Coinbase tracks OTC transactions from Dutch clients

in a new blog post post On Thursday, Coinbase said that starting Monday, all of its customers in the Netherlands will need to complete new know-your-customer (KYC) requirements when transferring digital assets to non-exchange-based wallet addresses. This includes providing the payee’s full name, the purpose of the transfer, and the payee’s full residential address. Transfers between Coinbase accounts are not affected by the new rules.

The exchange noted that the change will only affect Coinbase users in the Netherlands and is being implemented to comply with the country’s digital asset regulations.Non-custodial wallets are subject to the country’s 1977 Sanctions Act, which Authorize Financial service providers, such as cryptocurrency exchanges, must check the identities of individuals or legal entities with which they do business. The law came into effect to prevent the transfer of financial assets for purposes such as money laundering or terrorist financing.

Earlier this month, Pieter Hasekamp, ​​director of the Netherlands Bureau of Economic Analysis, called for Netherlands Bans Bitcoin And the country has been lagging behind in trying to curb its cryptocurrency hype.At the same time, the country’s regulators have Warning that digital assets are neither suitable as a means of payment or investment.

In March, Coinbase announced that it would Track off-platform transactions In Canada, Singapore and Japan, cite the regulatory compliance of the local jurisdiction. Canadian users are required to provide recipient information even when transferring funds between their own crypto wallets, although all such KYC requirements are waived for transactions below $801. Meanwhile, Japanese and Singaporean users are required to provide transaction details for each off-platform transaction, with no minimum threshold.