• April 23, 2024

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Canada Plans to Introduce a Limit for Banks to Invest in Crypto

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The Office of the Superintendent of Financial Institutions of Canada has said that banks and insurance companies can only invest a small portion of their capital in Bitcoin and other virtual currencies.

The relevant rules will come into force in Q2 2023. Each financial institution must notify the regulator about the amount of investment in digital assets.

The amount should not exceed 1% of the total reserves of the insurer or the bank. The regulator believes this measure will ensure the safety of investors.