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Canada: Access to cryptocurrencies will be restricted

 


In Canada, regulators are restricting retail investors. With the introduction of limits, the aim is to prevent citizens from overdoing themselves with their investments in cryptocurrencies. Not only does the limit hit many members of the global crypto community, but also the associated classification.


Because the limits only apply to certain altcoins and tokens. However, Bitcoin and Ethereum do not fall under this rule. In practice, Canadians can buy unlimited BTC and Ether, but not other cryptos like Solana, Cardano, XRP and many more. The criteria are controversial as to which cryptocurrencies can be traded without limits.


For example, on the Newton exchange, Litecoin and Bitcoin Cash (BCH) have also made it into the club and are tradable without limits, although it is unclear what particular contribution they can make compared to other cryptos. Bitcoin Cash suffers from a shrinking hash rate and after almost 5 years it should be clear that this is not Bitcoin. One could probably turn a blind eye to Litecoin, because unlike Bitcoin Cash, LTC has enjoyed growing popularity among miners in recent years.


Decentralized exchanges are becoming increasingly important

The restrictions are temporary because the OSFI supervisory authority first wants to check whether further adjustments will be necessary in the future. Officially, the new rules will not come into force until 2023. However, two Canadian exchanges, Newton and Bitbuy, have come out of cover and are already implementing the restrictions across much of Canada's provinces.


The incoherent actions of the regulators show that decentralized exchanges are becoming increasingly important. Investors are protected from themselves, but investment fraud has always been allowed with open eyes in the past. It's amazing how quick you are to curb the spread of cryptocurrencies, but not take decisive action against various companies.


Starting with OneCoin, via Bitconnect to EXW Wallet. Again and again the experts warn and time and again the authorities remain motionless and in the end investors suffer damage. Only those who are aware of the risk and knowing that a total loss can result, but still don't want to miss the opportunity to win big, suffer from the restrictions.

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