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Crypto Exchanges continue to face the wrath of the regulations. Binance as we know was forced to back out from the Ontario district. Now, the popular crypto exchange, Coinbase, will be working in compliance with the regulations of Canada, Singapore, and Japan.
Beginning from 1st April, the new changes will be implemented and the users in Canada, Singapore, and Japan, who use Coinbase exchange wallet to transfer crypto assets to a wallet off the Coinbase, will be affected by it. It is also important to note that no alterations were done to the trading transactions of the citizens of these countries.
Wallet type and recipient information
Detailed recipient information and the recipient wallet type (doesn’t matter if it’s custodial or not) will be asked by the users depending on the country they reside in. It is also obvious that the new changes got not-so-happy reactions from the community.
Coinbase also informed that these changes are being implemented in compliance with local regulations and therefore are for a longer period of time. The following text explains the requirements depending on the country:
Canada
In case the transaction fulfills the below-mentioned rules:
- Transferring digital assets worth 1000 CAD or more.
- The receiving address is controlled by a financial entity or another exchange.
Then, the users in Canada will be required to provide the personal information of the recipient. Coinbase will have the legal boundation to gather the full name and full residential address of the recipient even though the users might be sending it to themselves.
Singapore
The rules in Singapore though cover a much wider series of transactions. The users in Singapore will be required to give their full name and full residential address, until the users are sending digital assets outside of crypto, as per the new rules.
The users will still have to follow the rules even if they are transferring funds to themselves or transacting even a very small amount.
Japan
Pretty much like the scene in Singapore, the restrictions on Japanese users all applied to all transactions being done to a financial entity or another exchange. Again, the transaction amount doesn’t matter and users will have to provide the recipient wallet type and detailed address information if they are transacting assets in these locations.
There’s one more catch here: these restrictions need to be also followed by users who do not live in Japan but have a Coinbase account.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
