Canadians’ interest in crypto assets has declined over the past year. That’s just one result from a new OSC survey published yesterday looking at crypto asset attitudes and ownership. It follows up on a similar survey from 2022.  

The survey results shed light on Canadians’ changing views about crypto assets as investment choice. Compared to last year, crypto asset owners are more likely to regret buying it (77% in 2023 compared to 68% in 2022) and to report that their assets are valued at less than what they paid for them. 

Crypto buyers had varied reasons for purchasing. The most common reasons to purchase crypto were to earn a higher return than with a savings account, as a speculative investment or gamble, or as a long-term investment based on belief in the technology. Common reasons for not buying included: riskiness, including the financial risk and associated volatility; a lack of government-backed guarantee; and the potential of being defrauded or hacked.

To see how your knowledge stacks up try the crypto quiz. And visit GetSmarterAboutCrypto.ca. It  has information to help investors understand more about how crypto assets work, the regulations, and the risks. GetSmarterAboutCrypto.ca also includes stories of real crypto frauds so people can be more aware of what can happen.

Decoding crypto asset attitudes

How do you feel about crypto assets as an investment compared to other Canadians? Check out the results of the OSC’s latest crypto assets survey. It has insights into Canadians’ crypto ownership and knowledge. And it compares the findings to the 2022 Crypto Assets Survey to paint a picture of how Canadians’ views of crypto are changing.

The CSA today set out a proposed regulatory framework for an independent dispute resolution service whose decisions would be binding. Under the proposed framework, it is expected that the Ombudsman for Banking Services and Investments (OBSI) would be the designated or recognized independent dispute resolution service for the investment industry. There is a 90-day comment period, and stakeholders are invited to provide comments in writing on or before February 28, 2024.

OSC seeks comment on priorities for 2024-2025

The OSC is seeking feedback from stakeholders on its proposed Statement of Priorities for 2024-2025 which will guide business planning for the fiscal year. It sets out the priority initiatives on which the OSC intends to focus its resources and actions. 

It’s important for us to hear from you so that the OSC can consider all important stakeholder views. The proposed priorities build on the OSC’s ongoing work to deliver on its mandate to modernize regulation and respond quickly to market changes, deliver compelling investment opportunities and strong investor protection.
 

Wrapping up Financial Literacy Month

Financial Literacy Month is almost over. Throughout November, the OSC shared resources to help people increase their financial knowledge. Earlier this month, Investor Office Director, Tyler Fleming, participated in a wide-ranging discussion on a popular webcast (now available on a podcast) with Pamela Ritchie. Their conversation covered many topics including how people can protect themselves from fraud, the OSC behavioral science research and highlights from recent OSC. The OSC also held a Telephone Townhall, a #Fraudchat and shared many financial literacy resources through outreach activities.

Staying financially healthy

Part of financial literacy includes knowing how to optimize your financial health. Personal insurance can be part of that. It can protect you from the financial consequences of unexpected events. Having an emergency fund is also a good idea. And managing stress is also important. Check out four tips to increase your financial resilience.

Don’t let scammers hijack your senses

Scammers are using new generative artificial intelligence (AI) to imitate people’s voices and faces to fool people. Read our new article about these scams and ways to protect yourself from voice clone scams and deep fakes.

Regulatory Updates & Initiatives

Here are some recent developments and publications:

• CSA and CIRO published a summary of short selling consultation.
• OSC provides funding to Angel Investors Ontario for investor education initiatives.

What’s your investment strategy?

Are you investing for growth or income or both? Find out more about these investing strategies and how they connect to your investing plan.

Weighing when to tap into home equity

There are advantages to borrowing against your home — and there are disadvantages too. Take a look at tips to determine if using your home equity is right for you.

Free courses to brush up on investing

Investing 101 can help improve your investing knowledge and confidence. The free course is part of the OSC’s Investing Academy, a new learning channel that lives on GetSmarterAboutMoney.ca. Enroll in Investing 101 today to learn more about the stock market, types of investments, risk, and more through interactive lessons with videos, quizzes and action tips to help you put knowledge into action. The courses are available in French and English and can be completed in about an hour, at any time, on mobile or desktop devices.

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