Canada has made a new regulation in terms of cryptocurrency in some of its provinces. Nine of its provinces have decided to limit the amount of crypto you can buy in a year.
The nine provinces include Ontario, Newfoundland, New Brunswick, Nova Scotia, Nunavut, Northwest Territories, Prince Edward Island, Saskatchewan, and Yukon.
The provinces have set an annual limit of $30,000 as the maximum amount of crypto that can be brought. However, there are four notable exceptions for cryptocurrencies under this rule.
Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are exempted from this regulation. As a result, those four tokens will not be counted in the annual limit.
The nine Canadian provinces have formed the regulation to protect consumers from the volatility of the crypto market.
The regulation will not affect the Alberta, British Columbia, Quebec, and Manitoba provinces. However, the $30,000 limit will reset after every 12 months. The rule also gives certain exemptions based upon the type of investors. Moreover, certain types of investors, based on their income and net worth, can buy a higher amount of crypto.