Canadian cryptocurrency exchanges Newton and Bitbuy have announced new buy limits for “restricted coins” for users based in Ontario as a precautionary measure in light of tighter regulations. A yearly “net buy limit” of 30,000 CAD ($23,284) has been placed on all cryptocurrencies other than Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin for Canadian crypto traders based in Ontario (LTC).
The Ontario government has mandated a new net buy limit of 30,000 CAD for users in the province. Canadian cryptocurrency exchanges Newton, Bitbuy, and others have all announced they will adhere to the new limit. This new regulation covers “restricted coins” as well as other cryptocurrencies apart from Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
The Cryptocurrency exchange has taken this regulatory move after applying for registration with the Ontario Securities Commission (OSC) and the securities regulators in other Canadian provinces and territories. Newton, like every other Canadian cryptocurrency exchange, is subject to the new rules and regulations of OSC.
Canada is a pioneer in cryptocurrency with its flexible and familiar regulations to offer exposure to Canadian citizens to digital assets investments under a regulatory framework. While many countries are still sitting on fences when it comes to crypto regulation, Canada has opted for relevant measures that can bring crypto as legal and regulated assets. Moreover, Canada is one of the countries working on developing its own Central Bank Digital Currency.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.