Citing compliance with local jurisdictions, cryptocurrency exchange Coinbase has announced that it will soon collect additional information from users residing in Canada, Singapore and Japan.

Starting April 1, Coinbase users in Canada, Singapore, and Japan will be required to provide additional information when sending cryptocurrency to a non-Coinbase platform.

While Singaporean and Japanese investors will be required to provide additional recipient information for each off-platform transaction, Canadians sending less than $801 (CAD$1,000) will be exempt from this requirement.

Screenshot of Coinbase requesting recipient information from Canadian users. Source: Coinbase
As shown in the screenshot above, Canadian users must provide the recipient’s full name and residential address.

In addition, Canadian users who are sufficient to meet the above two conditions will be required by law to provide recipient information (private) even when transferring funds between their cryptocurrencies.

On the other hand, both Japanese and Singaporean regulations require Coinbase to collect beneficiary information from local investors for every off-platform transaction without a minimum.

Screenshot of Coinbase requesting recipient information from Singaporean users. Source: Coinbase
Like Canadian users, Japanese investors will be required to disclose information including the recipient’s name, full address, and the name of the cryptocurrency exchange operating the wallet.

Users from Singapore are not required to provide the recipient’s home address, but only request the recipient’s name and country of residence. Lack of the required information will prevent the user from sending cryptocurrency from the Coinbase platform to the appropriate jurisdiction.

Coinbase users who no longer live in these jurisdictions will need to update their country of registration in order to receive an exception to the rule, which will be implemented soon.

On the subject: The Securities and Exchange Commission of Thailand bans cryptocurrency and tries to identify systemic failures on exchanges

In many jurisdictions, the path to mass adoption of cryptocurrencies is paved with strict regulations under the guise of protecting investors. In April 2022, the Thai Securities and Exchange Commission (SEC) announced a nationwide ban on cryptocurrencies.

In addition to this law, the SEC also proposed a new rule that, if implemented, would require Thai cryptocurrency brokers, exchanges and traders to disclose information about the quality of service and the use of information technology.

According to Cointelegraph, a joint study by the Securities and Exchange Commission of Thailand and the Bank of Thailand (BOT) found that:

“[Cryptocurrencies] can affect the stability of the financial system and the economic system as a whole, including risks to individuals and businesses.”

Source: CoinTelegraph