Canada Introduces Limits On Bank Investments In Cryptocurrencies

The Central Bank of Canada has long spoken about the need to accelerate the legalisation of cryptocurrency transactions in the domestic market, which seems logical, given the number of crypto holders in the country.

In turn, this week, The Office of the Superintendent of Financial Institutions of Canada stated that banks and insurance companies would be able to invest only a limited part of their capital in cryptocurrency.

As a result, from 2023, all financial institutions will have to report to the regulator about the volume of digital assets; the amount should not exceed 1% of total reserves.

Investors’ safety explains such measures.