Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
A new survey has revealed the security – and absence of it – regarding cryptocurrency storage. With the aim to encourage crypto holders, Cryptovantage looked into how investors and users are storing their cryptocurrency safely.
The survey researched where over 1,000 respondents are storing cryptocurrency, how they’re securing their digital funds, and how safe they feel about trading cryptocurrency.
Cryptocurrency wallets
According to the results, over 70% of respondents are holding their cryptocurrency on a coin wallet, with nearly 35% of those users storing their funds with Coinbase, 26% are holding with Robinhood and 25% are using Binance to hold their funds. The survey indicates that on average, cryptocurrency users store around $7,245 invested and stored through online wallets related to cryptocurrency exchanges While Coinbase, Binance and Robinhood might see the most investment in terms of volume, 73% of the respondents suggested that SoFi, a US-based financial organisation, was the most secure wallet. Only 8.1% of users choose the American wallet as their wallet of choice, however.
The preferred wallet and device associated
According to the research, 72.5% of the respondents cited desktop wallets as the most secure, but only 58.2% of users opt for desktop, with 53.3% choosing mobile wallets, and 33.1% looking at online (or hot) wallets as the option to use.
Cryptocurrency security and passwords
Looking at how investors prefer and opt to store their cryptocurrency passwords, the survey found that 61% of respondents found their cryptocurrency passwords and keys safe, with 12% believing otherwise.
Regarding how they choose to remember their passwords, the highest amount with 26.6% opted for password managers, with 18,6% choosing manual handwritten notes to store their keys. 15% chose Password Safes as their preferred way to remember their keys, with just over 10% relying on screenshots. As per the report, it has been suggested that Americans use weak codes to secure other logins, but cryptocurrency logins tend to be more secure, possibly resulting in nearly 40% still forgetting their passwords:
“[It’s] estimated that 83% of Americans use weak passwords for other logins, so the security employed for crypto is relatively much stronger. Still, the worst did happen to many of our respondents: 39.7% had forgotten their passwords at some point.”