Coinbase Singapore has announced that starting from September 5th, users will need to provide additional counterparty information when initiating cryptocurrency deposits or withdrawals. These measures have been put in place to comply with the regulations set by the Monetary Authority of Singapore (MAS) regarding anti-money laundering and countering the financing of terrorism.
According to Coinbase’s website, users in Singapore will now need to provide the following information when sending digital assets out of their wallets:
– Recipient’s wallet type
– Recipient’s exchange name (if the transaction is not to a self-custody wallet)
– Recipient’s full name
– Recipient’s country of residence
On the other hand, when receiving a crypto deposit from outside of the Coinbase platform, users are required to provide information about the sender, including their full name and country of residence.
Coinbase has stated that failure to provide the necessary counterparty information may result in the failure to process a user’s crypto transactions. However, it is important to note that these requirements only apply to Coinbase Singapore users who are sending crypto from their Coinbase exchange balance to a wallet off the Coinbase platform, or from a wallet off the Coinbase platform to their Coinbase exchange account.
The MAS introduced these measures last year, which mandate digital asset service providers to collect personal information from their users for transactions performed on their platforms. The goal behind these regulations is to combat the use of cryptocurrencies for money laundering and other illegal activities.
The new regulatory requirements imposed on Coinbase Singapore users mark a significant step towards ensuring compliance with anti-money laundering and countering the financing of terrorism regulations in Singapore. By implementing these measures, Coinbase is demonstrating its commitment to supporting the efforts of the MAS in creating a safe and secure environment for cryptocurrency transactions in the country.
It is crucial for Coinbase Singapore users to familiarize themselves with these new requirements and ensure that they provide the necessary counterparty information when initiating cryptocurrency deposits or withdrawals. Failure to do so may result in the inability to process transactions. By following these regulations, users can contribute to the overall integrity of the cryptocurrency ecosystem and help prevent illicit activities in the industry.