Likewise, Paul-Willem van Gerwen, head of Capital Markets and Transparency Supervision at the Dutch Authority for Financial Markets (AFM), ruled digital assets as unsuitable for payments or investments. He claimed that the use of cryptocurrency constitutes security concerns, fraud risks, and scams. Pieter Hasekamp, director of the Dutch Bureau for Economic Analysis, made a call for a total ban stating that the country must curb the crypto hype. Regulators in the Netherlands have recently called for increased regulation of the space, with some asking for a total ban.
In March, the company announced that it would start tracking off-platform transactions executed by users in Canada, Singapore, and Japan. Meanwhile, Coinbase has made similar announcements to abide by local regulations in other countries. It, however, stated that the latest introduction would not affect the usual transactional experience on the platform.
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This includes the recipient’s full name, the purpose of transfer, and the recipient’s residential address. The mandatory requirement is, therefore, to ensure AML/CFT in financial transactions.Īs a result, users making transfers to wallets off Coinbase will have to provide information about the transaction. The country’s 1977 Sanctions Act requires financial service providers to verify the identities of transacting parties on its platform. It stated that the rule would bring its operations in compliance with local regulations. Coinbase announced its Netherlands users would have to comply with KYC rules when making transfers to wallets off Coinbase.