Question for Canadian BTC users

[Hunch]

I received this email from Coinbase:

"Dear Customer, Starting on April 4, Coinbase will introduce some changes required by Canadian regulations. Specifically, when you send crypto to another financial entity or money services business (such as another cryptocurrency exchange), and the transaction is 1000 CAD or more, we are legally required to ask you for information about the recipient of that transaction – their name and address."

I don't use coinbase anymore but presumably this would apply to all crypto exchanges licensed in Canada.

Not sure if 'financial entities' would include sport books.

Just wondering if anyone here (using any exchange or wallet) has been required to supply name and address of a BTC recipient?

 

[Tanko]

Wow....
I see more and more regulations coming for crypto. This is likely just the start.
The Govt has to get their cut.

 

[keithrichard]

Wow....
I see more and more regulations coming for crypto. This is likely just the start.
The Govt has to get their cut.

I agree. If you like being a target well....

 

[Hunch]

Found more details on the Coinbase website.

This rule applies for Candians when sending crypto to any wallet or exchange not on the coinbase platform. And the same rule is in effect for Japan and Singapore customers as well.

Sending crypto for customers in Canada, Japan, Singapore | Coinbase Help

Additional information required when sending crypto to an address that's off of Coinbase

help.coinbase.com

 

[Hunch]

Gambling income is tax free in Canada anyway, so I don't care if the Government knows I am sending BTC to offshore books. I'm sure they know anyway that I fund books by other methods over the years.

I never hold BTC, I hate the volitility. So have never had capital gains to report from BTC.

But it is against the T&C of exchanges to use their service for gambling purposes, so wouldn't want to submit a name and address for a gambling website.