cryptocurrency

New restrictions restrict annual cryptocurrency purchases in Canada

  • The ability of the customer to make net purchases may be restricted in some cases.
  • The limit does not apply to 4 major cryptocurrencies.

In order to comply with the rules, Canadian cryptocurrency exchanges have implemented measures to restrict annual purchases of crypto assets at C$30,000 ($23,250), excluding four major currencies (only). Canadian crypto investors will still be able to buy Bitcoin, Ethereum, and Litecoin and Bitcoin Cash, but they are likely to buy fewer altcoins due to the cap.

In a statement outlining the new restrictions on its users, Canadian crypto exchange Newton said, “over the past several months,” the exchange has been “quietly” working on its registration with the Ontario Securities Commission and securities regulatory authorities in other Canadian provinces and territories.

Exchange added:

“You may already be aware of these changes as they affect all Canadian crypto exchanges, not just Newton.”

Big batch for 4 coins

The ability of the customer to make net purchases may be restricted in some cases. When the user tries to make a transaction, he will be able to see these restrictions. Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) are the only cryptocurrencies that are not restricted by restrictions.

The platform states that the restrictions do not apply to customers in the provinces of British Columbia, Alberta, Manitoba or Quebec.

This means that those who live in New Brunswick, Newfoundland, Nova Scotia, Nunavut, the Northwest Territories, Ontario, Prince Edward Island, Saskatchewan and Yukon will be subject to the annual net purchase limit. Bitbuy, a Canadian cryptocurrency exchange, has also made announcements of caps.

Bitbuy exchange reported:

The limits are defined as “net purchase limits,” which means that they count all your cryptocurrency purchases minus your sales (at average cost), over a 12-month period (the last 365 days).

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