According to the Ontario Securities Commission, more than 30% of Canadians plan to buy crypto assets in the near future, and the regulator sees no need to counter their intentions.
Speaking to the Economic Club of Canada, Ontario Securities Commission (OSC) director Grant Vingoe revealed that more than 30% of Canadians plan to buy crypto assets by 2024. According to Wingow, this reflects the significant potential inherent in blockchain technology.
Wingow noted that the widespread use of blockchain creates opportunities to modernize the Canadian capital market with a significant reduction in transaction costs and an increase in the efficiency of financial transactions. Digital assets can become a building block for creating a business that can compete, grow the economy and provide jobs.
At the same time, the head of the OSC announced the neutral position of the department regarding the regulation of cryptocurrencies. The current stock and bond regulatory framework applies equally to cryptocurrencies, he said, so “the vast majority of Canadian crypto companies” already fall under the jurisdiction of the OSC.
“As a regulator of the securities market, we see that none of the characteristics of crypto assets or their underlying technologies, either positive or negative, affects our approach to regulation. We apply a prudent and technology neutral approach to all new products that enter our market and the same judgment in evaluating them,” Wingow said.
In June, the Central Bank of Canada reported that the proportion of citizens in the country owning bitcoin (BTC) reached 13% in 2021, up 8% from the previous year. The increase in the number of owners of cryptocurrencies indicates the growing interest of Canadians in investing, as well as the fact that access to crypto assets for citizens of the country has become easier.