More than 30% of Canadians plan to purchase crypto by 2024, says OSC head

CoinTelegraph

Ontario Securities Commission CEO Grant Vingoe said the regulator planned to release a report in October which included crypto adoption rates in Canada.

Grant Vingoe, chief executive officer of the Ontario Securities Commission, reiterated the regulator’s technology-neutral stance on crypto while saying many Canadians planned to become HODLers in the near future.

How To Get Free Crypto  

In a keynote address before the Economic Club of Canada on Oct. 6, Vingoe said the regulatory fundamentals of stocks and bonds were equally applicable to crypto contracts, with the “vast majority of crypto-based entities” falling within the OSC’s jurisdiction. According to the OSC head, the regulator largely considered Bitcoin (BTC) and Ether (ETH) to be commodities, while “arrangements that trading platforms have with investors” constituted securities.

“As securities regulators, none of the characteristics of crypto assets or their underlying technology, either positive or negative, drives our regulatory approach,” said Vingoe. “We are not here to pick winners and losers among investments. We take a careful and technology-neutral approach to all new products that come into our market, and we apply the same reasoning in assessing them.”

He added that the growing crypto market becoming interconnected to the financial system potentially posed a concern, citing the collapse of digital asset exchange QuadrigaCX:

“We know from our own research (being published later this month) that more than 30 per cent of Canadians plan to buy crypto assets in the next year […] It is a challenge to bar non-compliant firms from offering services in Canada. With a limited budget and finite Enforcement staff to cover our entire capital markets, there is only so much we can do. But we are making progress.”

Related: Cleaning up crypto: How much enforcement is too much?

The Canada-based regulator has taken enforcement actions against crypto firms Bybit and KuCoin, largely claiming violation of securities laws and operating unregistered crypto asset trading platforms. As of Aug. 15, 9 companies are listed as registered crypto businesses under the OSC, including Fidelity Digital Assets, Newton Crypto, and Bitbuy.

Coinbase Banner  

Go to Source
Author: Turner Wright


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.