Coinbase Will Track Crypto Transfers In Japan, Singapore And Canada

Coinbase will track crypto transfers in Japan, Singapore, and Canada so the users will have to disclose recipient information when they send crypto to non-Coinbase wallets as we can see more today in our latest Coinbase news.

Citing compliance with local jurisdictions, Coinbase announced to be collecting furhter information from users based in Japan, Singapore, and Canada. Effective from April 1^st, Coinbase users from these countries will have to provide more information while sending crypto to a different non-coinbase platform. Coinbase will track crypto transfers but the Japanese and Singaporean investors will have to share further information about the recipients unless they send less than $801 as they will be exempted from the requirement.

As shown in the screenshots, Canadian users will have to share the full name and the residential address of the recipient, and the users in Canada that suffice the two conditions will require to provide the recipient’s information while transferring the funds between their own wallets. On the other hand, Japanese and Singaporean regulations will require Coinbase to collect info about the recipients from the investors for every single off-platform transaction with a minimum threshold.

Similar to Canadian users, the Japanese investors will have to disclose information including the name and full address of the recipient and the name of the exchange handling the wallet. Singapore users will not require to provide the residential address but will require only the name and the address of the recipient’s residence. The lack of the required information will bar the users from sending crypto out of the Coinbase platform for the jurisdiction in question. Coinbase users that don’t reside in the jurisdictions will have to update their country of registration and become exempt from the simple, and rule.

For many jurisdictions, the road to mainstream crypto adoption is paved by regulations under the pretext of investor protection so starting from April 2022, the Thailand Securities and Exchange Commission announced the ban on payments in the country. The SEC also proposed a new rule which if implemented will require a Thai-based business like dealer or broker to disclose the service quality of the IT usage information. The joint study between the Thai SEC and the Bank of Thailand concluded:

“[Crypto payments] may affect the stability of the financial system and overall economic system including risks to people and businesses.”