Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Coinbase Implements KYC Travel Rule in the Netherlands
Coindesk | Jamie Crawley | Jun 24, 2022
Image: Unsplash, Christine Roy
From June 27, Coinbase customers in that country will have to supply key details about the transaction and the recipient when moving crypto out of the exchange.
Coinbase's Dutch clientele will soon have to meet additional know-your-customer (KYC) requirements when transferring crypto to wallets held outside of the exchange.
Specifically, beginning June 27, Coinbase users in the Netherlands wishing to pull crypto from the exchange will have to share the recipient's full name and residential address as well as the purpose of the transfer. In certain circumstances, customers would be required to link a Coinbase (COIN) wallet to their main Coinbase account to verify that they control the wallet receiving crypto assets.
See: Updated FATF Virtual Asset and VASP Guidance includes DeFi for crypto service providers
Coinbase told customers it is making these changes as "required by local regulations," an apparent reference to the Financial Action Task Force's (FATF) travel rule, which requires crypto service providers to exchange the personal information of the senders and receivers in order to tackle fraud and money laundering.
Currently, however, the travel rule is not mandated in the Netherlands, suggesting that Coinbase is attempting to pre-empt the possibility of this regulatory action.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
Double-Edge Sword of AI’s Impact on Workforce Experience- When banks balk, ordinary investors can become city builders with ‘small change’
- 4 Smart Investments to Raise Your Home’s Value
- FFCON Week 5 Wrap-up: Digital Identity & Convergence Marketplaces
- Why Canada is where smart VC money is going in 2014
- What Industries Use Blockchain the Most?
Leave a Reply