Cryptocurrency 11 minutes ago (Jun 24, 2022 10:30AM ET)
© Reuters Coinbase Will Make Modifications To Comply With Netherlands Rules
- Coinbase’s blog says the company will make improvements on June 27 to comply with Netherlands regulations.
- Users who wish to send crypto to a non-Coinbase address must provide transaction and recipient details.
- There was a call for a crypto ban a few weeks ago by Dutch regulators.
According to the most recent post on Coinbase’s blog, the company will begin implementing a few adjustments on June 27 to bring its services for clients located in the Netherlands into compliance with the local rules.
Users who want to transmit cryptocurrency assets to an address not associated with Coinbase (NASDAQ:) will be required to give information on the transaction and the receiver. The ability of Coinbase users to purchase, sell, and trade digital assets without experiencing any disruption as a result of this change is guaranteed.
The Sanctions Act of 1977 mandates that businesses that offer financial services must check the identity of customers before they may facilitate a transaction on their platform. Therefore, ensuring compliance with AML and CFT regulations in financial transactions is required.
As a consequence of this, users who make transfers to wallets that are not associated with Coinbase will be required to submit details on the transaction. This information consists of the entire name of the receiver, the reason for the transfer, and the residence address of the recipient.
Director of the Dutch Bureau for Economic Analysis Pieter Hasekamp called for a ban on cryptocurrencies earlier this month, saying that the Netherlands has been falling behind in its efforts to quell the crypto-mania.
Digital assets, on the other hand, are not fit for either payment or investment, according to the country’s authorities.
Dutch financial regulator Paul-Willem van Gerwen, who heads up Capital Markets and Transparency Supervision at the AFM, also found digital assets inappropriate for payments or investments.