Ontario Crypto Exchanges Impose CA$30,000 Annual Limit on Altcoin Purchases
New purchase limits aim to better "protect crypto investors" and make them "more aware of the risks" associated with assets crypto, according to one of the exchanges.
New
Canada-based crypto exchanges Bitbuy and Newton impose an annual 'purchase limit' of C$30,000 for 'restricted coins' for their Ontario-based users to 'protect consumers' in a regulatory environment reinforced.
Newton, a Toronto-based crypto exchange, announced the new changes come after working to register with the Ontario Securities Commission and securities regulators in other provinces and territories across the country. Canada, noting in a post on Tuesday:
“These changes are intended to protect crypto investors, like you, and to ensure that investors are aware of the risks associated with investing in crypto assets.”
Under the new changes, Ontario-based crypto traders on Newton and other Canadian crypto platforms will be subject to an annual “net purchase limit” of CAD 30,000 on all crypto coins -currency except Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC).
Newton further clarified that if a trader bought and then sold a restricted coin, the amount of the sale would be subtracted from the limit. The limit resets every 12 months from the first purchase of restricted coins.
The purchase limits come as the crypto platform announced on Wednesday that it has officially registered as a “restricted dealer” in the province of Ontario, meaning it is now subject to regulations set by the Ontario Securities Commission (OSC).
We are thrilled to finally announce our registration with the Ontario Securities Commission (OSC) and securities regulators in all Canadian provinces, of the Yukon and the Northwest Territories. pic.twitter.com/8zx8UJy2DE
—Newton (@newton_crypto)
New purchase limits aim to better "protect crypto investors" and make them "more aware of the risks" associated with assets crypto, according to one of the exchanges.
New
Canada-based crypto exchanges Bitbuy and Newton impose an annual 'purchase limit' of C$30,000 for 'restricted coins' for their Ontario-based users to 'protect consumers' in a regulatory environment reinforced.
Newton, a Toronto-based crypto exchange, announced the new changes come after working to register with the Ontario Securities Commission and securities regulators in other provinces and territories across the country. Canada, noting in a post on Tuesday:
“These changes are intended to protect crypto investors, like you, and to ensure that investors are aware of the risks associated with investing in crypto assets.”
Under the new changes, Ontario-based crypto traders on Newton and other Canadian crypto platforms will be subject to an annual “net purchase limit” of CAD 30,000 on all crypto coins -currency except Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC).
Newton further clarified that if a trader bought and then sold a restricted coin, the amount of the sale would be subtracted from the limit. The limit resets every 12 months from the first purchase of restricted coins.
The purchase limits come as the crypto platform announced on Wednesday that it has officially registered as a “restricted dealer” in the province of Ontario, meaning it is now subject to regulations set by the Ontario Securities Commission (OSC).
We are thrilled to finally announce our registration with the Ontario Securities Commission (OSC) and securities regulators in all Canadian provinces, of the Yukon and the Northwest Territories. pic.twitter.com/8zx8UJy2DE
—Newton (@newton_crypto)What's Your Reaction?
