Dutch Coinbase customers must identify their crypto wallet

Coinbase, the huge cryptocurrency exchange, has announced that starting next week, Dutch customers will be required to identify their wallets when transferring cryptocurrencies to or from the trading platform want to send.

Mandatory identification for Dutch citizens

The trading platform required from next Monday (June 27) that customers indicate exactly who owns a wallet linked to the account. That is because the Dutch government requires exchanges.

Just as you must be able to certify that your email address associated with your stock trading account is yours, so should you on crypto exchanges. But third-party cryptocurrency wallets are an alternative way to fund your account with tokens and stablecoins.

Exchange account as a bank account?

The Dutch government is not so keen on that. When entering a new address, you must even indicate your home address in addition to your full name. In addition, with a transaction you must also indicate who the transaction comes from and what it is intended for. Coinbase cites “rent” and “dinner” as examples.

That goes a long way, of course, but banks have been obliged to keep track of this for years. Now that you are able to play with cryptocurrency for bank yourself, you should also do this yourself. That indicates that you could literally use your Coinbase account as a sort of bank account in the future.

The Netherlands is there early

It is striking that the measure appears to be specific to Dutch customers. Obviously there are many different countries that require this, but apparently the Dutch government is early with hard rules for identification. Earlier this month, we wrote that the United States Treasury Department is working on identifying even anonymous addresses, but it’s not ready to be implemented yet.

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Meanwhile, mandatory identification of individual addresses in the Netherlands is already required. The rule will apply to Coinbase from next week. Earlier we wrote that the United States also wants to cooperate better with other countries to track down crypto criminals.

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