Cryptocurrency exchange Coinbase has changed the withdrawal rules for residents of Canada, Japan and Singapore. They will need to indicate the details of the recipient when withdrawing cryptocurrencies from the exchange.
For residents of different countries, the rules are slightly different. For example, Canadians are required to provide the name and address of the recipient of a transaction when withdrawing amounts over 1,000 Canadian dollars ($768). Changes to the rules come into force on April 4, and the reason for the innovations is the requirements of the National Financial Intelligence Agency of Canada (FINTRAC).
The Japanese are a little easier in this regard – they need to indicate the name, address and wallet of the destination when withdrawing funds from their Coinbase account only abroad. The requirement came from the Japan Cryptocurrency Trading Association (JVCEA) and comes into force on April 1.
The most stringent rules are set for residents of Singapore. From April 1, when withdrawing assets from a Coinbase wallet to any external address, they will be required to indicate the recipient’s full name and country of residence. The reason is called the requirements of local regulators.
Of course, not everyone likes the new rules. The crypto community notes that there is less and less sense in cryptocurrencies. One of the Twitter users wrote:
“But why then cryptocurrencies and blockchain, because they should be outside the financial system and all this … It will be easier for me to send fiat money. Fans may not understand, but the cryptocurrency market is becoming extremely tightly regulated.”
Recall that earlier, three New York businessmen representing Silver Golub & Teitell accused the Coinbase exchange of illegally selling securities.
Source: Bits
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