Litecoin’s Unlimited Trading Allowed In Canada

Key Points:

• Canadian government approves unrestricted trading of Litecoin and other cryptocurrencies on exchanges.
• The coin’s upcoming halving event adds to its positive outlook, but the market reaction is uncertain.
• LTC reaches a 14-month high in price.

The Canadian government has approved unrestricted trading of Litecoin (LTC) and three other cryptocurrencies on exchanges, which is a huge move for the Canadian cryptocurrency sector.

Litecoin made the following statement on Twitter on July 1 in honor of Canada Day:

The impending halving event, scheduled for August 2, 2023, adds to the good prognosis for Litecoin. This will be LTC’s third halving event, with the block reward dropping from 12.5 LTC to 6.25 LTC. Although previous halving occurrences have often been connected with price hikes owing to increased scarcity, it remains to be seen how the market will react this time. In recent days, the price of LTC has risen dramatically against the background of an impending halving event.

Litecoin reached a big milestone as it surpassed the $100 barrier, reaching a 14-month high in price. The hash rate of LTC, which acts as a measure of the blockchain’s processing capacity, is a significant component fueling its increasing pace.

Additionally, Litecoin has lately avoided regulatory attention from the United States Securities and Exchange Commission (SEC). Although the SEC has not categorized LTC explicitly, it has raised concerns about unregistered securities, especially those that use the proof-of-work (PoW) mechanism, such as Bitcoin and Litecoin. But, blockchain-based cryptocurrencies like LTC are excluded from this group.

The House of Commons Standing Committee on Industry and Technology has urged the government to develop a national blockchain policy that defines the country’s regulatory stance and shows support for the sector. The parliamentary committee also wants the Canadian government to create a unique regulatory system for stablecoins that separates them from other crypto assets, comparable to the European Union’s Markets in Crypto Assets (MiCA), which classifies stablecoins as a separate asset class.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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