Comment
Author: Admin | 2025-04-28
Key takeawaysAs of 2024, around 10% of Canadians held cryptocurrencies, including Bitcoin, positioning the country ahead of Australia, Germany and Norway in adoption.Bitcoin is classified as a commodity in Canada, allowing individuals and businesses to use it legally. Crypto exchanges must comply with regulations set by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).Canadians can purchase Bitcoin through centralized exchanges, decentralized exchanges, non-custodial wallets, Bitcoin ATMs and Bitcoin ETFs.Bitcoin holders can store their funds in custodial, non-custodial or cold wallets for enhanced security.Canada is one of the leading countries when it comes to Bitcoin adoption. According to a Triple-A report, as of 2024, 10.1% of Canadian residents own cryptocurrencies, including Bitcoin (BTC), putting the country ahead of Australia (9.6%), Norway (8.7%) and Germany (8.3%). Notably, a balanced regulatory environment has helped crypto evolve in the country. When it comes to purchasing Bitcoin, Canadians and other residents have several options. Canadians can buy Bitcoin on a centralized exchange (CEX), a decentralized exchange (DEX), via a non-custodial wallet or a Bitcoin ATM. This article briefly explains the regulatory landscape for Bitcoin in Canada and walks you through multiple options to purchase BTC. It also informs how you can store Bitcoin safely in Canada.Understanding Bitcoin regulations in CanadaThe Canada Revenue Agency (CRA) regards Bitcoin as a commodity. The classification comes from how the CRA interprets and applies existing tax laws to crypto transactions. While Bitcoin is not recognized as a legal tender in the country, individuals and businesses can lawfully purchase, sell and use it in transactions. Crypto platforms facilitating Bitcoin exchanges and traders must comply with regulations, though.The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) implements Anti-Money Laundering (AML) and counter-terrorism funding (CTF) regulations in Canada. These regulations require crypto exchanges in Canada to register as Money Services
Add Comment