New measures in Canadian crypto !

With new measures from the government, Canada introduces measures to crypto. The crypto, which has been active recently, has seen levels of 20 thousand dollars again. Although this rise made investors happy, Canada brought a crypto restriction to its country. Canada stated that with this restriction, it actually wants to protect investors. 

A maximum of $30,000 can be invested annually in cryptocurrencies other than Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. Although it seems to be on the rise, crypto, which has seen a great decline recently, has affected companies and investors quite negatively.

Cryptocurrency Bitcoin (BTC) has recently dropped as low as $20,000, falling to recent lows. Therefore, Canada created the regulation to protect consumers from the volatility of the crypto market.

The Crypto limit is 30 thousand dollars !

The regulation will not affect the Alberta, British Columbia, Quebec, and Manitoba provinces. The limit set by the provinces is $30,000. However, the limit will reset after every 12 months. The rule also gives certain exemptions based on the type of investors. Moreover, certain types of investors, based on their income and net worth, can buy a higher amount of crypto. 

Canadian regulators continue their moves as part of increasing their measures against crypto assets. Previously, the stock exchanges in the country had begun to obtain licenses from the regulatory authorities in the country. With the current decision, restrictions were imposed on investments. Authorities also demanded that exchanges collect information about their customers' crypto investment and financial standing.

How does The Crypto Leaders React ?

David Hoffman, the founder of Bankless, expressed his frustration and surprise at Canada’s move. Furthermore, Hoffman also revealed that this move can be a blessing in disguise for Defi protocols like Uniswap. Uniswap will allow users to buy the non-restricted currencies and get the restricted ones. Whether the regulation prohibits any such maneuver is still unclear.

Vitalik Buterin, the founder of Ethereum, expressed his happiness at the fact that many Ethereum proponents are also criticizing the move. Importantly, the regulation sets no limit on Ethereum, which could give the currency a competitive edge over other competitors. Despite it, many Ethereum supporters have criticized Canada’s move.