Coinbase Global (COIN) has introduced new rules for its clients in Japan, Singapore, and Canada, requiring them to provide name, address when sending cryptos to other exchanges or financial institutions. For those in Japan, the destination wallet of the targeted client will also be required.
Coinbase issued the notices to its clients in these countries, indicating that the changes take effect in April. The new changes are aimed at enhancing compliance with local laws.
Coinbase Insists on Following Local Laws, Crypto Enthusiasts Not Pleased
“We adhere to the laws in the jurisdictions in which we operate,” said the spokesperson of CoinDesk through email.
This move is not pleasing to customers of Coinbase in the affected countries who are largely focused on enjoying anonymity provided by blockchains.
“Wait, then what’s the point of crypto/blockchain, being outside of fin.system and all … I may be better off sending fiat money …” said one respondent referred to as Eurasianomics.
On their FAQ page, Coinbase indicates that Canadians who need to send over CAD 1,000 (USD798) will need to have their address and name on the receipt. This is in line with the new FITRAC rules.
For clients in Singapore, all transfers done from their Coinbase wallets to another wallet will require address and country of residence. These new requirements will start on 1st April 2022.
In Japan, transfers of any type of crypto asset will require the sender to include the recipient’s address, name, and destination wallet (translation of the rules under Japan Crypto Trading Association (JVCEA). Like in Canada and Singapore, the law changes will take effect from 1st April 2022.