March 4, 2024

Exchanges from the Canadian province of Ontario have introduced an annual limit on the purchase of crypto assets

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Exchanges from the Canadian province of Ontario have introduced an annual limit on the purchase of crypto assets

Canadian cryptocurrency exchanges Bitbuy and Newton announced that users from the province of Ontario are introducing an annual limit on the purchase of crypto assets with the exception of BTC, ETH, BCH and LTC.

The restriction on the purchase of altcoins is due toregulatory policy of the Ontario Securities Commission and will be 30,000 Canadian dollars ($23,000) per year. Moreover, if the user sells a crypto asset, the amount is deducted from the limit. Thus, you can trade cryptocurrency almost unhindered, but the amount of “net” investments for the year should not exceed the specified limit.

The introduction of restrictions is aimed at “protectinginvestors" and "informing users about the risks associated with digital assets." A few days ago, Newton received a license from the Ontario regulator. Bitbuy has long been registered with the Financial Intelligence Agency of Canada and introduced restrictions for users from several provinces several months ago.

Recall that in June, the Ontario Securities Commission took enforcement action against cryptocurrency exchanges Bybit and KuCoin, fining them for non-compliance with securities laws.