According to the new terms and conditions of use of the Newton cryptocurrency exchange, Canada limits investments to $30,000 per year. Although it does not apply to all assets and all provinces in the country, this news raises questions about the freedom to dispose of your finances.
In Canada, the law limits investment in cryptocurrencies
Depending on the country we are in, we sometimes complain about the cryptocurrency regulationotherwise Canada, laws sometimes take the form of restrictions. In fact, according to the new general conditions of use of Newton, a local exchange, investors have a limit on all their investments of 30,000 Canadian dollars per year.
We are excited to finally announce our registration with the Ontario Securities Commission (OSC) and securities regulatory authorities in all Canadian provinces, Yukon and Northwest Territories. pic.twitter.com/8zx8UJy2DE
—Newton (@newton_crypto) August 16, 2022
However, this measure has some subtleties. For example, the following assets are not affected by these limits :
- Bitcoin (BTC);
- Ethereum (ETH);
- Litecoin (LTC);
- Bitcoin Cash (BCH).
Similarly, not all the provinces of the country are housed in the same boat. then those below are not affected :
- alberta;
- British Columbia;
- manitoba;
- Quebec.
Newton users must complete a questionnaire addressed to judge your knowledge in cryptocurrencies. In case of sufficient knowledge, they will have access to the platform, and this limit of $30,000 will be reset with each anniversary date of response to the questionnaire.
Note also that the “latent consumption” of this limit is variable. In other words, if a user has bought, for example, $10,000 of SOL, logically he will have $20,000 of “credit” left. But if you resell $5,000, that credit will reset to $25,000. You also need to understand that it’s not $30,000 per altcoin, but in fact on all assetsexcept those mentioned above.
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Exchange Compliance
These measures actually comply with the guidelines of the Ontario Securities Commission (OSC) as well as the Canadian Securities Administrators (CSA).
In order to remain compliant to continue operating on Canadian soil, regulators also require trading platforms make a pre-registration commitment. This allows cryptocurrency exchanges to demonstrate their willingness to comply. to the regulations in force in Canada. Crypto.com has already complied with these mandates.
Although many investors will not really be penalized by these restrictions, it still raises questions about the freedom to dispose of one’s finances. In fact, this is an additional argument to resort to self-care.
👉 Also in the news – Unpaid fines? South Korea Plans to Seize Crypto from Criminals
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Sources: Newton, CSA
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I timidly discovered the blockchain world at the end of 2018 during my quest for financial freedom. Initially moderately invested, it was only two years later that I risked betting everything on the movement then taking shape. Then I dedicate 2021 to better train myself to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I know, I want to share with you.
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