OSC Cryptocurrency Survey Reveals Public's Uncertainty About Blockchain Issues

Stikeman Elliott

• The Ontario Securities Commission (OSC) Investor Office released a report on June 28, 2018 discussing the results of a survey of over 2,600 Ontario residents' knowledge of (and experiences with) cryptocurrencies.
• Entitled Taking Caution: Financial Consumers and the Cryptoasset Sector, the survey concluded that Ontarians generally have little understanding of the regulatory regime surrounding cryptocurrencies, thus supporting the OSC's continued focus on the blockchain-related topics.
• Note that, while the OSC appears to prefer "cryptoasset", we use the more common term "cryptocurrency" below.

Survey Results

The results of the survey suggest that 5% of Ontarians age 18 and over – about 500,000 people – currently own cryptocurrencies, with an additional 4% having owned them in the past. While about half of owners spent under $1,000 on these digital assets, 9% (about 50,000 people) have spent $10,000 or more.