New research published by the Ontario Securities Commission has revealed that interest in digital assets in Canada has increased significantly in the last two years. According to the research, one in every four people in the country now holds crypto assets or crypto investment funds.
Rapid increase in crypto ownership
According to the data in the research, while the rate of Canadians owning crypto assets or crypto funds was 10% in 2023, this rate has now increased to 25%. In 2022, the rate was at 13%. The Ontario Securities Commission, one of Canada’s main provincial market regulators, pointed out that adoption has spread to a broader base.
Looking specifically at Canadian investors, the rate of those owning any crypto product reached 39%. This data reflects not only direct crypto purchases but also interest in crypto-related investment instruments.
Coinbase Canada Country Director Eric Richmond emphasized that one in four people in Canada now owns crypto and that digital assets have become one of the mainstream areas of the financial world.
While awareness increases, knowledge gaps continue
The research showed that public awareness has also increased. 59% of Canadians can correctly define what a crypto asset is. This rate was measured as 54% in 2023 and 51% in 2022.
However, the research also revealed that misunderstandings persist about how crypto assets work. It was observed that information gaps continued, especially on topics such as regulation, investor protection and insurance coverage.
Usage area expanded beyond investment
The data also shows that crypto assets are not bought solely with price expectations. 74% of current crypto holders stated that they actually use their digital assets. For stablecoin holders, this rate increased to 89%. Stablecoin is known as a type of cryptocurrency whose value tries to be fixed to an asset, usually the US dollar.
Mini glossary: A stablecoin is a digital asset whose price is pegged to a reference asset, usually the dollar, so that it remains more stable. These types of assets are especially used in money transfers and on-chain payments.
20% of stablecoin holders said they use these assets for international money transfers. Among Canadians’ reasons for purchasing crypto, portfolio diversification ranked first with 28%. Long-term belief in crypto and blockchain technology followed at 27%. The rate of purchases made with the expectation of returns from price movements was 26%.
74% of current crypto holders reported using their digital assets, while 20% of stablecoin holders reported making international money transfers with these assets.
Investors’ tendency to audit their platform selection has strengthened
The research also pointed out that a more careful approach to investor behavior is strengthening. 50% of participants who own crypto stated that they check whether the trading platform is registered before investing. In the previous study, this rate was 38%.
This change shows that as interest in the crypto market increases in Canada, investors are starting to pay more attention to factors such as the regulatory framework and platform reliability.
