Providing additional information when sending or receiving cryptocurrency on-chain
On September 1, 2023, Coinbase introduced a few changes for customers in Singapore to comply with Monetary Authority of Singapore (MAS) regulations (PSN02 on AML/CFT, para 13). This only affects users in Singapore who are sending crypto from their Coinbase exchange balance to a wallet off the Coinbase platform, or from a wallet off the Coinbase platform to their Coinbase exchange account (learn more about sending and receiving crypto).
This will not affect a customer's experience of buying and selling crypto on Coinbase, or send/receive transactions between two Coinbase exchange accounts.
Requirements for sends
When sending crypto, you'll need to provide the following information:
Recipient's wallet type
Recipient's exchange name (if you're not sending to a self-custody wallet)
Recipient's full name
Recipient's country of residence
A self-custody wallet (also known as a self-hosted wallet) is a wallet for which the private keys are held by the user and not by the exchange or other financial institution. Examples of self-custody wallets include Coinbase Wallet and BRD Wallet.
Pursuant to Monetary Authority of Singapore (MAS) PSN02 on AML/CFT, para 13, you may be required to prove that you own the self-custody wallet that you are sending to. There are two ways to do this:
Link your Coinbase Wallet and Coinbase account on mobile
You can link your Coinbase.com account and your Coinbase Wallet to transfer crypto between your two accounts. Please note that sends will incur a network fee.
Sign a message with your self-custody wallet
Popular self-custody wallets such as Coinbase Wallet let you to sign a message to prove ownership of your wallet when needed. To do this:
Connect your self-custody wallet when prompted.
Ensure the request is coming from coinbase.com.
Sign the message with your wallet to prove you own it.
Note: Verify all sites requesting a signature before proceeding. Learn more about Coinbase Wallet security tips.
The MAS Travel Rule mandates that additional information be shared between the sending and receiving institutions in a crypto transfer. To ensure secure transfers, Coinbase only supports transfers to a select list of Virtual Asset Service Providers (VASPs). If a desired VASP is not on the list, customers can withdraw funds to a self-hosted wallet. We expect to add more VASPs to the list in the future.
When sending crypto, enter the details below. If you don't know the information, please ask the recipient.
Sending to myself checkbox
If you're sending the funds to another wallet that you own, check This is my wallet.Full name
Enter the full name of the recipient.Country
Enter the recipient's country of residence.Exchange
Select from the list of supported exchanges.
Requirements for receives
Monetary Authority of Singapore (MAS) PSN02 on AML/CFT, para 13 requires information about the sender when you receive crypto from outside Coinbase. You need to provide this information before you can access your crypto deposit.
To do this, check the email or notification about your crypto deposit, or provide the sender's full name and country of residence via the transaction details screen. If you don't know the information, please ask the sender.
