In a new blog post published Coinbase said Thursday that starting Monday, all of its customers in the Netherlands will need to meet new Know Your Customer, or KYC, requirements when transferring digital assets to wallet addresses that are not based on an exchange. This includes providing the recipient’s full name, the purpose of the transfer, and the recipient’s full residential address. The new rule does not apply to transfers between Coinbase accounts.

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

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Earlier this month, Peter Hasekamp, ​​director of the Dutch Bureau of Economic Analysis, urged the Netherlands to ban bitcoin and that the country is lagging behind in efforts to curb the crypto hype. Meanwhile, the country’s regulators have warned that digital assets are neither suitable as a means of payment nor as a vehicle for investment.

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In March, Coinbase announced that it would track off-platform transactions in Canada, Singapore, and Japan, citing regulatory compliance in local jurisdictions. Canadian users will be required to provide recipient information even when transferring funds between their own crypto wallets, although all such KYC requirements are exempt from transactions under $801. Meanwhile, Japanese and Singaporean users must provide transaction details for every single transaction outside the platform without a minimum threshold.