Is cryptocurrency legal in Canada?
It’s safe to say that cryptocurrency broke through to the mainstream in 2021. As Bitcoin and Ethereum, the two biggest cryptocurrencies, hit new all-time high prices, cryptocurrency in general became a part of our everyday lives, publicly and passionately discussed by everyone from the CEO of Apple to the person sitting next to you on the bus.
But as cryptocurrency grows in popularity, many newcomers have questions about its legality in Canada. Here’s the lowdown: it’s completely legal for everyone and anyone to buy, sell and own cryptocurrency in Canada. It’s also legal to use it as a form of payment for any business that chooses to accept it.
Whether you’re shopping online or using your mobile wallet at brick-and-mortar establishments in rural Manitoba, you’ll notice that more businesses are accepting non-traditional digital payment methods in an effort to simplify the purchasing experience for consumers, offer better security and gain a competitive advantage.
So feel free to buy, sell and use your cryptocurrency freely.
The one caveat to mention here is that cryptocurrency isn’t considered a legal tender in Canada, so no one is required to accept it (and you can’t use it to pay your taxes, so don’t even try). However, this might not be the case for long. The Bank of Canada has shown interest in adopting token-based digital currencies. According to a report published by the bank in the summer of 2021, digital currencies “could be necessary to support the vibrancy of the digital economy by helping solve market failures and fostering competition and innovation in new digital payments markets.” The bank also acknowledges that fewer people are using cash than ever before and private currencies, like Bitcoin and Ripple, are growing in popularity and are making serious inroads.
If you’re wondering how to buy cryptocurrency in Canada, you’ll need to first choose an exchange that’s compliant with federal regulations and security rules, like Hubkoin, to do so.
Your choice of exchange will affect how much profit you make and how easily you can buy and sell crypto assets. Your choice of exchange could also be the difference between making a big profit and having all of your money stolen.
Hubkoin stands for fair and transparent trading. As a Canadian platform, they are registered with FINTRAC, Canada’s financial intelligence unit, for your protection.
“There is no place in the blockchain world for cheaters and scammers,” the company says on its website.