A study by the Ontario Securities Commission reveals that over half a million people, 5 percent of Ontario residents, currently own cryptocurrencies. The report also shows how they invest, how many owned crypto in the past but not anymore, and details of those investing in tokens.
5% of Ontarians Have Crypto
The Ontario Securities Commission (OSC) published a study last week entitled “Taking Caution: Financial Consumers and the Cryptoasset Sector.” The report describes:
Five percent of Ontarians currently own cryptoassets. Based on recent population estimates, this figure translates into over 500,000 Ontarians currently holding at least some cryptoassets. An additional 4 percent of Ontarians owned cryptoassets in the past but no longer do.
More specifically, the Canadian Department of Statistics currently shows an estimate of 14,374,084 citizens in the province. This equates to 718,704 Ontarians presently holding some type of cryptoassets.
Furthermore, half of cryptoasset owners spend less than $1,000 on their cryptocurrencies, with 90 percent spending under $10,000. Meanwhile, about 50,000 Ontarians spend more than $10,000.
This study is based on background research by the OSC Investor Office as well as a survey of over 2,667 Ontarians aged 18 and older, carried out between March 14 and 22. 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 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.”
The survey sample was then “weighted down to n=1,000 by age, gender and region using the latest Statistics Canada Census data to reflect the actual demographic composition of the adult population residing in Ontario.”
While citing that only a small percentage of Ontarians own cryptoassets, 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.
1.5% Ontarians Have Participated in ICOs
The report additionally details how Ontarians participate in ICOs. Half of past and present cryptoasset owners said that they believe ICOs are not subject to regulation or do not know who regulate them. “This belief is incorrect,” the Commission clarified. “The OSC regulates ICOs that constitute securities offerings.”
Most respondents reported having obtained their information about ICOs through social media, friends and family, as well as online ads and email. According to the report:
About 1.5 percent of Ontarians have participated in an ICO. This percentage translates to about 170,000 Ontarians who have participated in an ICO.
What do you think of the OSC’s research? Let us know in the comments section below.
Images courtesy of Shutterstock and the OSC.