April 18, 2024

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.

Also Read:  A Shareholder Calls Mark Zuckerberg’s Metaverse Gamble Supersized And Terrifying

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.

Also Read:  512M XRP Moved by Ripple and Anonymous Whales

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.

Also Read:  How This Cohort Can Limit Intense Price Fluctuations in ApeCoin (APE)

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.”

NFTMetaverseFinance is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Voices content) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.

Leave a Reply

Your email address will not be published. Required fields are marked *