- Canada imposes a new buy cap of 30k for her users.
- The new regulation also applies to “restricted coins,” which are cryptocurrencies other than BTC, ETH, LTC, and BCH.
- Ontario has just adopted new crypto-specific regulations.
According to reports, to enhance consumer safety, Newton, Bitbuy, and other Canadian cryptocurrency exchanges declared they would impose a new net buy cap of 30,000 CAD for users in Ontario. Other cryptocurrencies outside BTC, ETH, LTC, and BCH and “restricted coins” are also subject to the new rule.
This happened after Toronto-based cryptocurrency exchange Newton filed to register with the Ontario Securities Commission (OSC) and the securities authority in other Canadian provinces, announcing new modifications. Newton and all other Canadian cryptocurrency exchanges are impacted by the new regulatory regulations.
“These changes are to protect crypto investors, like yourself, and to make sure investors are aware of the risks associated with investing in crypto assets.”
– Newton
More than a year after the Canadian government announced plans to conduct a legislative review of the nation’s financial industry, the province of Ontario has now passed new crypto-specific rules. The government stated that it would pay special attention to improving the stability and security of digital assets and releasing a central bank digital currency (CBDC).
However, Newton declared on Wednesday that it has successfully registered as a restricted dealer in Ontario, making the cryptocurrency exchange subject to OSC rules. Along with net buy limitations, other regulation improvements include portfolio loss warnings that users will receive from Newton if their portfolio reaches the loss amount they’ve indicated in the questionnaire and a trading questionnaire designed to gather users’ prior experiences with crypto investment.
Additionally engaged in their efforts to strengthen crypto rules are the U.S. authorities. A new law that would give the Commodity Futures Trading Commission (CFTC) broad authority to regulate the most popular cryptocurrencies was recently introduced by a number of U.S. senators.
