Almost half of Canadians will own cryptocurrency by 2024

According to the Ontario Securities Commission, more than 30% of Canadians plan to invest in cryptocurrency assets in the near future. Interestingly, the state regulator sees no need to prevent citizens from buying virtual currency. Speaking to the Economic Club of Canada, Ontario Securities Commission (OSC) Director Grant Wingow said that by 2024, almost half of Canadians will own cryptocurrencies. According to Wingow, this demonstrates the significant potential inherent in blockchain technology.

Wingow noted that the widespread use of blockchain creates opportunities for the modernization of the Canadian capital market, which will help reduce transaction fees and increase the efficiency of financial transactions. Digital assets can become a structural element for creating a business that can be competitive, develop the economy and provide jobs.

However, the head of the OSC stated that the agency’s position on cryptocurrency regulation is neutral. According to him, the current regulatory framework for stocks and bonds is equally applicable to cryptocurrencies, so «the vast majority of Canadian crypto companies already fall under the jurisdiction of the OSC.»

«As a securities regulator, we see that none of the characteristics of crypto assets or the technologies underlying them affect our approach to regulation. We take a cautious and technology-neutral approach to all new products that come to our market,» Wingow said.

We would like to add that Canadian politicians have polarized positions on the development of the cryptocurrency market in the country. Earlier, we told you that the current Prime Minister of Canada Justin Trudeau is skeptical of the newly elected leader of the Conservative Party Pierre Poilievre, an ardent supporter of cryptocurrencies. He ambitiously promised to introduce cryptocurrencies into the country’s financial circulation if he becomes prime minister. «The government is destroying the Canadian dollar, so Canadians should have the freedom to use other money, such as bitcoin. I want to make Canada the world’s blockchain capital,» Poulievre once said.