Alleging compliance with local jurisdictions, cryptocurrency exchange Coinbase announced that it will soon collect additional information from users based in Canada, Singapore, and Japan.
As of April 1, Coinbase users in Canada, Singapore, and Japan they will be required to provide additional information when sending crypto to a different platform (other than Coinbase).
However, while investors from Singapore and Japan will be required to share additional recipient information for each off-platform transaction, Canadians sending less than $801 (1,000 CAD) will be exempt from this requirement.
As shown in the screenshot above, Canadian users will have to share the recipient’s full name and residential address.
What’s more, canadian users —that meet the two previous conditions— they will have to legally provide recipient information even when transferring funds between their own cryptocurrency wallets.
For its part, Both Japanese and Singapore regulations will require Coinbase to collect recipient information from local investors for each off-platform transaction, with no minimum threshold.
Like the Canadian users, investors from japan will have to disclose information that includes the name and full address of the recipient and the name of the cryptocurrency exchange that manages the wallet.
Users in Singapore will not need to provide the recipient’s address, they will only need to provide their name and country of residence. The lack of any required information will prevent the user from sending cryptocurrencies outside the Coinbase platform for the jurisdictions in question.
Coinbase users who no longer reside in these jurisdictions will need to update their country of registration to get an exemption from the soon-to-be-applied rule..
For many jurisdictions, the path to widespread adoption of cryptocurrencies is paved by strict regulations under the guise of investor protection.. As of April 2022, the Thai Securities and Exchange Commission (SEC) announced a ban on crypto payments across the country.
As Cointelegraph reported, a joint study between the Thai SEC and the Bank of Thailand (BOT) concluded that:
“[Los pagos con criptomonedas] can affect the stability of the financial system and the economic system in general, including the risks for individuals and companies”.
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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.