Coinbase will now collect recipient’s personal information for crypto transfers from users based in Canada, Singapore and Japan – Effective from April 1.
Citing compliance with local jurisdictions, Coinbase announced that users from Canada, Singapore and Japan will be required to provide additional information while sending cryptocurrencies to a different (non-Coinbase) platform. Coinbase mentioned:
“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.”
Coinbase users in Singapore and Japan will be required to share the recipient’s personal information for every single off-platform transaction, while Canadians sending less than 1,000 CAD will be exempted from this requirement.
According to the directive, Canadian users will need to share the full name and residential address of the recipient.
Additionally, Canadian users sending over 1,000 CAD to their own crypto wallets will also be required to provide the recipient’s (self) information – name and address.
Regulators are more concerned over money laundering and use of funds for illegal activities. This compliance can be seen as a balancing approach between government control as well as the benefit of crypto technology.
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