BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Crypto

30% Of Canadians Plan To Buy Crypto In 2024 – OSC Chief

BlockNews Team by BlockNews Team
October 11, 2022
in Crypto, Media, Social
Reading Time: 3 mins read
A A
Canada-Bitcoin
1
SHARES
12
VIEWS
Share on TwitterShare on Reddit

Ontario Securities Commission Chief Executive Officer (CEO) Grant Vongoe said that according to a report planned for release by the regulator in October, a decent percentage of Canadians were planning to purchase Bitcoin and crypto shortly.

You might also like

Around The Block – MAR 24 Week in News

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

UK to Mandate Declaration of Crypto Holdings in Tax Forms

Cryptocurrencies Should Not Be Regulated Differently

In a keynote address made at the Economic Club of Canada on October 6, Vingoe emphasized OSC’s neutral stance on technology, saying the regulator had received significant attention regarding the “regulation of digital assets and their intermediaries.”

According to the OSC chief, the agency does not want to become the center of attention in what he termed a “hotly debated topic in the public discourse” however, “if our actions draw public attention to the risks and opportunities of the crypto sector, the attention serves an important purpose.”

He, however, regretted that the public discussions about crypto regulation have been laden with misinformation, be it “intentional and unintentional,” which confuses investors. Vingoe asserted that the cryptocurrency industry should not have different regulatory treatment from other similar entities.

According to the OSC head, regulatory fundamentals of equities and bonds were equally applicable to digital asset contracts, adding that the “vast majority of crypto-based entities” fall within the OSC’s jurisdiction. The regulator considers Bitcoin and Ethereum (ETH) commodities, while he said the “arrangements that trading platforms have with investors” constituted securities.

“The fundamentals of regulation are equally applicable to stocks, bonds, and crypto contracts. They include disclosure, conduct regulation for intermediaries, reasonable investment limits to avoid the worst risk of loss to retail investors (from concentration or outsized investments), prudential regulation of intermediaries and investment infrastructure, regulatory scrutiny and examinations, proficiency and ethics, enforcement, and redress. There is no reason why crypto assets and their intermediaries should be free from these critical regulation elements.”

He added that the growing crypto market is becoming interconnected to the financial system, potentially posing a concern, citing the recent crash that has wiped out nearly 70% of the market since its November peak above $3 trillion.

“We know from our research, which will be published later this month, that more than 30 percent of Canadians plan to buy crypto assets in the next year.”

Despite Vingoe’s warning over the highly volatile and risky nature of cryptocurrencies, he acknowledged that blockchain technology upon which cryptocurrencies are based has “great potential” for “businesses, institutions, and governments that would benefit from transaction records that cannot be altered.”

The OSC said that the technology offers opportunities to modernize the Canadian capital markets with the “possibility of dramatically lower transaction costs and improved efficiency” and conceivably encrust regulations through smart contracts.

The Cryptocurrency Industry Should Increase Self-regulation

As crypto adoption increases worldwide, the OSC appears concerned about the unregulated state of the crypto industry. The regulator chief said the crypto industry should do better at policing itself instead of waiting to be supervised by regulators.

Vingoe pointed out that legislative oversight of domestic and foreign cryptocurrency firms was necessary for Canadian capital markets. And while the Canada-based regulator has tried to regulate the industry, “we are stretched quite thin with it … [due to]… limited budget and finite enforcement staff.”

It should be noted that the OSC has taken enforcement actions against crypto exchanges, such as KuCoin and Bybit, on allegations that they have violated securities laws and operating unregistered crypto asset exchange platforms in the country. Nine crypto firms were listed as registered digital asset companies under OSC as of August 15, including Newton Crypto, BitBuy, and Fidelity Digital Assets.

Tags: BitcoinCanadacrypto
TweetShareShare

Recommended For You

Around The Block – MAR 24 Week in News

by BlockNews Team
March 24, 2023
0
Around the Block

Introduction In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of March 20th....

Read more

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

by BlockNews Team
March 24, 2023
0
quicknode

QuickNode is leading the charge as Web3 is poised to revolutionize the world, but it needs its "WordPress moment" to accelerate positive disruption. Blockchain technology can upend manual-intensive...

Read more

UK to Mandate Declaration of Crypto Holdings in Tax Forms

by BlockNews Team
March 24, 2023
0
parliment

The government hopes to close regulatory gaps and stop illegal operations by enacting rules that address various parts of the industry. The requirement to disclose cryptocurrency holdings in...

Read more

The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

by BlockNews Team
March 24, 2023
0
The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

Crypto prices display rapid fluctuations as the U.S. Federal Reserve hikes interest rates by 0.25%. Investors remain upbeat about the medium-term outlook of Bitcoin and the wider crypto...

Read more

Telegram Enables USDT Stablecoin Payments on the Tron Network

by BlockNews Team
March 24, 2023
0
Telegram

Telegram integrates USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly and without transaction fees. Telegram's venture into cryptocurrencies began with the...

Read more
Next Post
Ooki-DAO-Founder

‘Fear’ May be Keeping Ooki DAO from Mounting Defense Against CFTC

Related News

shiba inu crypto

Shiba Inu Price Tanks 7% In 24 hours Amid Allegations That Shibarium Code Was Copied From Another Blockchain

March 20, 2023
charlie munger crypto

Charlie Munger says crypto is a bad combo of fraud and delusion — ‘good for kidnappers’

November 21, 2022
Cryptocurrencies

Only 0.01% Of Banks Globally Are Exposed To Cryptocurrencies – Report

October 5, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Around The Block – MAR 24 Week in News March 24, 2023
  • Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption March 24, 2023
  • UK to Mandate Declaration of Crypto Holdings in Tax Forms March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?