Coinbase Planning To Track Off-Platform Digital Asset Transfers In Singapore, Japan, And Canada

Quoting compliance with local jurisdictions, digital asset exchange Coinbase recently declared that it will soon collect additional information from users based in Singapore, Canada, and Japan.

Effective from 1st April, Coinbase users from all the three countries will be required to provide additional information while sending virtual currencies to a different (non-Coinbase) platform.

Nevertheless, while Singaporean and Japanese investors will be required to share additional information about the recipient for every single off-platform transaction, Canadians sending less than 801 USD (1,000 CAD) will be exempted from this requirement.

On the other hand, both Japanese and Singaporean regulations will need the exchange to collect information about the recipients from local investors for every single off-platform transaction with no minimum threshold.

Users based out of Singapore will not be required to provide the recipient’s residential address. However, they will require only the recipient’s name and country of residence. The insufficiency of any required information will restrict the user from sending digital assets out of the Coinbase platform for the jurisdictions in question.

According to earlier media reports, a joint study between the Thai SEC and Bank of Thailand concluded that the virtual asset payments may affect the stability of the financial system and overall economic system including risks to individuals and businesses.