Coinbase Makes Changes to Services in Canada, Japan, Singapore to Comply With Local Crypto Regulations

The Nasdaq-listed cryptocurrency exchange Coinbase has made some changes to its services for customers in three countries. “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.”

Changes Affecting Coinbase Customers in Canada, Japan, Singapore

The Nasdaq-listed cryptocurrency exchange Coinbase announced this week:

Starting on April 1, 2022, Coinbase will introduce a few changes for customers in Canada, Singapore, and Japan to comply with local regulations in those countries.

“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 exchange detailed. “This change will not affect a user’s Coinbase experience of buying and selling digital assets using Coinbase.”

Coinbase detailed that customers located in the aforementioned three countries who are sending digital assets outside Coinbase “may need to provide information about the type of wallet you’re sending assets to and information about the recipient, depending on the country.”

Different rules apply in each country, the Nasdaq-listed exchange noted. For example, in Canada, only transactions of 1,000 CAD ($780) or more will be affected and the full names and addresses of the recipients will be required. For Singapore, all crypto transactions to an address that is not controlled by Coinbase will be affected.

What do you think about Coinbase making changes to its services for users in Canada, Japan, and Singapore? Let us know in the comments section below.