The Ontario Securities Commission announced the launch of two cryptoasset educational initiatives as part of its efforts for this year’s Financial Literacy Month.
The two projects — GetSmarterAboutCrypto.ca and TBACoin.ca — educate investors about the opportunities and risks cryptocurrencies present.
GetSmarterAboutCrypto.ca provides an overview of cryptoasset products and services, and discusses the role of OSC in regulating these new type of asset. The website also shares tips on how to properly analyse cryptoasset products and the steps needed before even considering such type of investment.
On the other hand, TBACoin.ca mimics a typical fraudulent initial coin offering (ICO) website, as it educates potential investors about the telltale signs and red flags indicating fake ICO platforms.
“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, OSC Investor Office director Tyler Fleming said.
OSC believes that many investors are exposed to fraudsters given the widespread promotion and growth of the ICO market. Early this year, OSC published a study which revealed that 5% of Ontario adults own cryptoassets, with around a half spending at least $1,000.
Given that OSC sees the opportunities blockchain technology provides for business, it is also encouraging innovation through OSC Launchpad, helping them navigate legal and regulatory requirements.