According to an announcement by Coinbase, quite a few changes should be expected by Netherlands customers. These changes are being made to stay in compliance with the Sanctions Act introduced in 1977. This relates to KYC guidelines specifically to do with non-custodial wallets. Any resident of the country wanting to send crypto to third parties using the Coinbase platform should offer details requested. Required information includes the name of the owner to which money is being sent, reason for transfer, and the complete mailing address of the recipient.
The announcement was made on the 27th of June, and this is expected to make it harder for Dutch customers to send money. According to Coinbase, these new rules were put in place so that they can comply with the required local regulations. The 1977 Act in conjunction with the Money Laundering act requires this information. Every crypto and virtual assets and service providers/operators in the Netherlands are obligated to provide the required information.
According to Jeff Garzik, former Bitcoin developer, though this is currently required only by Dutch authorities now, he fully expects other EU countries to follow suit. Coinbase customers and users have to check off a box stating that they have the information needed. If not, they have to stop with their transaction and get the information before they can go further. Coinbase does not require this information, but it is complying with in-country laws and regulations. Coinbase would not ask personal information of customers – the person transferring or the recipient. If other EU countries require this as a norm, it is going to take time to process transfers.
