The Canadian Web3 Council finds three in five Canadians support the development of a national policy framework to regulate cryptocurrencies

New data demonstrates the importance of establishing effective rules for cryptocurrencies in Canada.

OTTAWA, ON, June 16, 2022 /CNW/ - New data shows that a majority of Canadians (60%) support the establishment of a new policy framework for cryptocurrencies to protect the public interest, developed in consultation with cryptocurrency experts and Canadian users. The research from Nanos Research, commissioned by the Canadian Web3 Council, also shows that nearly half of Canadians (48%) are looking to the federal Government to introduce a strategy to create a more accessible, inclusive, and effective financial ecosystem that includes the use of digital assets like cryptocurrencies.

"Crypto is no longer a niche hobby and has grown into a multi-trillion-dollar industry capturing the hearts and minds of investors across the country," said Brian Mosoff, President and Founding Member of the Canadian Web3 Council. "We owe it to Canadians to come to the table and build a new, robust framework to properly regulate the space. This innovation has the potential to be a great economic benefit to our society, and allows our country to be at the forefront of change. If we don't act soon, we not only redirect the activity to competing jurisdictions, but we let down Canadians who want to participate in this new world that is reshaping our financial landscape."

Other notable findings indicate that Canadians who have heard of cryptocurrency and have a positive impression of it most often say so because it is a promising alternative investment tool and it's the future (44%). As a demonstration of its long term investment potential, over three in five Canadians scored cryptocurrencies as highly credible (32%) (score of 7-10 out of 10) or of average credibility (29%) (4-6) as an asset class that can be held as part of their overall investments. Canadians are equally positive about the potential to pay and be paid through cryptocurrencies, with half of respondents saying they support (17%) or somewhat support (33%) consumers having the choice to use cryptocurrencies as a payment method.

"While cryptocurrency is a relatively new technology, it is important to note that a vast majority of Canadians (92%) say that they are aware of the technology and that many feel comfortable using it in their everyday lives," says Nik Nanos, Chief Data Scientist and Founder of Nanos Research. "With viewpoints ranging from distrust due to lack of regulation (33%), and others considering it to be highly credible (32%) the important task now is to maintain an understanding of Canadian's sentiments towards the technology, what it could be used for, and how it could impact their lives. The results demonstrate that Canadians are interested in digital assets, and more than half (60%) are looking to the government to establish a framework."

Nanos conducted an online representative survey of 1,003 Canadians, 18 years of age or older from a panel, between April 20th to 22nd, 2022. To view the full report and tabulations, please visit the following link: https://nanos.co/wp-content/uploads/2022/06/2022-2107-Web3-Council-Survey-Populated-Report-with-Tabs.pdf

The Canadian Web3 Council is a non-profit trade association founded with the mission to champion an inclusive digital economy for all Canadians through Web3. Its members represent diverse organisations ranging from financial products and exchange platforms to investors, and open-source blockchain projects. To find out more about this study and the Canadian Web3 Council, visit our website at www.web3canada.ca.

SOURCE Canadian Web3 Council (CW3)