Regulators for the province of Ontario have continued to take a measured approach to the digital currency landscape. Rather than act in a way that could cripple the growth of the blockchain industry, the Ontario Securities Commission (OSC) continues to observe its growth.Now, the OSC released findings from a survey designed to paint a clearer picture of how Canadians are being affected by the digital currency boom.
The study was conducted by Innovative Research Group and surveyed 2,667 Ontario residents. The results were then weighted using Statistics Canada Census data, in an attempt to gauge the behaviour of the broader public.
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According to the OSC, the study revealed that an increasing number of Ontarians are approached about participating in Initial Coin Offerings (ICOs), leading to potential risks given the lack of familiarity with these types of investments.Amidst the popularity of the digital currency industry, fraudulent projects attempt to blend into the crowd in order to deceive investors. These projects have been known to affect both Canadian investors and the reputation of genuine actors in the space. Its important that investors understand the potential risks and characteristics of purchasing a cryptoasset product, said OSC Director of the Investor Office, Tyler Fleming, in a press release. We want to remind Ontarians to ask questions and read disclosure documents carefully to know what they are investing in.
According to the surveys findings, 5% of Ontarians own some form of digital assets. Adjusting this to population estimates, it stipulates that over 500,000 Ontarians currently hold at least some cryptoassets.Further, men aged between 18 and 34 were found to be the most likely demographic to report owning digital assets. Of the total digital currency owners surveyed, 50% spent under $1,000 CAD. Further, 9% reported spending over $10,000 CAD. The findings also showed that respondents were familiar with digital currencies but the majority were not familiar enough to explain the details to others. 81% of the surveys respondents had heard of Bitcoin, while 25% had heard of Bitcoin Cash, 13% had heard of Litecoin, and 11% had heard of Ether. Ultimately, the survey arrives as part of the OSCs larger initiative to understand the ramifications of the digital currency industry. Previously, it warned investors about several cryptocurrency platforms, and moved towards creating regulation to help genuine digital currency businesses grow.Image Credit: St. Patrick's Catholic School
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