosystem’s growth. The most recent development didn’t coincide with several Coinbase customers who got the request.

A Coinbase spokesperson said in an email:

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

Singapore Blockchain Fest 2022

On June 23, 2022, Singapore will be hosting a 2-day hybrid Blockchain Fest in Marina,
Bay Sands. It will be a congregation of Asian senior decision-makers addressing the effect of crypto technologies blockchain and blockchain on industries.

The said event will connect investors, industry enthusiasts, tech visionaries, developers, and entrepreneurs to name a few. The program offers keynotes, panel sessions, and informal conversations. Topics include Singapore’s crypto regulation and how blockchain will change business.

Moreover, the assembly will only host renowned speakers who deliver their full standpoint on the future of the fastest-growing industries in the world. It includes Head of Custody Innovation at Celsius Network David Ogilvy and Intergovernmental Blockchain Expert Anndy Lian, among others.

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