Coinbase demands recipient information for crypto transfers from users in Canada, Singapore and Japan
Coinbase customers in Canada, Japan and Singapore who send cryptocurrencies to another financial institution or exchange will soon be required to provide the recipient's name, address and, in the case of Japan, the recipient's destination wallet.
Coinbase to track off-platform crypto transfers
For users in Singapore, all crypto transfers from a Coinbase user's exchange to an external address must include the recipient's full name and country of residence. This will go into effect on April 1, with Coinbase citing local Singaporean regulations. And in Japan, all transfers of crypto assets to recipients outside Japan must include the recipient's name, address and destination wallet, according the rules established by the Japan Cryptocurrency Trading Association (JVCEA). This will come into effect on April 1.According to a FAQ provided by Coinbase, Canadian users sending more than CAD $1000 ($798) in cryptocurrencies to a financial institution or other crypto exchange will have to provide the recipient's name and address. This will go into effect on April 4, Coinbase said, citing Canadian FINTRAC regulations as the reason for the change.
The implications of the 'Travel Rule'
For many countries, the path to mainstream crypto adoption is paved by strict regulations such as the Travel Rule, which aims to combat money laundering and terrorist financing in crypto transactions. However, this also means that users who use a centralized exchange will have to provide much more personal information than before.The move does not seem to go down well with Coinbase customers in these countries who value the anonymity of cryptocurrency transactions, and also highlights the fact that Singapore is not as crypto-friendly as many people thought. It is likely that more countries will begin to expand their travel rule as this is one of the solutions praised by the Financial Action Task Force for regulating cryptocurrencies.
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