As we have reported as Kriptokoin.com, after the collapse of FTX, different countries want to tighten their policies especially for cryptocurrencies in order to protect investor funds. However, Canada and Indonesia are also following this path. 2 countries passed their laws for cryptocurrencies. Here are the details…
Canada bans margin and leverage cryptocurrency trading
Canada has imposed a ban on Margin and Leverage trading for cryptocurrencies. The country has taken steps to restructure its regulations. The regulator briefed companies affiliated with cryptocurrency trading about the latest developments made. The notice sent to the firms stated that “a revaluation of the existing requirements has taken place and it has been concluded that these requirements should be extended to all cryptocurrency platforms within the country.” The official securities regulator posted the following on its website:
Protectors will generally be considered qualified if they are regulated by a financial regulator in Canada, the United States, or a similar jurisdiction with a supervisory regime for financial regulation. The implementation process will be handled by both CSA and other crypto trading platforms. CSA members will separately contact registered crypto trading platforms to discuss the application of the expanded terms and conditions to these firms. CSA will release more details about this updated approach in the future.
The enacted law could have negative effects on crypto trading platforms in Canada. Thus, crypto trading activities in Kanda may decrease. Exchanges will not be able to provide two of the most widely used crypto trading methods. Therefore, there will be a significant decrease in their income. Larger investors are at significant risk. Because margin trading requires using borrowed capital in larger amounts from a brokerage firm.
Indonesian parliament approves new crypto law
Indonesia’s parliament has passed a fiscal law that revised more than a dozen existing regulations, including an addition to the central bank’s power to support economic growth and formalize direct purchases of government bonds. Here are some of the crypto-related changes introduced in the new law, which has more than 500 pages:
- The law will recognize the BI-issued Digital Rupiah as an additional form of national currency, alongside cryptocurrencies and banknotes.
- Oversight and regulation for the trading of digital assets such as crypto-assets will fall within the remit of the Financial Services Authority (OJK).
- There will be a gradual transition of these roles from the commodity regulator.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.