Cryptocurrency exchange Coinbase Global has been sending out notices to customers in Canada, Singapore and Japan over a new change that will take into effect next month in order to comply with the local travel rules in those countries.
<h2><strong>Coinbase to Monitor Large Transactions in Canada, Singapore, Japan</strong></h2>
Complying with the anti-money laundering laws called the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), Coinbase will now require customers in Canada, and Singapore who send cryptocurrencies to another financial institution or exchange to provide their name, address and in Japan, the destination wallet of the recipient.

According to an official <a href="https://help.coinbase.com/en/coinbase/trading-and-funding/sending-or-receiving-cryptocurrency/how-to-send-crypto" target="_blank" rel="nofollow noopener">notice</a> by Coinbase, Canadian users, sending more than CAD $1000 ($800) in crypto to a financial institution or exchange will require the name and address of the recipient, starting April 4, citing Canada's FINTRAC rules.

https://twitter.com/RyanSAdams/status/1507425569310392322

In the case of Singapore, transferring crypto from a Coinbase wallet to an outside address will require the recipient's full name and address starting from April 1, citing local regulations.

https://twitter.com/eurasianomics/status/1507223413433143299

In Japan, all transfers of crypto assets to recipients outside of Japan must include the recipient’s name, address and destination wallet, according to the English translation of Coinbase <a href="https://help.coinbase.com/ja/coinbase/trading-and-funding/sending-or-receiving-cryptocurrency/sending-crypto" target="_blank" rel="nofollow noopener">notice</a>, citing orders from the Japan Cryptocurrency Trading Association (JVCEA) from April 1.

Coinbase to Comply with FATF Travel Rule in Canada, Singapore, Japan

Coinbase has been sending out notices to customers in Canada, Singapore and Japan in order to comply with the local travel rule in those countries.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Coinbase to Comply with FATF Travel Rule in Canada, Singapore, Japan

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