40% of Canadians have sold their Cryptocurrency!

A recent study exploring the investments customs of Canadians discovered that 40 percent of Ontario’s resident shareholders have sold their cryptocurrency holdings.

The research put out from the Ontario Securities Commission (OSC) has been conducted to assess the customs of those spent in cryptocurrency and the amount of understanding individuals that invest possess of their nascent sector.



The analysis which concentrated on the 14 million individual population of Ontario state (over 38 percent of their countrys general inhabitants ) found that only 5 percent of its inhabitants or roughly a half a million adults over age 18 are spent in the cryptocurrency marketplace. While 4 percent in the state had possessed but have sold their crypto holdings.

The poll discovered that the market most likely to be spent in cryptocurrencies are men between the ages of 18 and 34 of that 14% now have some form of digital advantage.
Overall the study found that Canadians are usually careful in their investment habits in regards to the crypto world. For example, less than 9 percent or just about 50,000 individuals have spent over CD$9,999 within their electronic portfolio. Even though 90 percent invested less than $10,000 and 50 percent less than $1,000.

Although ICOs have experienced a record-breaking year in most respects Canadians, based on the study, have bought in. Just 1.5 percent, or 170,000 individuals have participate in any first coin offerings. This low-interest level could possibly be explained by an overall low level of understanding regarding cryptocurrencies. The majority of the participants were not able to describe the manner in that cryptocurrency or even the blockchain technologies that powers them functions.

Perhaps most interesting from the poll was that the wide range of methods that the respondents had acquired their crypto holdings. 18% obtained their holdings totally free through air drops and another 18% obtained everywhere in exchange for products or services.

Because the majority of the participants stated they had used money savings to obtain their cryptocurrencies, a little group used or borrowed credit cards of whom two-thirds have paid off that debt. The research final decision reads:
“The results of this survey indicate that the vast majority of Ontarians are approaching cryptoassets with caution. Only a small percentage own cryptoassets, and those who do own them tend not to spend substantial sums of money acquiring them,” concluded the survey.



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Author: CryptoCrimsonStaff
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Canada Cracks Down On Unlicensed Cryptocurrency Companies

The Ontario Securities Commission (OSC) is cracking down on unlicensed companies promoting investments and trading in cryptocurrencies

The authority issued an investor alert on May 18, warning the public about five companies:

BTCReal, BitSerial, Hypercube Ventures LP, CabinCoin OÜ, and BaapPay Inc., which it said “appeared to be involved in schemes that target Ontario investors and encourage them to trade or invest in cryptocurrencies.” These have not provided a prospectus, as required, or received an exemption.

The crackdown on the five companies followed several complains from customer and would-be investors, the OSC said, and comes at a time when regulators in North America are taking stern measures against cryptocurrency exchanges operators and token issuers.

Throughout the past few weeks, state and provincial regulators in the US and Canada have conducted a wide-ranging crackdown on initial coin offerings (ICOs) and cryptocurrency-related investment products.

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This resulted in nearly 70 open investigations and 35 pending or completed enforcement actions, but according to Joseph P. Borg, president of NASAA and director of the Alabama Securities Commission, the results “are just the tip of the iceberg.”

The coordinated action plan, dubbed “Operation Cryptosweep,” involved members of the North American Securities Administrators Association (NASAA) from more than 40 jurisdictions. The regulators said they were currently conducting additional investigations into potential fraudulent conduct that may result in additional enforcement actions.

“The persistently expanding exploitation of the crypto ecosystem by fraudsters is a significant threat to Main Street investors in the US and Canada, and NASAA members are committed to combating this threat,” said Borg.

“Despite a series of public warnings from securities regulators at all levels of government, crypto criminals need to know that state and provincial securities regulators are taking swift and effective action to protect investors from their schemes and scams.”

Borg noted that not all ICOs or cryptocurrency-related investments were fraudulent but urged investors to approach these with extreme caution.

ICOs raised more than US$5 billion in 2017 but 2018 promises to be even more remarkable. Token sales raised more money in the first quarter of 2018 than the whole year 2017.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author Diana Ngo 
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