Canadian Bitcoin users will have to provide recipient information to exchanges

Canada will be introducing some changes that will go in effect on April 1st 2022 where you will be required to provide information about the receipt of that transaction and that includes their name and address. This will only apply to those who are transacting more than 1000 CAD, no for small payments you will not have to provide any information. Coinbase and other cryptocurrency exchanges have already sent out messages about it to their users.

coinbase canada

Some Singaporean users have also received similar emails where Singaporean users will be required to submit names and country of residence for any cryptocurrency transfers outside of Singapore.

If all cryptocurrency exchanges start implementing this, which they will have to if they don’t want to be banned in that country, then soon centralized exchange wallets will be totally unusable.

You know what they say – not your keys, not your funds. Of course, there are countries where crypto is perfectly legal and they are welcoming Canadian users with open arms. This includes Trade and investments secretariat of El Salvador

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