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The Ontario Securities Commission (OSC) has launched two cryptoasset-focused educational initiatives in its efforts to familiarize people with this emerging new area of finance.
Launched as part of its activities for Financial Literacy Month, the initiatives include:
- GetSmarterAboutCrypto.ca, which provides investors with an overview of cryptoasset products and services, the OSC's role in regulating them, and tips for exercising due diligence before considering this type of investment.
- TBACoin.ca which imitates a typical fraudulent initial coin offering (ICO) website to help those interested in this type of capital raising tool identify potential red flags.
"At the OSC we're committed to fostering innovation in the financial sector while at the same time helping protect investors from potential fraud and ensuring they consider both the opportunities and risks when buying cryptoassets," said Tyler Fleming, Director of the Investor Office at the OSC.
"These initiatives help investors better understand cryptoasset products and services as well as be on the alert for any potential red flags before making a purchase."
Earlier in June, the OSC published a research that found that 5 percent of Ontario adults (around 500,000 Ontarians), own cryptoassets, with half of this group spending $1,000 or more on purchasing these products. The research results underscored the growing interest among Ontarians in blockchain technology and innovative means of raising capital.
Recognizing the potential of blockchain technology for Ontario businesses, the OSC has started a number of initiatives to foster innovation in this area. This includes encouraging innovation through the OSC LaunchPad, which engages fintech companies to help them navigate legal requirements and strives to keep regulation in step with digital innovation.
The OSC is also a participating member of the Global Finance Innovation Network (GFIN), an initiative that aims to help innovative firms seeking to operate in multiple countries.
