Understanding the net buy limit: retail investors cannot buy
more altcoins beyond the $30,000 net limit per year
On August 16, Newton, a leading Canadian cryptocurrency exchange
based out of Toronto, announced that it would impose an annual
"net buy limit" of $30,000 for certain crypto assets. As
of now, residents of BC, Alberta, Manitoba, and Quebec will not be
affected. However, investors who live in other Canadian provinces
will be subject to this new measure.
Under the new rule, there will be an annual net buy limit of
$30,000 on all cryptocurrencies excluding 4 "unrestricted
cryptocurrencies" consisting of Bitcoin, Ethereum, Litecoin,
and Bitcoin Cash. Investors purchasing altcoins, or
"restricted cryptocurrencies" as designated by Newton,
can use some of their limit and can regain the limit by selling
some of the coins. Newton also noted that the investors need to
fill out a "trading questionnaire" in order to continue
to trade on the platform. The
