The crypto exchange Coinbase has announced that it will soon be collecting additional information from users residing in Canada, Singapore and Japan, subject to local jurisdictions.
From April 1, Coinbase users in question will have to provide when choosing to send cryptocurrencies to another site. Additional information.
However, Singaporean and Japanese investors are required to share additional recipient information for each transaction off-site, and Canadians sending less than $ 801 (1,000 CAD) are exempt from this requirement.
As shown in the screenshot above, Canadian users must share the recipient’s full name and residential address.
In addition, Canadian users – who meet both of the above conditions – must also provide recipient information when transferring funds between their crypto wallets.
On the other hand, Japanese and Singapore regulations require Coinbase Gather information about recipients from local investors For every operating system transaction without a minimum limit.
Just like Canadian users, Japanese investors should do the same To reveal Name, the full address of the recipient and the name of the crypto exchange that manages the wallet.
Singapore users are not required to provide the recipient’s address, only the recipient’s name and country of residence. Lack of any information requested Prevents the user from sending cryptocurrencies Outside the Coinbase site.
Coinbase users who no longer reside within these jurisdictions will need to renew their current country in order to be exempt from the law, which will soon take effect.
In many jurisdictions, under the guise of investor protection, the path to accept cryptocurrencies into the mainstream is set with strict regulations. As of April 2022, the Securities and Exchange Commission of Thailand (SEC) has banned crypto payments nationwide.
To complement this legislation, the SEC has proposed a new law that, if implemented, would require Thai-based crypto companies – brokers, exchanges and traders – to disclose information about the quality of service and the use of information technology.
According to a Cointelegraph report, a joint study by the Thai SEC and the Bank of Thailand (BOT) concluded:
“[I pagamenti in crypto] They can affect the stability of the financial system and the general economic system, including risks to individuals and businesses.
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