The most popular cryptocurrency exchange in the United States, Coinbase, has announced that: Dutch users will have to comply with new rules if they want to withdraw money from the platform. The company said the new rule brings it into line with local regulations.
The Dutch Sanctions Act 1977 obliges financial service providers to verify the identity of parties on their platform. The requirement is mandatory and therefore users who wish to make transfers to Coinbase wallets must provide information about the transaction.
Currently, however, the rule is not mandatory in the Netherlands, suggesting Coinbase is anticipating the possibility of such regulatory action as regulators in the Netherlands have recently called for more regulation of the cryptocurrency market, with some regulators advocating an outright ban. of digital assets.
Full name and address
From next Monday (27), Coinbase users in the Netherlands who must withdraw cryptocurrencies from the exchange must provide the full name and residential address of the recipient, as well as the reason for the transfer.
This includes the full name of the recipient, the purpose of the transfer, and the recipient’s home address.
The change only affects Coinbase users who access the platform in the Netherlands.
“This change only affects customers in the Netherlands who transfer digital assets from their Coinbase exchange account to a wallet outside the Coinbase platform. This change will not affect a user’s experience when buying, selling and exchanging Coinbase digital assets using Coinbase.
Meanwhile, Coinbase has made similar announcements to comply with regulations in other countries. In March, the company announced that it would start tracking transactions from users in Japan, Canada and Singapore.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.