Coinbase Makes Changes to Services in Japan, Canada, and Singapore to Comply With Local Crypto Regulations – Coinbase, a Nasdaq-listed cryptocurrency exchange, has announced some operational improvements for users in three countries.
“Users in Japan, Canada, and Singapore who are moving digital assets from their Coinbase exchange wallet to a wallet outside the Coinbase network would be affected by this change.”
“Coinbase will make a few modifications for consumers in Japan, Canada, and Singapore starting April 1, 2022 to comply with local rules in those countries.”
“This change will only affect users who are moving digital assets from their Coinbase exchange wallet to a wallet outside of the Coinbase network,” according to the exchange. “This change will have no impact on a user’s ability to purchase and sell digital assets on Coinbase.”
Customers sending digital assets outside of Coinbase in the aforementioned three countries “may need to submit information about the sort of wallet they are sending assets to and information concerning the recipient, depending on the country,” according to Coinbase.
Each country has its own set of restrictions, according to the Nasdaq-listed exchange. In Canada, for example, only transactions of $1,000 CAD ($780) or more would be affected, and the beneficiaries’ full names and addresses will be required. All bitcoin transactions to an address not managed by Coinbase will be affected in Singapore.