The Future Of Crypto In Canada?
Today has been quite the day for me personally on my crypto journey. I had a few things come across my desk that's got me a little concerned, and I wanted to share my thougths about what happened with everyone here on chain...
Here's the first part...
So this is an email notice I got from Nexo this afternoon. Nexo was actually a platform I joined years ago and full disclosure here, I have no crypto within it anymore. I actually read the whitepaper for this project and it's token, and jumped into it.
But with all the drama a few years ago with Celsius and platforms similar to it, I thought it would be best to back out. That being said, they seem to play fair. Their issue is, the government of Canada is flip flopping when it comes to their crypto regulation.
More on this in a second....
The next issue that popped up was my recent withdrawals from Crypto.com
The behemoth crypto platform has been a steady performer for me. It's how I unload crypto into fiat when I need to pay the bills, and for years now it's been working flawlessly for me.
When you withdraw to a Canadian bank, they send you what is called an 'Interact' email transfer. This usually takes a few hours, but I have waited 2 days to get my funds every now and again.
My latest withdrawal was March 31st, and not for anything huge either. It was a few hundred bucks, but to my surprise....It still hasn't shown up. So I contacted the support from Crypto.com and they told me...
"We know there is an issue with withdrawing, we are aware and will be fixing it soon. Unfortunately, we don't have a timeline for when it'll be fixed..."
And that last bit really got my attention. We don't have a timeline...I get it, that's the standard answer and hopefully I'll be able to onboard and unload crypto to fiat to keep paying for the roof over my kids head lol
But this brings up a massive issue that I think is becoming all too familiar for people in not only Canada but America as well and around the world.
Governments seem to be shutting down, or making it VERY hard for the onramping of fiat to crypto and vice versa. And these companies are put into very tough spots. Most of them, play by the rules. But the governments either keep changing the laws or are not clear about what is above the board in their eyes.
How can they possible operate in this kind of environment?
Well, they don't. And that's the problem for a lot of us. Instead of bowing to the governments demands and flip flopping, they are literally packing their bags and moving to greener pastures. They will end up setting up shop in crypto friendly countries and build their businesses there.
This is a blessing and a curse in my opinion for anyone in crypto. Some of these countries are welcoming, and that's awesome...But the curse is all this development, entrepreneurial spirit and business will leave our economy.
Now the government will frame it as...
"We are protecting the consumer."
But you know and I know, who they are protecting....
This is a frustrating day for me, because I'm hoping for the best but preparing for the worst. And I know there will always be work arounds and ways to continue building with crypto in these countries.
But dang....Reality is, when big brother says you can't play anymore, they aren't joking around.
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Since I joined Hive I have been looking into the easiest way to get fiat from a crypto wallet, In my search I came across some interesting development as per regulation in Canada. The way Canada looks at crypto is not the same as in USA.
The other day when I went to place a trade on blockchaim dot com I got the following message.
Limited Access This feature is not available in your region.
I had a live chat with support and they followed up with the following email.
Hello Jacques, Thank you for waiting. We are currently looking into your support ticket 4176883. Your request requires some further investigation on our side and we will make sure to get back to you as soon as possible.
I'm still waiting and will likely have to contact them again to get my money.
I figure Canada has placed some pressure on US SEC to address the tracking of Canadian funds in US.
Canada is making progress to regulate the crypto market. Expect more changes/surprises to come. Being a regular trader in publicly traded stocks I have been tracking and bought into a few Canadian enterprises involved in different aspects of crypto and blockchain technology.
Interestingly, yesterday I got the following news from CoinSmart and Bitbuy. The following is a link to the latest news release.
Canada's Largest Regulated Crypto Asset Trading Platform
A snippet...
the largest regulated crypto asset trading platforms in the world and will provide Canadians with a wide range of diversified products and services including both retail and institutional crypto trading, staking products, B2B crypto payment processing and will also soon include sports betting and gaming.
