A recent survey by the Ontario Securities Commission shows that cryptocurrency penetration in Canada continues to rise. Currently, about a quarter of Canadians hold crypto assets or crypto investment funds, a significant increase compared to the past two years, reflecting the market's shift from early participation to wider adoption.
The holding rate has increased significantly over the past two years.
The survey shows that 25% of Canadians currently hold crypto assets or related funds, up from 10% in 2023 and 13% in 2022. Looking at the investor base alone, approximately 39% of Canadian investors already hold some form of crypto product.
At the same time, public awareness is also increasing. Approximately 59% of Canadians can correctly identify what crypto assets are, up from 54% in 2023 and 51% in 2022.
Stablecoin usage expands
The survey also revealed that the uses of crypto assets are no longer limited to price speculation. Among existing crypto asset holders, 74% indicated that they have actually used their digital assets.
Stablecoins have a higher usage rate. A survey found that 89% of stablecoin holders have used the asset, with 20% saying they have used stablecoins for international remittances.
In terms of reasons for purchase, the most frequently cited factors by Canadian respondents included asset diversification, long-term optimism about crypto assets and blockchain technology, and speculative investment. Some respondents also mentioned the need for digital money transfers.
Increased investor awareness
The survey also indicated that investors are more discerning when choosing trading platforms. 50% of crypto asset holders said they would verify platform registration before investing, up from 38% in the previous survey.
However, the survey also noted that many Canadians still have misunderstandings about how crypto assets work, particularly regarding regulation, investor protection, and insurance coverage. This means that while market adoption is increasing, investor education remains a key focus for the industry's future development.
