Sign Up on MEXC
Nine provinces in Canada have decided to limit the amount of crypto you can buy in a year. The provinces have set an annual limit of $30,000 as the maximum amount of crypto that can be brought. However, there are four notable exceptions for cryptocurrencies under this rule.
Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are exempted from this regulation. As a result, those four tokens will not be counted in your annual limit.
Why Canada Is Restricting Crypto
The nine provinces have formed the regulation to protect consumers from the volatility of the crypto market. The nine provinces that will enforce this regulation are:
- Ontario
- Newfoundland
- New Brunswick
- Nova Scotia
- Nunavut
- Northwest Territories
- Prince Edward Island
- Saskatchewan
- Yukon
The regulation will not affect the Alberta, British Columbia, Quebec, and Manitoba provinces. The limit set by the provinces is $30,000. However, the limit will reset after every 12 months. The rule also gives certain exemptions based upon the type of investors. Moreover, certain types of investors, based on their income and net worth, can buy a higher amount of crypto.
How The Crypto Leaders React
David Hoffman, the founder of Bankless, expressed his frustration and surprise at Canada’s move. Furthermore, Hoffman also revealed that this move can be a blessing in disguise for DeFi protocols like Uniswap. Uniswap will allow users to buy the non-restricted currencies and get the restricted ones. Whether the regulation prohibits any such maneuver is still unclear.
Vitalik Buterin, the founder of Ethereum, expressed his happiness at the fact that many Ethereum proponents are also criticizing the move. Importantly, the regulation sets no limit on Ethereum, which could give the currency a competitive edge over other competitors. Despite it, many Ethereum supporters have criticized Canada’s move.
According to the reports, Bitbuy and Newton, two of Canada’s biggest exchanges have already agreed to enforce the move.
- Altcoin Season Index Hits New High As ETH, SOL, DOGE, and XRP Rally
- ‘Huge Breakthrough,’ Peter Brandt Says as Dogecoin Reclaims $0.30 Ahead ETF Launch
- Bitcoin Bull Cycle Could Extend To 2026, Arthur Hayes Predicts
- CZ Urges Banks to Adopt BNB as Analyst Predicts $1,300 Price Target
- Shiba Inu Update: Team Freezes 4.6M BONE Amid New SHIB Upgrades
- Pepe Coin Price Prediction as the Token Jumps Nearly 20% – Will Whale Accumulation Take it to $0.00003?
- Pi Coin Price Prediction As Adam & Eve Pattern Signals Breakout Rally To $0.45 Ahead
- HBAR Price Prediction Amid DTCC Listing and Archax Expansion — Is $0.50 Next?
- Ethereum Price Eyes a 40% Surge as Morgan Stanley Shifts Fed Cuts Forecast
- Solana Price Prediction: Ford’s $1.65B Treasury Bet Sets Sights on $320
