Coinbase set for strict scrutiny on off-platform crypto transactions in Canada, Singapore, Japan

As part of compliance with the local jurisdictions, the famous crypto exchange platform Coinbase has announced that they will gather additional information from the users that are conducting transactions from the following countries: Japan, Canada and Singapore. From the 1st of April, the Coinbase users that are from Canada, Japan and Singapore will be instructed to showcase additional information while making transactions to different platforms (non-Coinbase wallets).

While the Japanese and Singaporean users and crypto investors will have to show more information about the recipient for every off-platform transaction that is going to be conducted, the requirements for Canadians are a little less. The Canadian users who are sending less than US 801 dollars (1000 CAD) will not be included in the ruling. The Canadian users will have to showcase the recipient’s full name address before making the transaction.

Additionally, if the Canadian user that comes under the above-mentioned conditions and is trying to send cryptocurrency to another wallet which is also under the user’s name, will also be required to provide their (self) information. But in the case of Singaporean and Japanese users, there is no minimum limit, and for every off-platform transaction, the recipients will have to submit additional information about the recipient.

Similar to the Canadian Coinbase user, Japanese people will also have to reveal information about the recipient, including the full address and the name of the user who is handling that wallet. In the case of Singaporean users, only the name and the country of residence of the recipient will be required, they won’t need to provide the residential address of the recipient. If any of the above-mentioned information of the recipient is not given, then the user will be barred from making any kind of additional off-platform crypto transactions.

If the users do not reside in these regions anymore, then they will have to update their profile to receive an exemption from the law that is going to be implemented from April 1st.

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