© Reuters Coinbase makes changes to comply with Dutch rules
- According to Coinbase’s blog, the company plans to make improvements on June 27 to comply with Dutch regulations.
- Users who want to send ciphers to addresses other than Coinbase must provide transaction and recipient details.
- A few weeks ago, a Dutch regulatory agency requested a cryptographic ban.
According to the latest post on Coinbase’s blog, the company will make some adjustments on June 27 to bring its services for clients in the Netherlands into compliance with local rules.
Users who want to send crypto assets to addresses that are not associated with Coinbase (NASDAQ 🙂 need to provide information about transactions and recipients. It guarantees that Coinbase users will be able to buy, sell, and trade digital assets without experiencing any confusion as a result of this change.
The 1977 sanctions law requires financial services providers to verify the identity of their customers before facilitating transactions on the platform. Therefore, it is necessary to ensure compliance with AML and CFT regulations in financial transactions.
As a result, users who transfer to a wallet that is not associated with Coinbase must submit transaction details. This information consists of the recipient’s name, the reason for the transfer, and the recipient’s address.
Pieter Hasekamp, director of the Dutch Bureau of Economic Analysis, said the Netherlands was lagging behind in its efforts to quell crypto enthusiasts and called for a ban on cryptocurrencies earlier this month.
On the other hand, according to national authorities, digital assets are not suitable for payment or investment.
Dutch financial regulator Paul-Willemvan Gerwen, who heads capital markets and transparency oversight at AFM, has also found that digital assets are unsuitable for payments and investments.