The adoption of cryptocurrency for payment purposes has been met with stringent regulations from different states that cited safety concerns as a reason for their action. Coinbase has introduced new transaction guidelines for its users in Singapore, Japan, and Canada. When transferring cryptocurrency to wallet addresses of other platforms, some Coinbase customers will be required to reveal some information about the recipient.
New Regulation From Coinbase
Coinbase said that it would soon gather extra information from customers in Japan, Canada, and Singapore, citing adherence to local regulations.
Beginning from the 1st of April, Coinbase customers in Japan, Canada, and Singapore will be asked to supply more information when transferring cryptocurrency to a non-Coinbase exchange platform.
While Japanese and Singaporean investors will be obliged to provide extra information on the receiver for each transaction to other platforms, Canadians who are transferring less than 1000 CAD ($801) will not be required to do so.
Canadian clients will now be required to give the receiver’s complete name and address of residence. Additionally, Canadian users who meet the two criteria stated above will be legally required to submit the receiver’s information when making transactions from a Coinbase cryptocurrency wallet to another one.
Name And Receiver’s Address Needed To Make Transactions
On the flipside, both rules from Japan and Singapore will force Coinbase to collect data about the receivers of off-platform transactions from domestic users on a per-transaction basis.
As with Canadian clients, those from Japan would be required to reveal information about the receiver, including the user’s complete name and home address and the identity of the cryptocurrency exchange firm holding the wallet.
Singaporean users will be asked to submit just the receiver’s name and place of residence but will not be told to supply the person’s actual address. In the absence of any needed information, the customer will be unable to transmit digital currencies from their Coinbase wallet in the countries mentioned.
Coinbase customers who no longer stay in these areas must modify their state of registration to avoid being subject to the regulation that will soon be enacted.
For several countries, the path to widespread cryptocurrency adoption is lined with stringent laws ostensibly designed to safeguard investors. Thailand’s regulatory watchdog, SEC, has imposed a nationwide restriction on cryptocurrency payments beginning in April.
In addition to this regulation, the SEC introduced a fresh rule that, if approved, would force Thai-based cryptocurrency firms such as dealers, brokers, and exchanges — to report information about their quality of service and IT utilization.
As previously reported on Cointelegraph, a collaborative investigation conducted by the Thai Securities and Exchange Commission and Thailand’s central bank revealed that:
“Payments using digital currencies may jeopardize the country’s financial system and the stability of its economic system, posing threats to individuals and enterprises.”
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