Canada has introduced limits on the purchase of cryptocurrencies

Канадский регулятор ввел новые правила на розничных покупателей криптовалюты.

Canadian authorities have limited the amount of purchases of cryptocurrencies

  • True, there are exceptions for the 4 largest assets
  • Exchanges have already warned that they will adhere to this rule

  • The Canadian regulator has introduced new rules for retail buyers of cryptocurrency. Now they can purchase digital assets for an amount not exceeding $17 thousand per year (more precisely, C$ – Canadian dollars). These restrictions apply to all cryptocurrencies except Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

    new regulatory changes in Canada for crypto

    you are allowed to buy as much btc/eth/ltc/bch as you want but any other crypto has a limit of 10k net buy per year


    — mo (@mochains) August , 1024

    The authorities explain this the fact that the crypto industry is growing at a rapid pace, and the interests of inexperienced consumers need to be protected.

    Local crypto exchange Newton explains in more detail how this rule will work. Let’s say a user bought SOL coins for $ thousand He has a limit of $ thousand by the end of the reporting year. But if he then sells SOL tokens for $5 thousand, then his limit will increase by this amount (up to $ thousand). Trading ETC, BTC, LTC and Bitcoin Cash is not included in the limits – that is, they can be bought and sold in any volume. Limits will be reset once a year.

    Only retail investors should follow these rules. For eligible investors, the limit has been raised to $56 thousand per year. Accredited investors will be able to buy for any amount without restrictions.

    Read also: Colombia to implement CBDC to fight tax evasion


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