[ccpw id="39382"]

HomeCrypto NewsMarketCanada New Regulations Allows Users To Buy Unlimited Amount Of BTC, ETH, LTC, BCH While Restricting Others

Canada New Regulations Allows Users To Buy Unlimited Amount Of BTC, ETH, LTC, BCH While Restricting Others

Date:

Written By:

 

Canadian Crypto Regulators Impose New Changes on Annual Altcoin Buying Limit to 30,000 CAD.


- Advertisement -

The Canadian Securities Administrators (CSA) have imposed new changes to the net buying limit of cryptocurrencies to protect investors from the risks associated with trading virtual assets. 

Under the new regulatory changes, investors are allowed to purchase an unlimited amount of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), depending on the province. However, other cryptocurrencies are subjected to a new net buying limit of 30,000 Canadian dollars annually, approximately $24,000. 

- Advertisement -

 

All registered crypto exchanges in the region are expected to comply with the changes, which are set to be amended after 12 months of usage. 

Based on the new changes, Newton, one of Canada’s leading crypto trading companies, announced that its customers are subjected to the rule. 

Per the announcement, the exchange noted that cryptocurrency investors residing in the following areas: New Brunswick, Newfoundland, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Northwest Territories, Yukon, and Saskatchewan are expected to comply with the annual net buy limit of 30K Canadian dollars. 

However, BC, Alberta, Manitoba, and Quebec investors are exempt from the rule and can purchase four non-restricted virtual assets without limitations. 

“These limits exclude the following coins: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. If you live in BC, Alberta, Manitoba, or Quebec.”

The changes are also designed to reset after 12 months and only impact digital assets purchased using the Canadian dollar. 

Newton further explained that if an investor buys or sells a restricted token, the sale amount would be removed from the limit. 

Furthermore, exchanges must gather information about users’ crypto investing experience and financial situation.

Per the announcement, the latest development came after the crypto exchange registered its business with the Ontario Securities Commission (OSC) and the securities regulatory authorities in other Canadian territories under the CSA Jurisdiction.

“These changes are to protect crypto investors, like yourself, and to make sure investors are aware of the risks associated with investing in crypto assets,” said the exchange. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

-Advertisement-

Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

More from Author

Latest Stories

Guides