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The OSC survey found that five per cent of Ontarians currently hold some form of cryptocurrency asset, and while that represents a small sliver of the overall population, five per cent still translates to more than 500,000 people.

Of those who own cryptocurrencies, the majority spent less than $1,000 buying them. Only nine per cent of cryptocurrency owners spent more than $10,000 on their assets, although that still translates to about 50,000 Ontarians.

Most of the numbers in the report are based on an online survey conducted by Innovative Research Group. In March, they surveyed 2,667 Ontarians over the age over the age of 18, and deliberately targeted young men because previous studies have found that males between 18-34 are the most likely demographic to own cryptocurrency assets.

The OSC report highlights some of the risks associated with cryptocurrencies, including initial coin offerings, an investment mechanism which has been used to raise an estimated US $5.6 billion for various cryptocurrency projects in 2017 alone.

The OSC report highlights a study on Bitcoin.com, which indicates that by February of 2018, 46 per cent of all ICOs in 2017 had failed, and another 12 per cent of ICOs were showing signs of failure.

“We want to certainly remind investors and market participants that, with respect to ICOs, they are subject to securities regulation,” Fleming said. “And before investing in any security, it is important that people understand what they’re investing in, what protections are available and who they might turn to in the case of a problem.”