Canadian Exchanges' Cap on Annual Purchases Excludes Only Bitcoin, Ethereum, Litecoin and Bitcoin Cash
cryptonews.com
In line with regulations, Canadian crypto exchanges are introducing measures to cap the annual buy limit for selected cryptoassets at CAD 30,000 (USD 23,250) per year - and these exclude (only) four large coins.
While the cap will not impact Canadian crypto investors’ capacity to invest in some of the leading coins, it is likely to cut their purchases of a wide range of altcoins.
Canadian crypto exchange Newton said in a statement in which it explains the new limits to its users that, "over the past several months," they have been "quietly" working on our registration with the Ontario Securities Commission, as well as the securities regulatory authorities in other Canadian provinces and territories, adding:
"You may already be familiar with these changes as they impact all Canadian crypto trading platforms, not just Newton.”
Depending on the customer’s province of residence, they may have net buy limits imposed on their account.
Users will be able to see these limits on the Newton app when they go to place a trade. The limits exclude bitcoin (BTC), ethereum (ETH), litecoin (LTC), and bitcoin cash (BCH).
The limits do not apply to the users who live in British Columbia, Alberta, Manitoba, or Quebec, according to the platform.
This means that the annual net buy limit will be imposed on the inhabitants of the following Canadian provinces: New Brunswick, Newfoundland, Nova Scotia, Nunavut, Northwest Territories, Ontario, Prince Edward Island, Saskatchewan, and Yukon.
Newton said that the regulatory changes were developed with the aim “to protect crypto investors [...] and to make sure investors are aware of the risks associated with investing in crypto assets.”
Similarly, Canadian crypto exchange Bitbuy announced limits earlier
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