Canadian cryptocurrency exchanges Bitbuy and Newton announced that users from the province of Ontario are introducing an annual limit on the purchase of crypto assets, with the exception of BTC, ETH, BCH and LTC.
The limit on the purchase of altcoins is due to the regulatory policy of the Ontario Securities Commission and will be 30,000 Canadian dollars ($23,000) per year. At the same time, if the user sells a crypto asset, then the amount is deducted from the limit. Thus, you can trade cryptocurrencies almost without hindrance, but the amount of “net” investments for the year should not exceed the specified limit.
The introduction of restrictions is aimed at “protecting investors” and “informing users about the risks associated with digital assets.” A few days ago, Newton received a license from the Ontario regulator. Bitbuy has long been registered with the National Financial Intelligence Agency of Canada and introduced restrictions for users from several provinces a few months ago.
Recall that in June, the Ontario Securities Commission took enforcement action against the Bybit and KuCoin cryptocurrency exchanges, fining them for non-compliance with securities laws.