Coinbase Will Track Canadian Transactions Worth More Than $1,000 CAD.
According to a notice sent to users, Coinbase users in Canada will soon be required to report the details of recipients who receive large transactions.
“Starting on April 4, Coinbase will introduce some changes required by Canadian regulations,”
The notice continues, stating that Coinbase is “legally required to ask [users] for information about the recipient of that transaction for transactions exceeding 1,000 CAD (roughly $800).” The recipient’s name and address are among the details that must be reported. This rule appears to apply to transactions with companies rather than individuals, as it only applies when the receiving party is a financial entity, money service business, or cryptocurrency exchange.
These changes, according to Coinbase, are being made in response to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). These regulations, which took effect in June 2021, require money services businesses to keep records of virtual currency transactions worth $1,000 or more. The decision by Coinbase to announce the rule this week is most likely due to the fact that the Canadian authority FINTRAC will begin assessing compliance in April.
Similar record-keeping requirements have long been in place in the United States under the Bank Secrecy Act. Coinbase’s support pages indicate that it complies with those rules, though it is unclear what the reporting threshold is under American regulations.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Coinbase Will Track Canadian Transactions Worth More Than $1,000 CAD.
According to a notice sent to users, Coinbase users in Canada will soon be required to report the details of recipients who receive large transactions.
“Starting on April 4, Coinbase will introduce some changes required by Canadian regulations,”
The notice continues, stating that Coinbase is “legally required to ask [users] for information about the recipient of that transaction for transactions exceeding 1,000 CAD (roughly $800).” The recipient’s name and address are among the details that must be reported. This rule appears to apply to transactions with companies rather than individuals, as it only applies when the receiving party is a financial entity, money service business, or cryptocurrency exchange.
These changes, according to Coinbase, are being made in response to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). These regulations, which took effect in June 2021, require money services businesses to keep records of virtual currency transactions worth $1,000 or more. The decision by Coinbase to announce the rule this week is most likely due to the fact that the Canadian authority FINTRAC will begin assessing compliance in April.
Similar record-keeping requirements have long been in place in the United States under the Bank Secrecy Act. Coinbase’s support pages indicate that it complies with those rules, though it is unclear what the reporting threshold is under American regulations.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
KAZ
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