Coinbase to Track Outward Trades by Clients in Japan, Canada and Singapore

Outward trades from crypto exchange Coinbase customers in Canada, Japan, and Singapore will be monitored. The US-headquartered exchange, as per reports, would track trades transferred to financial institutions or any other cryptocurrency exchanges. Users must provide their identity, including address, and in certain situations, the transfer’s beneficiary location.

According to Coinbase’s FAQ, individuals from Canada will be allowed to be sent a maximum of CAD $1,000 (US$798) in bitcoin to a financial institution or another cryptocurrency exchange and is subject to verification. The new policy will enter into force on April 4th.

After Prime Minister Justin Trudeau of Canada activated the 1988 Emergencies Act, the decision was made. The move was launched in reaction to the country’s COVID-19 limitations in February 2022, which were being protested by a bunch of truck drivers known as the “Freedom Convoy.”

Purpose Investments, a Canadian asset management business, introduced the initial bitcoin (EXANTE: Bitcoin) and ether (ETH) exchange-traded funds (ETFs) with monthly dividend and long-term capital growth in November 2021.

Purpose Bitcoin Yield ETF and Purpose Ether Yield ETF accomplish their investing goals largely by getting exposure to the underlying cryptos and using a derivatives-based approach in the portfolio assets. Both ETFs are expected to earn in the range of 8% to 10% annually, according to Purpose. Both have a 1.10 percent management charge.