Cryptocurrency Adoption and trends in Canada in 2022
It is estimated that over 1.6 million people, 4.1% of Canada’s total population, currently own cryptocurrency.(¹)
A 2022 Capterra survey of 1,000 Canadian respondents showed that crypto use is more prevalent in younger demographics. Among the crypto owners, 34% are between 18 and 22 while 41% are between 23 and 35. (2)
Receiving payments in crypto is gathering interest in Canada. The same survey by Capterra revealed that 62% of the participants are interested in being paid in crypto in the next five years. (3)
The surveyors also found that one out of four participants already own crypto, with 58% starting their crypto journey during the pandemic lockdowns when they had more time to do research and learn about digital assets. Of the respondents, 37% said that they are planning to buy crypto soon.
Canadian regulators have also generally maintained a flexible and innovative approach to regulation, as seen from their approval of crypto-based ETFs and the creation of a workable regulatory oversight and compliance structure under provincial securities legislation. (4) The country has a relatively supportive regulatory environment for cryptocurrency and blockchain technology, which has encouraged market growth.