A recent survey conducted by the Ontario Securities Commission (OSC) reveals that 25% of Canadians currently hold digital assets or crypto investment funds, marking a significant rise from previous years. This increase underscores the growing integration of crypto assets into the Canadian financial landscape.
Widening adoption and platform trust
Eric Richmond, Country Director for Coinbase Canada, noted that the report demonstrates the transition of digital assets into the financial mainstream. He highlighted that Canadian investors are increasingly turning to platforms they trust for digital asset transactions.
Richmond emphasized that one in four Canadians now owns crypto and trades more with Coinbase than any other platform in the country, pointing to the mainstream acceptance of digital assets.
Coinbase is a global cryptocurrency exchange with a strong presence in Canada, offering a range of digital asset trading services to retail and institutional investors. The platform is widely recognized for its regulatory compliance and user-friendly features.
Survey data shows a notable increase in crypto asset ownership, with the figure rising to 25% in 2024, compared to 13% in 2022 and only 10% in 2023. In addition to direct ownership, 39% of Canadian investors now hold some form of crypto product.
| Year | Ownership (%) | Awareness (%) |
|---|---|---|
| 2022 | 13 | 51 |
| 2023 | 10 | 54 |
| 2024 | 25 | 59 |
Growing usage and improved understanding
Awareness of crypto assets has grown, with 59% of Canadians now able to correctly identify what a crypto asset is. This represents a steady increase over recent years. However, the findings also suggest that many Canadians continue to misunderstand various aspects of crypto, particularly in relation to regulation, investor protection, and insurance coverage.
The survey indicates that cryptocurrency is being used for more than short-term speculation. Among crypto owners, 74% have actively used their digital assets. Stablecoin owners reported even higher engagement, with 89% stating they had used their holdings. Notably, 20% of stablecoin holders said they had used these assets for international money transfers.
Stablecoins are digital assets designed to maintain a stable value by being pegged to a reserve, such as a fiat currency or commodity. They are commonly used for transactions, value transfer, and hedging against volatility in the broader cryptocurrency market.
Mini dictionary: Stablecoin, a type of cryptocurrency whose value is tied to another asset, such as a national currency, to minimize price volatility.
Motivations and investor diligence
Canadians cited several motivations for purchasing crypto assets, with portfolio diversification (28%), long-term confidence in cryptocurrency and blockchain technology (27%), and speculative investment (26%) listed as the top reasons. Many users also mentioned using digital currencies for transferring money electronically.
The survey points to a trend of improving investor diligence. Half of crypto owners now check whether a trading platform is registered before investing, up from 38% in the previous survey. This indicates heightened caution and growing awareness of regulatory compliance among Canadian investors.
Among current holders, proactive platform research and regulatory verification have gained traction, reflecting a maturing approach to crypto investment in the country.
The OSC, as Ontario’s securities regulatory body, plays a key role in overseeing and guiding the development of the investment landscape, including the rapidly evolving digital assets sector.
