Citing compliance from local jurisdictions, crypto exchange Coinbase announced that it will soon collect additional information from users based in Canada, Singapore, and Japan.
Starting April 1, Coinbase users from Canada, Singapore, and Japan 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 need to share the recipient's full name and residential address.
Additionally, Canadian users, who meet the two conditions above, will be legally required to provide recipient (self) information even while transferring funds between their own crypto wallets.
On the other hand, 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 Canadian users, investors in Japan will need to to reveal information including the name and full address of the recipient and the name of the crypto exchange handling the wallet.
Users in Singapore will not need to provide the recipient's residential address, but will only require the recipient's 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 no longer residing in these jurisdictions will need to update their country of registration to get an exemption from the soon-to-be-implemented rule.
Related: Thailand's SEC Bans Crypto Payments, Seeks Disclosure of Exchanges' System Flaws
For many jurisdictions, the road to cryptocurrency adoption 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 a supplement to this law, the SEC has also proposed a new rule that, if implemented, will require Thailand-based crypto firms (brokers, exchanges, and dealers) to disclose information on quality of service and IT usage.
As Cointelegraph reported, a joint study between the Thai SEC and the Bank of Thailand (BOT) concluded that:
โ[Crypto payments] it can affect the stability of the financial system and the economic system in general, including the risks for individuals and companiesโ.
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