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Crypto Exchanges Comply But Ethereum Community Unhappy About Harsh Canadian Rules

CryptoSlate | Samuel Wan | Aug 18, 2022

Crypto in Canada - Crypto Exchanges Comply But Ethereum Community Unhappy About Harsh Canadian RulesThe Ontario Securities Commission has implemented CAD$30,000 annual buy limits for some Canadians, drawing criticism from across the community.

  • Ethereum co-founder Vitalik Buterin commended community members for speaking out against new Canadian rules limiting crypto buys.
  • Newton:  “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.”
    • As well as the annual buy limits, Newton said its users will now be required to complete a trading questionnaire before being allowed to trade. This is to collect information on users’ trading experience, personal financial situation, and risk tolerance.
    • Portfolios will have set loss levels assigned based on the risk tolerance stated in the trading questionnaire. Loss notifications will be sent as the user’s portfolio approaches the loss level indicated.
  • Some social media users pointed out that affected individuals can bypass the rules by loading up on unrestricted tokens, transferring to a decentralized exchange, and swapping into the token of their choice.

See:  Canadian Securities Regulators Expect Crypto Trading Platforms to Complete Pre-Registration Step

Simon Dixon, CEO/Co-founder, BnkToTheFuture.com:

If you are doing something silly like Canada best to go with % of Net Worth rather than annual sum - New regulatory changes in Canada for crypto. You are allowed to buy as much #BTC / $ETH / $LTC / $BCH as you want, but any other crypto has a limit of 30k net buy per year.

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Cointelegraph | Brayden Lindrea  | Aug 18, 2022

Canada-based crypto exchanges Bitbuy and Newton are enforcing a 30,000 Canadian dollars annual “buy limit” for “restricted coins” for their users based in Ontario in order to “protect consumers” amid tightened regulations.

Under the new changes, Ontario-based crypto traders on Newton and other Canadian crypto platforms will be subject to an annual 30,000 CAD “net buy limit” on all cryptocurrency coins excluding Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC).

See:  OpEd: No, Crypto Exchanges Are Not Like Stock Exchanges | New Approaches May Help Solve Old Problems

Newton further clarified that if a trader bought and then sold a restricted coin, the sell amount would be subtracted from the limit. The limit resets every 12 months from the first purchase of restricted coins.

The buy limits come as the crypto platform announced on Wednesday that it has officially registered as a “restricted dealer” in the province of Ontario, which meant that they’re now subject to the regulations set out by the Ontario Securities Commission (OSC).

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NCFA Jan 2018 resize - Crypto Exchanges Comply But Ethereum Community Unhappy About Harsh Canadian RulesThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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