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New requirements for Netherlands: Coinbase tracks transactions outside of the exchange



 In a new blog post Thursday, Coinbase explains that starting Monday, all customers in the Netherlands will be required to complete new identity verification measures when transferring digital assets to non-exchange wallet addresses. For example, you need to provide the recipient's full name, the purpose of the transfer, and the recipient's complete home address. Transfers between Coinbase accounts are not affected by this new rule. 


The exchange said this change only applies to Coinbase users in the Netherlands to comply with the country's regulations on digital assets. Non-custodial wallets are subject to the country's 1977 Sanctions Act , which requires financial service providers, such as crypto exchanges, to verify the identity of the individuals or entities with which they do business. The law was drafted to prevent the transfer of funds for money laundering or terrorist financing.


Earlier this month, Pieter Hasekamp, ​​director of the Netherlands Bureau of Economic Analysis, urged that the Netherlands should ban bitcoin and that the country was lagging behind in trying to stem crypto hype. Meanwhile, the country's regulators have warned that digital assets are neither suitable as a means of payment nor as an investment. 


In March, Coinbase announced the exchange would track off-platform transactions in Canada, Singapore, and Japan . The reason for this is compliance with the regulations of the respective region. Canadian users are also required to provide recipient details when transferring funds between their own crypto wallets. However, this only works for transactions up to 801 US dollars. Users in Japan and Singapore, on the other hand, are required to provide transaction details for each individual transaction off-platform. There is also no minimum amount here.

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