Coinbase Complies With Local Laws, Announces Changes In Services For Users In 3 Countries

Coinbase, the Nasdaq-listed American cryptocurrency exchange platform, announced that it will implement new changes to its services for customers in three countries, starting Friday.

To comply with existing local regulations, Coinbase customers in Canada, Japan and Singapore, sending digital assets to another cryptocurrency exchange or financial institution, will be required to provide specific information such as names and addresses.

"If you’re located in Canada, Singapore, or Japan and are sending digital assets outside of Coinbase, you may need to provide information about the type of wallet you’re sending assets to and information about the recipient, depending on the country," the platform said on its Help page.

According to Coinbase, it will legally require the name and address of the recipient for users in Canada sending more than CAD 1,000 or approximately $797 in crypto. The same requirement applies to users in Japan, which complies with the Japan Cryptocurrency Trading Association (JVCEA) rules.

Coinbase users in Singapore also need to write the recipient's name and country of residence starting next month. The platform says the move complies with the regulations established by the Monetary Authority of Singapore (MAS).

While users in Canada are only required to provide the recipient's name and address for transactions above CAD 1,000, users in Japan and Singapore have to provide these details every time they send digital assets.

"This change will only impact users in Canada, Singapore and Japan who are transferring digital assets from their Coinbase exchange wallet to a wallet off the Coinbase platform," the cryptocurrency exchange said. "This change will not affect a user’s Coinbase experience of buying and selling digital assets using Coinbase," it clarified.

Coinbase is a distributed company with employees remotely working was founded in 2012.