The Ontario Securities Commission’s (OSC) chief executive officer (CEO), Grant Vingoe recently talked about the stance of their regulatory authority for cryptocurrencies.
As per Vingoe, their stance towards cryptocurrencies is technology-neutral. However, the chief executive did talk about the future of cryptocurrencies in the country.
OSC is Neutral toward Crypto
According to the chief executive at the OSC, the regulator is not against the adoption of cryptocurrencies but is neutral.
He clarified that although the cryptocurrency is very attractive, it cannot overshadow the fact that it is not regulated enough.
Cryptocurrencies have proven to be risky but they do offer profits and gains for investors. When they look at cryptocurrencies, they look at both angles and have to be cautious on both sides.
Therefore, the stance of their regulatory authority is neutral and would always remain neutral.
Many Canadians to Invest in Crypto
While clearing out the stance of their regulatory authority, Grant Vingoe also talked about the growing adoption rate for crypto in the country.
He also talked about how the people of Canada are perceiving cryptocurrencies and where the country would stand in terms of crypto adoption.
He talked about the people in Canada who are planning to become HODLers for cryptocurrencies in the upcoming years.
Vingoe’s Statement at an Event
On October 6, Vingoe attend the Economic Club of Canada event. It was at the event that he covered both topics about the OSC’s regulatory stance towards crypto and the adoption rate in the country.
At the event, Vingoe stated that the fundamentals that apply to the bonds and stocks serve the same purpose for the cryptocurrency contracts.
Therefore, a vast majority of cryptocurrency firms running different kinds of operations in the country come under their jurisdiction.
He went on to claim that the cryptocurrencies such as Ether and Bitcoin as per their knowledge are the same as commodities. However, the services that the cryptocurrency services providers are offering the users for these digital currencies are considered securities.
General Perception of Crypto in Canada
In Canada, cryptocurrencies have started gaining similar recognition in the United States. However, the OSC seems to be much clearer about its stance towards crypto than the US CFTC and the SEC.
Although there are downfalls in the cryptocurrency industry, the fact remains that other financial sectors are also not doing too well.
As the market and economic condition are constantly being tested, cryptocurrencies have appeared as a secure way of turning investments into profits.
There are speculations that the crypto adoption in Canada may continue growing like the rest of the world. However, its adoption rate may be much higher than the rest of the world.
As per speculations, more than 30% of the total adults in Canada will have invested in cryptocurrencies by 2024.