But why !? – Tough regulatory frameworks is in the process of to reclose on Bitcoin (BTC) and cryptos around the world. If the European Union knows anything about surreal regulation – to the point that even its supervisory bodies fear being overwhelmed -, it would seem that the Canada also be strong. A new rule defines what cryptos you can buy without limit, and those with a annual purchase limit !
Always more crypto regulations, even if they are crazy
What the canadian regulation of cryptocurrencies is exceptional toarbitrary (who said “heresy”?). Not only the new regulations limits the right to buy almost all cryptos (to 4 exceptions nearly as we will see), but this limit does not apply to all Canadians, depending on their region of residence… Sit down, hold on: let’s go!
The news rules were notably revealed by the cryptocurrency exchange platform Newtonbut the exchange bitbuy would also have communicated them to its users.
Before arriving at the “main course”, we learn as an appetizer thata questionnaire mandatory will be introduced. A real knowledge tests prerequisite before being able to access the exchange services of the crypto-exchange.
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4 elected (including Bitcoin) for thousands of pestiferous cryptos
Here’s the big chunk: Canadian crypto-enthusiasts are going to be slapped with a “net purchase limit” crypto-assets (well, for some only). If they live in wrong placeinvestors will not have not allowed to buy for more than 30,000 Canadian dollars (less than 23,000 euros) of cryptocurrencies over 1 rolling year.
All Cryptos? Nope ! As this excerpt from the new rules below shows, there are 4 crypto projects savings by this limit: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and… bitcoin-cash (BCH)- the latter being however only in 32nd place of the MarketCap.
So if you are a fan of BNBof Cardano (ADA), from XRPor of Solana (GROUND) for example: it’s tintin! (yes, we must bring old expressions to life)
It’s all the more tintin since, of course, the limit of $30,000 CAD counts for the group pestiferous cryptos, not for everyone. But wait, don’t go, there’s more. As you may have noticed above, 4 counties Canadians are spared. These are Alberta, British Columbia, Manitoba, and our cousins in Quebec: no limit for them.
Why ? We do not know ! Anyway, theOntario is one of the “limited”. And, precisely, the Newton crypto-stock exchange was in full discussion with the Ontario Securities Commissionand has just succeeded in getting registered as “authorized dealer” of digital assets. As if by chance! This region of Canada is infamous for being one of the most hostile to crypto-assetsand exchanges like Binance, Bybit or KuCoin have broken their teeth there.
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