The Ontario Securities Commission (OSC) conducted a study that showed that over a half a million residents of the province, or 5%, currently own cryptocurrencies. The report also showed how Ontarians invest, how many are former owners of digital tokes (but have since sold them), and details about people investing in cryptocurrencies.
The study, entitled “Taking Caution: Financial Consumers and the Cryptoasset Sector,” says:
- 5 percent of Ontarians currently own cryptoassets. Based on recent population data, this translates to over 500,000 Ontarians.
- An additional 4 percent of Ontarians owned cryptoassets in the past but no longer own them.
- Half of Ontario’s cryptocurrency owners spend less than $1,000 on their cryptocurrencies, 90% spend under $10,000 and about 50,000 Ontarians spend more than $10,000.
The study was carried out between March 14 and 22, and is based on responses given by nearly 2,700 Ontarians aged 18 and older. It also includes background research by the OSC Investor Office. The survey includes “an oversample of 1,506 men aged 18-34,” because of “its higher expected propensity, based on prior research, to own cryptoassets compared to the rest of the public.”
According to the OSC report, “Men aged 18-34 were substantially more likely to report owning a cryptoasset than the general public, with 14 percent reporting that they currently own a cryptoasset.”
While only a small percentage of Ontarians own cryptocurrencies, the OSC wrote: “Ontario’s large population means that even small percentages can collectively translate into substantial numbers—numbers sufficient to concern the OSC as a securities regulatory authority.”
The report also details how many Ontarians participate in cryptocurrency ICOs:
- 5% of Ontarians have participated in ICOs – about 170,000 Ontarians
- Half of past and present cryptoasset owners reported that they believe ICOs are not subject to regulation or do not know who regulates them. “This belief is incorrect,” the Commission clarified. “The OSC regulates ICOs that constitute securities offerings.”
- Most respondents reported obtaining information about ICOs through social media, friends and family, as well as advertising including online ads and email.