Is this good news or bad news?
It's progress.
I saw the news about Coinsquare merging with a few other platforms. I am diving back in to check them out, never really used them. For me it was always, onramping through Coinbase, unload via Crypto dot com.
Been working perfectly up until this week lol
I been using Shakepay for the purpose you use crypto.com.
Have not withdrawn in awhile but it has always been seconds till I got my interact email.
Ahhh thanks for the reminder. I'll check them out too!
👍
Yeah, I also pulled out of all the lending platforms about a year ago... just in time to avoid the carnage. Not really a viable option going forward...
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That is really frustrating and damaging for the economy that is supposed to be supporting innovation and new drivers of economic surge. This is definitely not a way to spur innovation. I hope the governments understand this is not protecting consumers but choking technology.
But but but...They are protecting us man! The government always knows what is best for it's citizens lol
I don't think either Trudeau or Pierre or Jagmeet know how to protect us. Doomed.
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I have actually been trying to think about how we can bridge the fiat/crypto banking fiasco. Of course, like I said before, understanding that crypto is a digital asset for a digital world is part of making it succesful. People keep trying break crypto out of the Matrix and I'm not sure that should be the goal. The goal should be to make it go from one hand to another, while a good or service goes the other way. No fiat involved. However, you can always set up a physical exchange of fiat for crypto between two private citizens. Regulations involve companies, not people.
Oh man, I wish! I applaud the people in Venezuela who literally, are setting up businesses using HBD and not fiat. What an awesome thought that would be!
This situation is pretty common in Asia and nations like India, Singapore, etc. And this is not going to change. However there are always ways to convert your crypto. So find the p2p sites near you. There will always be some people buying crypto locally.
You can use those p2p marketplaces on binance, houbi and other places. Most of the 2nd world and 3rd world nations are using those and trying to survive. It was never easy. Nexo and Celsius were never reliable either. Sometimes selling the crypto as it comes is the only way to deal with this.
That's a really good point. Sometimes in the west, we are way too spoiled and have to remember that man y people around the world thrive without the luxuries that we have with crypto.
It sucks to see and I hope the issues are solved soon. When they start cutting down their service, I hope they could resolve everything fast but I guess there are also a bunch of people also trying to get out at the same time. Hopefully, the funds will get to you after a slight delay and that there aren't any bigger issues.
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Yeah I got a note from the support lady this morning...We're still working on it...That was her note to me lol
That's too bad that Canada is going the way of the US when it comes to stuff like this. We need to get this tantrum out of the way by the SEC and move on to the next phase. This stomping around huffing and puffing is just ridiculous.
It's insanity. I get regulations, but when these companies actually try to play by the rules, the rules change. It's impossible to do business like that.
Yeah, for sure. I think regulation is necessary on some level, but this is just a blatant witch hunt.
Thanks for the info. A shame what is happening with crypto I have accounts frozen because of the new regulations.
Yeah I don't think anything on my end is frozen, it's more they are just going to stop doing business within Canadian borders.
I have an account blocked by
coin squarein canada. It is sad they a change their polices and do not allowing people to move before they make up new rules to be apart of the government take over.Sickening that this theft is happening and stealing my ability to use funds I worked for.
Happening many places. Any ideas on what to do to get around this?
!LUV !WINEX
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It must be frustrating not reaching to your money
It can always be worse :) Just a bump in the road.
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I'm hoping that soon we will have lots of places that accept crypto for trade, barter.. Like apples for eggs. Fiat is on its way out anyway :) I'm in canada small c for now. getting rid of the turd is the first positive step that needs to be taken.. Non confidence vote please
So far, I've never needed to convert any crypto into fiat, but make it trouble some for me to put any new capital into it. This just makes me further committed to crypto, I'm glad to have some crypto rather than having to rely our dying CADs.
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I use Kraken for my withdrawals. I send it from Blocktrades to Kraken and then to the bank. Rarely takes more than an hour.