Coinbase to track off-exchange transactions from Dutch customers

Coinbase to track off-exchange transactions from Dutch customers

In a new blog post published Thursday, Coinbase said that starting Monday, all of its customers in the Netherlands will need to complete a new Know Your Customer when transferring digital assets to non-exchange-based wallet addresses. ” (KYC) requirements. This includes providing the payee’s full name, the purpose of the transfer, and the payee’s full residential address. Transfers between Coinbase accounts are not affected by the new rules.

The exchange noted that the change will only affect Coinbase users in the Netherlands and is being implemented to comply with the country’s digital asset regulations. Non-custodial wallets are subject to the country’s 1977 sanctions law, which requires financial service providers, such as cryptocurrency exchanges, to check the identities of individuals or legal entities with which they do business. The law takes effect to prevent the transfer of financial assets for purposes such as money laundering or terrorist financing.

Earlier this month, Pieter Hasekamp, ​​head of the Netherlands Bureau of Economic Analysis, called for a ban on bitcoin in the Netherlands, and the country has lagged behind in trying to curb its cryptocurrency hype. Meanwhile, the country’s regulator has warned that digital assets are neither suitable as a means of payment nor as an investment.

In March, Coinbase announced that it would track off-platform transactions in Canada, Singapore, and Japan, citing compliance with regulations in local jurisdictions. Canadian users are required to provide recipient information even when transferring funds between their own crypto wallets, although all such KYC requirements are waived for transactions below $801. Meanwhile, Japanese and Singaporean users are required to provide transaction details for each off-platform transaction, with no minimum threshold.


Source link


Be the first to comment

Leave a Reply

Your email address will not be published.