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Coinbase to Monitor Crypto Transfers for Users in Singapore, Japan, Canada
Coinbase to track off-platform crypto transfers in Canada, Singapore, Japan
Certain Coinbase users will need to disclose recipient information when sending cryptocurrencies to non-Coinbase wallets.
Citing compliance with local jurisdictions, crypto exchange Coinbase announced to soon collect additional information from users based in Canada, Singapore and Japan.
Effective from April 1, Coinbase users from Canada, Singapore and Japan will be required to provide additional information while sending cryptocurrencies to a different (non-Coinbase) platform.
However, while Singaporean and Japanese investors will be required to share additional information about the recipient for every single off-platform transaction, Canadians sending less than $801 (1,000 CAD) will be exempted from this requirement.
As shown in the above screenshot, Canadian users will need to share the full name and residential address of the recipient.
Moreover, Canadian users — that suffice the above two conditions — will lawfully require to provide the recipient’s (self) information even while transferring funds between their own crypto wallets.
On the other hand, both Japanese and Singaporean regulations will require Coinbase to collect information about the recipients from local investors for every single off-platform transaction with no minimum threshold.
Similar to Canadian users, investors from Japan will need to disclose information including the recipient’s name and full address and the name of the crypto exchange handling the wallet.
Singapore users will not require to provide the recipient’s residential address but will require only the recipient’s name and country of residence. The lack of any required information will bar the user from sending cryptocurrencies out of the Coinbase platform for the jurisdictions in question.
Coinbase users that no longer reside in these jurisdictions will need to update their country of registration in order to gain exemption from the soon-to-be-implemented rule.
Related: Thailand SEC bans crypto payments, seeks disclosure of system failure from exchanges
For many jurisdictions, the road to mainstream crypto adoption is paved by stringent regulations under the pretext of investor protection. Starting April 2022, the Thailand Securities and Exchange Commission (SEC) announced a ban on crypto payments throughout the country.
Complementing this law, the SEC also proposed a new rule, which if implemented, will require Thai-based crypto businesses — brokers, exchanges and dealers — to disclose service quality and IT usage information.
As Cointelegraph reported, a joint study between the Thai SEC and Bank of Thailand (BOT) concluded that:
“[Crypto payments] may affect the stability of the financial system and overall economic system including risks to people and businesses.”
Cardano Mounts Sky-High Momentum Following Coinbase’s Mouth-Watering ADA Staking Rewards
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Finance Redefined: Hoskinson talks about DApps, Coinbase Cloud launches Avalanche tools and more
In this week’s DeFi newsletter we discuss Cardano founder’s admission about his DApp prediction, Coinbase Cloud’s latest Avalanche-based developer tool, some of the biggest gainers and much more.
The week was filled with ups and downs for the decentralized finance (DeFi) space, with several tokens registered new weekly highs. Cardano founder admitted he was wrong about his bold prediction on the number of decentralized applications (DApps) in the Cardano ecosystem, and Coinbase Cloud released a new developer tool suite for the Avalanche blockchain.
SushiSwap community introduced a new proposal for a legal structure to mitigate risks for token holders and members of the Sushi protocol. We had another week another DeFi exploit with Li Finance becoming the latest victim. On the price side, most DeFi tokens in the top 100 registered double-digit gains, and the total value locked (TVL) in the DeFi market blossomed to over $130 billion.
Charles Hoskinson cheekily admits he was wrong about DApp rollout
Co-founder of Cardano blockchain Charles Hoskinson has cheekily admitted that his July 2020 forecast of the number of decentralized applications coming to the blockchain has not yet come to fruition.
Referring to his famed July 2020 tweet, Hoskinson tweeted on Wednesday: “Remember when I predicted thousands of assets and DApps on Cardano? Well, I was wrong, there are now millions of native assets issued, and DApps are now in the hundreds. #SlowAndSteady.”
However, he may have misremembered his own tweet, as he had predicted back in July 2020 that by 2021, there would be “hundreds of assets and thousands of DApps” on Cardano. While the number of assets appears to have exceeded his predictions by 2022 thanks to new nonfungible token (NFT) minting protocols, the number of decentralized apps running on the network isn’t so impressive.
Coinbase Cloud launches Avalanche developer tools suite
Web3 developer hub Coinbase Cloud has added a suite of tools to support the Avalanche blockchain and smart contract platform development.
Coinbase Cloud is running an Avalanche public validator node as part of the new support features. This allows Avalanche network participants to stake their Avalance (AVAX) tokens with Coinbase Cloud and delegate power for validating transactions on the blockchain.
SushiSwap community proposes Swiss legal structure to limit DAO liability
SushiSwap, a community-led suite of decentralized finance (DeFi) tools, plans to implement a legal structure aimed at mitigating risks for token holders and members of the Sushi protocol. Sushi’s new legal structure will be based on a community-approved proposal from March 20 that cited the need for an association or foundation to help provide legal clarity and administrative support for SushiDAO.
According to proposer and member of the SushiSwap community Tangle, the intended foundation will play a key role in limiting the liability for contributors, driving Sushi’s future growth.
Li Finance protocol loses $600,000 in latest DeFi exploit
The Li Finance swap aggregator has experienced a smart contract exploit leading to the loss of around $600,000 from 29 users’ wallets.
The exploit took place at 2:51 am UTC on Sunday. The attacker was able to extract varying amounts of 10 different tokens from wallets that had given “infinite approval” to the Li Finance protocol. Among the stolen tokens were USD Coin (USDC), Polygon (MATIC), Rocket Pool (RPL), Gnosis (GNO), Tether (USDT), Metaverse Index (MVI), Audius (AUDIO), AAVE (AAVE), Jarvis Reward Token (JRT) and Dai (DAI).
DeFi Market Overview
Analytical data reveals that DeFi’s total value locked has seen a $10 billion jump over the last week, reaching $130.6 billion at the time of writing.
Data from Cointelegraph Markets Pro and TradingView reveals that DeFi’s top 100 tokens by market capitalization performed reasonably well across the last seven days, with many registering a double-digit gain.
The weekly performance of the majority of the DeFi tokens in the top-100 remained optimistic, with double-digit trades in the green. LoopRing was the biggest gainer over the past week, outperforming the majority of the altcoins with a 62% surge. ConvexFinance was the second-highest gainer with a 28% surge, followed by Uniswap with 19% and Theta Network at 17%.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically advancing space.
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