The Ontario Securities Commission (OSC) today launched two cryptoasset educational initiatives as part of its activities for Financial Literacy Month.
The first, GetSmarterAboutCrypto.ca 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.
The second, TBACoin.ca shows what a typical fraudulent initial coin offering (ICO) website may look like and to help those interested in this type of capital raising tool identify potential red flags.
The widespread promotion and growth of the ICO market, coupled with a relatively low understanding of cryptoassets among the general public, which provides fertile ground for fraudsters to take advantage of Main Street investors has prompted the OSC to redouble its educational efforts.
An OSC study, published in June 2018, found that five percent of Ontario adults, translating to about 500,000 Ontarians, own cryptoassets, with half of this group spending $1,000 or more on purchasing these products. Of all Ontario adults, men aged 18-34 were three times more likely to report owning cryptoassets. According to the OSC, this research results shows that Ontarians are very interested in blockchain technology and new ways of capital raising.
For more information, please call Barbara Hendrickson at BAX Securities Law (416) 601 -1004.
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