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

Coinbase to Monitor Large Transactions in Canada, Singapore, Japan

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 notice 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.

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.

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 notice, citing orders from the Japan Cryptocurrency Trading Association (JVCEA) from April 1.