The study claims that “the vast majority of Ontarians are approaching cryptoassets with caution.” It is explained in the research that practically, this shows that “only a small percentage” of Ontarians own digital currencies, and that holders “tend not to spend substantial sums of money acquiring them.”
The OSC ostensibly processed the study to get a better understanding of the way that Ontarians interact with cryptocurrency as the commission prepares to up its regulatory efforts. ING issued a resemble study with European, American, and Australian participants earlier this week. The study underlined that because Ontario has such a large population (13.6 million) that “a small percentage” is really a significant number-roughly 500,000 people, a figure that is “sufficient to concern the OSC as a securities regulatory authority.”
Of the total number of participants 500,000, roughly 42 percent said that they acquired digital currency for speculative purposes, in order to make a profit by holding onto their coins and then selling them at a higher price. Half of them reported that they purchased cryptocurrencies because of excitement for the technology.
Nevertheless, the majority of the people who reported that they had learned of Bitcoin but were unable to answer basic questions about the technology. Six statements about Bitcoin were introduced to the participants and asked whether or not they were correct; only 30 percent correctly identified 4 or more of the statements as true or false, and only 3 percent found all of the allegations correct.
It was also stated by the research that many Ontarians are not confident about the regulatory status of ICOs, noting that most ICOs are subject to securities regulation in Ontario. 10 percent of survey participants claimed that they had been solicited to participate in an ICO; 67 percent did not know what government body was in responce of regulating ICOs, and 18 percent answered that they did not think that ICOs were regulated at all.
Only 1.5 percent of participants declared that they had really acquired crypto assets through a token sale, that translates to roughly 170,000 people.