High-profile crypto exchange Coinbase reportedly disclosed its decision to begin gathering further data from users based in Canada, Singapore, and Japan, to stay compliant with local jurisdictions. 

Specifically, beginning the first of April, Coinbase will reportedly make it mandatory for its users located in Canada, Singapore, and Japan to share further data, while transferring cryptocurrencies to a different (non-Coinbase) platform. 

While Singapore and Japan-based investors will reportedly need to provide extra data regarding the recipient for every single off-platform transaction, Canadians transferring the amount under the $801 (1,000 CAD) benchmark will have an exemption from this mandate. 

Furthermore, Canadian users – not falling within the scope of the two stated conditions – will be legally asked to share the recipient’s (self) information even while transferring funds between their own crypto wallets.

On the other hand, both Japanese and Singaporean regulations will reportedly make it legally mandatory for Coinbase to gather data regarding the recipients from investors in the regions, for each of the off-platform transactions with no minimum threshold.

The same as Canada goes for investors based in Japan, where they have to provide additional data, including the recipient’s name, as well as the full address and the name of the crypto exchange handling the wallet.

It is not necessary for Singapore users to submit the recipient’s residential address, but will be mandatory to provide the recipient’s name and country of residence.

Failing to submit sufficient data will reportedly lead to the prohibition of sending cryptocurrencies out of the Coinbase platform for the jurisdictions in question.