In October 2022, the Ontario Securities Commission (OSC) published a report highlighting cryptocurrency adoption rates throughout Canada.
Grant Vingoe, the regulator’s chief executive, emphasized the Commission’s tech-neutral stance on cryptocurrency while mentioning that over 30 percent of Canadians plan on purchasing crypto and becoming holders soon.
On October 6, Vingoe made a keynote address in front of the Economic Club of Canada. He said that the regulatory essence of stocks and bonds is evenly applicable to cryptocurrency contracts, with most crypto-based entities under the jurisdiction of the Ontario Securities Commission.
Vingoe also stated that while arrangements between trading platforms and investors constituted securities, the OSC largely perceived Bitcoin and Ether as commodities. Moreover, he commented that the rising cryptocurrency market slowly becoming associated with the financial system forewarned a potential danger, referring to the downfall of Canadian crypto exchange QuadrigaCX (Quadriga Fintech Solutions).
Meanwhile, the OSC has initiated enforcement moves against cryptocurrency companies Bybit and KuCoin. The Canadian regulator widely claimed that both Bybit and KuCoin violated securities laws and operated non-registered cryptocurrency asset trading platforms. As of August 15, the Ontario Securities Commission has listed nine (9) firms under it as registered cryptocurrency businesses, including Bitbuy, Fidelity Digital Assets, and Newton Crypto.