Crypto

No limits for bitcoin, but $30,000 for the rest: Canadian regulation is delusional

But why !? – Tight regulatory frameworks are approaching bitcoin (BTC) and cryptocurrencies around the world. If the European Union is aware of surreal regulation — to the point where even its oversight bodies fear being overwhelmed — it would appear that Canada is doing well, too. The new rule determines which cryptocurrencies you can buy without restrictions, and which ones with an annual limit!

Always more crypto rules, even if they’re crazy

What the Canadian regulation of cryptocurrencies has just suggested to us is purely arbitrary (who said “heresy”?). Not only does the new regulation restrict the right to buy almost all cryptocurrencies (with 4 exceptions that we will see), but this restriction does not apply to all Canadians, depending on their region of residence … Sit down, wait: there you go!

The new rules were specifically disclosed by the Newton cryptocurrency exchange, but the Bitbuy exchange would also inform its users about them.

Before approaching the “main course”, as an aperitif, we learn that a mandatory questionnaire will be introduced. A real test of prior knowledge before you can access the exchange services of a crypto exchange.

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4 Chosen (Including Bitcoin) for Thousands of Malicious Cryptos

Here’s the best part: Canadian crypto enthusiasts will be given a “net buy limit” of crypto assets (well, just for some). If they live in the wrong place, investors will not be allowed to buy more than 30,000 Canadian dollars (less than 23,000 euros) of cryptocurrencies for 1 year.

All crypto? Nope! As the excerpt from the new rules below shows, this restriction does not apply to 4 crypto projects: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and… Bitcoin Cash (BCH) – the latter, however, is not only in place on MarketCap.

So if you’re a fan of, for example, BNB, Cardano (ADA), XRP or Solana (SOL): it’s tintin! (yes, we need to revive the old expressions)

Source: Twitter account @mochains

This is all the more tintin, since the 30,000 Canadian dollar limit, of course, applies to all infected cryptocurrencies, and not to each. But wait, don’t leave, there’s more. As you undoubtedly noticed above, 4 provinces of Canada are spared. This is Alberta, British Columbia, Manitoba and our cousins ​​in Quebec: there is no limit to them.

Why ? We do not know ! In any case, Ontario is among the “restricted”. Namely, the Newton crypto exchange has been in active discussion with the Ontario Securities Commission and has just secured registration as an “authorized reseller” of digital assets. As if by accident! This region of Canada is unfortunately known to be one of the most hostile to crypto assets, and exchanges like Binance, Bybit or KuCoin have broken their teeth there.

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