Exploring the Shifts in Attitude and Investment Trends
Canada has witnessed a nuanced transformation in investor sentiment, as highlighted by a recent survey conducted by the Ontario Securities Commission (OSC) in collaboration with Ipsos. The findings, while unveiling a slight dip in the number of crypto hodlers, also shed light on the growing complexity of perceptions and attitudes towards digital assets in the Canadian population.

Key Survey Highlights:
1. Decline in Hodlers, Surge in Portfolio Value:
- The survey, encompassing insights from 2,360 Canadians, indicated a marginal decrease in the number of crypto hodlers in 2023. However, the intriguing twist lies in the substantial increase in the average value of their crypto portfolios. Despite a drop from 13% to 10% in the percentage of Canadians owning crypto assets, those who did reported a noteworthy surge in the average portfolio value.
2. Regret and Pessimism Prevail:
- A significant revelation from the survey is that 77% of respondents expressed regret over their crypto investments. This sentiment underscores a prevailing pessimism towards cryptocurrency in Canada. While the percentage of Canadians familiar with basic crypto definitions increased from 51% to 54%, only 34% believe that crypto will play a pivotal role in the future, down from 49% in the previous year.
3. Demographic Insights:
- The demographic breakdown of crypto investors in Canada revealed a notable trend. The majority of crypto asset owners were identified as males aged 25-44, holding higher education diplomas, and engaged in full-time employment.
4. Profitability Amid Skepticism:
- Despite the prevalent skepticism, a considerable 39% of respondents reported profitability in their crypto portfolios compared to their initial investment. This figure, while slightly lower than the previous year's 46%, underscores a resilience in the face of market uncertainties.
5. Changing Investment Motivations:
- The survey also captured shifts in investment motivations. The primary reason for purchasing crypto remained consistent as a speculative investment. However, there was a notable decline in those viewing crypto as a long-term investment, dropping from 29% in 2022 to 20% in 2023.

Global Parallels:
The survey outcomes align with global trends, finding resonance with research conducted in France by the Organisation for Economic Co-operation and Development (OECD). The French study revealed that 9.4% of the population holds crypto assets, placing it in close competition with traditional investment assets like real estate funds.
Conclusion: Navigating Uncertainties in Crypto Investments
As Canada grapples with evolving sentiments surrounding cryptocurrency, investors find themselves at a crossroads of regret and profitability. The survey signals a need for the crypto industry to address concerns and misconceptions, emphasizing education and transparency to bridge the gap between potential and perception. While profit margins remain resilient, understanding and reshaping the narrative around crypto investments will be pivotal in navigating the uncertainties that lie ahead.

#Canada #hodl

According to OKX, existing Canadian customers must close open positions in options, margins, perpetual, and futures by June 22, 2023. On March 20, cryptocurrency exchange #OKX informed Canadian users via email that the firm "will no longer provide services or allow users to open new accounts in Canada starting on March 24, 2023, 12:00 AM EST," citing "new regulations". By the specified date, all fiat or tokens must also be withdrawn.

"Your funds will remain safe in your account until you withdraw them. You will be able to withdraw dollars to your linked bank account and cryptocurrency to your self-custody wallet or your cryptocurrency account on another exchange."

According to OKX, its departure from #Canada is "temporary," and the exchange is collaborating with regulators to find a solution. Keep tuned, and we hope to see you again in the future," the OKX staff added. Prior to this, #cryptocurrency exchange Bittrex Global informed its Canadian users that it will be off-boarding them on July 29, 2022, and cited regulatory developments as one of the reasons for doing so.

While they wait to be registered with the regulatory body, Canadian Securities Administrators (CSA) published a notice on February 22 requiring cryptocurrency exchanges to execute additional, legally enforceable undertakings. The new regulation forbids, among other things, "purchasing or depositing Value Referenced Crypto Assets (commonly known as stablecoins) through crypto contracts without the prior written authorization of the CSA," even though it seems #Stablecoins USD Coin (USDC) has not been impacted by the rule.

At the moment, all bitcoin exchanges are required to register with Canadian regulators before accepting customers there. ByBit and KuCoin, two cryptocurrency exchanges, were fined millions of dollars on June 22, 2022, by the Ontario Securities Commission for operating as "non-compliant platforms" in the nation.