Coinbase announced a change in existing rules of transferring crypto assets from and to Coinbase wallet, for Japan, Singapore, and Canada. Coinbase cited the compliance with local regulations regarding the inclusion of this additional requirement.
“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”
The new changes will take effect on April 1 for Singapore and Japan-based users. The crypto exchange also cited regulations set by the Monetary Authority of Singapore.
It said that it must acquire additional data for any transaction where a Singaporean user sends cryptocurrency from their Coinbase wallet to an external address. It needs the name and address of the recipient.
Also, For those who live in Japan, Coinbase requires that senders provide the address and name of the exchange as well as the wallet information of the recipient. A Coinbase user might not be required to provide additional information if the recipient is also a Coinbase user.
Canada requires that users provide additional information for transactions exceeding 1,000 CAD. Residents of Japan and Singapore, however, do not need to submit this information. These details are required for every transaction off-platform.
To avoid being affected, users should update their information on the platform if they have previously registered in one of these countries.
The Crypto community has reacted strongly to this change which forces individuals to divulge private information about their transactions. As the new changes directly go against the basic idea of decentralization where crypto transactions will not be anonymous anymore.
Kevin has a huge interest in the Crypto world, he is a firm believer in blockchain technology. Kevin is working as Journalist with Coinfea.