As of June 1st, 2021, the Government of Canada made changes to what services an individual can make use of through a Money Service Business (MSB) relating to virtual currency services.
In effect, this has placed certain limits on how much an individual is allowed to purchase on a regular basis. The month of June represents a transitional period for Localcoin whereby the following limits apply to all users:
- $995 per transaction with a daily limit of $4,975.
As of July 1st, 2021, the following limits will be in effect:
- Unverified users can purchase up to $995 per transaction with a daily limit of $2,985.
- Verified users can purchase up to $995 per transaction with a daily limit of $4,975.
If you are an unverified user, we recommend that you register before July 1st not to experience any interruptions. If you are already a verified user and have received a message asking that you re-apply to increase your limits or have already reached your limits - we apologize for the miscommunication. At this time, there are no means of increasing the current limits.