June 23, 2024

Coinbase delivers new information requirements to Canada, Singapore and Japan

Coinbase delivers new information requirements to Canada, Singapore and Japan

Leading US cryptocurrency Coinbase has announced that it will soon be collecting additional customer information from users in Canada, Singapore and Japan for compliance reasons.

Coinbase users from relevant countries will be added from April 1st ConfidentRelease additional information when transferring crypto assets to third-party wallets outside Coinbase.

Although crypto investors in Singapore and Japan are required to provide relevant information for each such transaction, Canadian users sending less than $ 801 will be exempt from this new requirement.

Screenshot of information requirements for Canadian users. Source: Coinbase

As shown in the screenshot above, Canadian users must provide the name and address of the recipient.

If the above conditions apply to Canadian crypto users switching between two of their own wallets, Canadians will have to republish their own user data at these times.

In Japan and Singapore, Coinbase users have to re-enter the recipient’s data for each transaction, regardless of the amount paid.

Screenshot of information requirements for Singapore users. Source: Coinbase

Like Canadian users, Japanese require the person’s full name and address AnnounceThis activates the recipient’s wallet.

In the meantime, Singaporean investors are not required to provide the full address, name and country of the recipient. Coinbase users from all three countries run the risk of being barred from further trading in cryptocurrencies if incomplete or incorrect information is included in the mask provided.

Coinbase users who no longer live in one of the three regions must register their new location as soon as possible, otherwise they too may be affected by the new rules.

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