Canada, in particular, has become a very crypto-friendly nation—embracing digital assets with a regulatory system that is relatively advanced relative to global peers. Despite clear legal frameworks, the trajectory of cryptocurrencies in Canada remains unexpected: adoption is selective, innovation flourishes, and even political figures and sports leagues have ventured into the realm of digital currency.
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Crypto’s Canadian Status
Canada has not legitimized cryptocurrencies as legal tender. Nevertheless, it allows their trading, buying, and selling. Crypto exchanges must register with FINTRAC, Canada’s anti-money-laundering authority, and meet strict compliance and reporting obligations—a step that brings legitimacy to the sector.
On the tax side, cryptocurrency is treated as property, similar to an asset obtained by barter, and profits are taxed as business income or capital gains.
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Adoption Trends: Who’s Buying and Why?
Cryptocurrency usage for daily payments remains limited—only 2.5% of Canadians used it to make payments in 2023, up slightly from 2.2% in 2022. Cash and cards still dominate consumer habits.
Ownership is most common among young, affluent men: millennials and Gen Z account for the vast majority, with a total of 54% of crypto owners aged 18–34. Surveys suggest some 10% of Canadians own Bitcoin in 2023, twice that of just a few years back—reflecting robust growth in investor appetite.
Institutional Moves and Platform Expansion
Canada’s crypto ecosystem is also growing up. One of the world’s largest exchanges, Coinbase, became the first international crypto firm to be registered as a restricted dealer by the CSA in August 2023.
Locally, mergers have led to the growth of exchanges like Coinsquare. Coinsquare closed a historic three-party merger with CoinSmart and WonderFi in July 2023 to become a giant Canadian crypto company.
Celebrities, Politics, and Sports
Cryptocurrency may not be ubiquitous among celebrities, but one high-profile Canadian politician has gone on record.
Opposition leader Pierre Poilievre has openly declared Bitcoin ownership. He infamously bought a shawarma with BTC in London, Ontario—to symbolize his support of crypto as an inflation hedge. He wants Canada to aim to be the “blockchain capital of the world.”
In sports, the Canada’s Elite Basketball League (CEBL) offered players the option to receive part of their salary in Bitcoin. A first in North American pro sports, made possible by Bitbuy, shows where crypto intersects with culture and entertainment.
Canadians continue to make important contributions on the business side, such as Ethereum co-founders Anthony Di Iorio and Joseph Lubin.Di Iorio was a senior executive at the Toronto Stock Exchange and spearheaded projects like Jaxx wallet.
Canada’s expanding crypto footprint indicates a country subtly influencing the future of digital finance, from politics and sports to significant technological advancement.
Paving the Way for a Unified Digital Finance Ecosystem Across the Commonwealth and MENA
The Commonwealth Union took a giant step towards the creation of a common digital finance ecosystem for the Commonwealth and MENA regions with the launch of the Commonwealth Union Blockchain Vertical. Bringing together influential figures from government, finance, and technology sectors, the gathering laid the groundwork for future cross-border partnerships and investment. It also highlighted the urgent need for coordinated digital infrastructure to support seamless financial connectivity across nations. All these initiatives support one another to instill innovation, build confidence, and establish a strong foundation for digital finance in every region.
The Commonwealth Union is also working on launching our Digital Banking Network, further enhancing cross-border economic cooperation and financial inclusion.
Before the official launch, please get in touch with us at info@commonwealthdigitalbanking.com if you would like to learn more about how to participate in or join the Commonwealth Union’s Digital Banking Network.
