Coinbase, a crypto exchange, announced that it will soon collect additional information about users located in Canada, Singapore, and Japan to ensure compliance with local jurisdictions.
Beginning April 1, Coinbase users in Canada, Singapore, and Japan will be required to provide additional information when sending cryptocurrencies to another platform (non-Coinbase).
While Singaporean and Japanese investors will need to provide additional information about the recipient for each off-platform transaction they make, Canadians who send less than $801 (1,001 CAD) will be exempt from this requirement.
Canadian users will need the full name and address of the recipient to be shared, as shown in the screenshot.
Canadian users who meet the above conditions will be required to give the recipient’s information when they transfer funds between their crypto wallets.
However, Coinbase will be required by both Japanese and Singaporean regulations to collect information from local investors about recipients for any off-platform transaction that exceeds a certain threshold.
Investors from Japan, like Canadian users, will need to disclose information. This includes the recipient’s name, full address, and the name of crypto exchange that handles the wallet.
Singaporeans will not be required to provide the recipient’s address, but they will only need the recipient’s name and country. Insufficient information will prevent the user from sending cryptocurrency out of Coinbase for the relevant jurisdictions.
Coinbase users that no longer reside in these jurisdictions will need to update their country of registration in order to gain exemption from the soon-to-be-implemented rule.
Many jurisdictions find that stringent regulations, under the pretext to protect investors, are the main roadblock to mainstream adoption of crypto. The ban on cryptocurrency payments in Thailand was announced by the Securities and Exchange Commission of Thailand (SEC) starting April 2022.
The SEC proposed a new rule to complement this law. If implemented, it will require Thai-based cryptocurrency businesses, brokers, exchanges, and dealers, to disclose information about service quality and IT usage.
Cointelegraph reported that a joint study by the Thai SEC (BOT), and Bank of Thailand (BOT), concluded that:
“[Crypto Payments] could affect the stability and economic system in general, including the risks for people and businesses.”