With the growth of cryptocurrency ownership, buying digital currencies like Bitcoin and Dogecoin in Canada is lately in an upsurge. According to a report from the Ontario Securities Commission, over 30 percent of Canadians intend to purchase cryptocurrency assets in 2023.
If you’re wondering how to purchase Bitcoin or any available virtual currency in Canada, feel free to read on and keep the following details in mind.
The Legality of Buying Crypto in Canada
Although not yet regarded as legal tender, crypto trading is still considered legal in Canada. According to the Canada Revenue Agency (CRA), cryptocurrency is similar to a commodity that likely results in capital gains.
Acceptance of Crypto in Canadian Banks
Now that digital currencies have become popular, Canadian banks recognize and permit crypto trading under regulations on federal and state levels. In Canada, there are more than 2,600 Bitcoin ATMs nationwide, with Toronto having the highest ATM count at almost 900.
Methods to Purchase Crypto in Canada
You can buy cryptocurrency in Canada either via a broker or an exchange. Crypto exchanges give account holders more freedom over their digital currency, while brokers have brokerage policies that may impose restrictions on holdings, storage, transfers, and withdrawals.