Latest Crypto Crackdown in Canada: What Investors Need to Know

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Canada's latest CRYPTO TAKEDOWN... -Guidelines to comply within a 30-day notice -Multiple large platforms halting Canadian operations What it means for Canadian & ALL Crypto investors: 🧵

February 2023: Canadian securities regulators gave a 30-day deadline for unregistered crypto trading platforms operating in Canada to commit & undergo a "pre-registration undertaking" Today: Many large crypto platforms operating in Canada are closing shop for Canadian operations

Also Today: Many Canadian Crypto trading platforms have accepted to undergo the PRU Including Coinbase, Binance, Kraken, Gemini, NDAX, & Newton The main players aren't going anywhere, is this really a "takedown"?

Seems that this effort is less of a takedown & more of a set of REAL guidelines that allow businesses dealing in crypto to operate under the law with clear guidance. How does this affect YOU?...

Well if you're in Canada right now it mostly affects those with funds in Crypto tokens & platforms that are shutting down Canadian operations. Paxos tokens, & more are affected so if you're someone with investment there, make sure to withdraw to your own wallet.

In the long term, this sets two precedents for Crypto investors in Canada. 1: Crypto platforms you interact with are structured to be "safer" & undergo more structured compliance in relation to crypto specifically 2: Your crypto access may be restricted by your location (VPN?)

Not being able to interact with some useful applications & protocols as a Canadian comes along with this new push of regulations. Without knowing exactly what's in the new PRU it's hard to tell the good parts brought to investors other than more structure in crypto compliance.

Other parts of the world, the US for example have very few regulation guidelines around crypto so far & some see this in Canada as a large step in a positive direction. There are some drawbacks now as mentioned above & Paypal using Paxos may stop crypto-enabled payments

For ALL Crypto investors, these guidelines may set a new precedent that businesses elsewhere will seek to have from their government In turn, this may lead to much better guidelines & protection for investors across the globe a note from me: HOLD YOUR CRYPTO IN YOUR OWN WALLET!