Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
5 Missing Necessities to Move Blockchain from 0.2% Global Penetration to the Remaining 99.8%
TODA Network | Toufi Saliba | Jan 9, 2018
Despite the skeptics, those that have noticed the hype surrounding current blockchains have in fact only seen less than 0.2% global penetration. If that is a revolution - it's a failure. However, what's yet to come is what will get this technology to the remaining 99.8%; and that will not be ledger-based - but will still be a blockchain at the network level that will be unstoppable. No government, no agency, no company, in fact, nothing can stop it. Think of a Tsunami that has already started - can't stop it.
Decentralized Governance is a Security Model
True decentralization cannot be stopped by any central power, however, in order to take off, decentralization must be self-regulated, a living example of that, Bitcoin for 10 years now, owns itself, defends itself and continues to evolve by incentivizing people around it with the only language they both speak: the money language.
Nature has it, what occurs during the exchange of oxygen with carbon dioxide in your lungs, which uses a decentralized protocol called the Alveolus Capillary Protocol. It is doing billions of exchanges per second in your lungs as you read this, without interference from your brain on its functioning. No matter how powerful your brain is, it can neither stop it nor interfere with it. In fact, the more effective it is the more powerful your brain is and vice versa. Think of the brain here as the government. A government that wants to be effective at servicing people must let decentralized governance take over without a centralized point, aka a weak point that could be attacked from within. Governments who care about the people would care to ensure they are operating with the least friction and most efficacy as they exchange value between each other and even between them and their government, for things such as health records, money, real estate or other value-based digital assets.
See: Humans on the Blockchain: Why Crypto Is the Best Defense Against AI Overlords
There are five technical necessities that are still missing or incomplete. They must be achieved for blockchain to get to the remaining 99.8%, these are:
- Security: Decentralized governance is actually a security model to prevent an attack from within. Security without decentralization can be achieved using traditional databases that are fairly secure from outside attack and have been around for decades, but that won't help because they don't prevent an attack from within. Decentralization must be equal to the number of actual users, in fact, every user must be the node participating in the global consensus. (Yes it can be done)
- Efficiency: your users/customers will not use a system that is not efficient - at least not for long. The cost of any system must make relative sense to what we are using it for. You would not purchase a two dollar coffee using a system with a transaction cost that is higher than that. We aren't talking about fees, don’t let that fool you into believing that this is the overall cost. Current blockchains don't reflect the true cost. In fact the cost is hidden from the user by adding a tiny layer of fees, but effectively it takes the cost from the users.
- Confidentiality: A public ledger that is replicated is generally not confidential. An open and public system will go mainstream but not a ledger. Perhaps a hash of the block is all you need especially if it can be built in a way that all users no exception can contribute but hey don't have to. Think of some replication but not full replication.
- Scalability: This is one of the most publicized problems, in order for any system to achieve mass adoption - it must scale. (Not by reducing any of the points above. In fact we expect the deterministic distributed computing to achieve such a result.
- Interoperability: Over 50 projects claim that they have figured this out by building decentralized exchanges that must be relied upon. For P2P interoperability, it is necessary not to have anyone in the middle because they can impact any, if not all of the 4 previous necessities and collapse the system on itself. In security, there is a saying: "you are as good as your weakest link" and by having decentralized exchanges to depend on, they at best become one of the weakest links if not the absolute weakest
What’s Holding Humanity Back?
The most popular blockchains intended to achieve this, however, an exploitation of the Bitcoin protocol that started almost 7 years ago, precisely on Hashcash, the core component of PoW got us to the point where only certain classes of machines can be miners. The incentives of those machines diverged from the incentive of users and contributed largely to the regressive evolution of this revolutionary technology at its infancy stage.
Leakage of Value
This leakage of value is a major cost to everyone, despite the fact that people claim that the current Ethereum implementation is free for people to use. The majority actually think that the cost is what they pay in fees using the Ethereum Gas model, in fact, the fees are low when compared to the overall cost of mining that leaks out from users into a different class called miners. Those miners in Ethereum alone extracted directly over $3.4B from the community YTD which led to the collapse of the ETH price as supply outpaced demand. Some criticize Ethereum to be a Ponzi scheme because of that, while we reserve no judgment; instead, we work with many on a solution that will return this technology to its original promises and make it more disruptive than anyone thought before.
See: Cybersecurity, Blockchain And The Industrial Internet Of Things
The remaining 99.8% of the people on this planet will all be on chain one way or another, but definitely not on a ledger based chain. This can truly be the next biggest revolutionary technology the world has yet to witness.
Solving By Design
There are over 5000 people working on these issues globally - so why has the situation not advanced? Because most researchers are not liberated, in fact, they are constrained but often find it hard to admit to.
Mass adoption can only be achieved if these issues are solved by design. This means that the blockchain in question must have all 5 of the key elements described - not 3, not even 4 is enough. Without these necessities, entities using the technology cannot succeed, but having them also does not guarantee success.
From the Bottom Up
To achieve these necessities, blockchain needs the right foundation. TCP/IP is the current foundation (protocol) that allows the internet to exist and enables packets of data to be transmitted. However, these packets cannot effectively hold nor transmit value: the ownership of your home, for example.
Why does this matter? This matters because without solving these problems, we would not even want to strive for mass adoption. A system that does not offer security, efficiency, confidentiality, scalability and interoperability (in that order of importance) all must be met or else, what we have to show will never be revolutionary.
Toufi Saliba is the CEO of Toda.Network. Toda.Network launched in 2018 to enable projects to deliver on the promises of Blockchain. The company has formed and continues to form and onboard alliances, startups and joint ventures which are building on the Toda.Network. The TODA Protocol is a network protocol, a modification of TCP/IP, (not replacing it/ that enables value transmission over the packet layer and below the operating system in a fully decentralized setting, without reliance on a ledger. Learn more: Toda.Network.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Nov 7, 2026 | Last Updated Nov 13, 2026 | NCFA Fintech Whisperer | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Competition And Market Structure, Cross Border Payments And FX, Cybersecurity Fraud And Financial Crime, Digital Assets Blockchain And Tokenization, Digital Banking And BaaS, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Regulation And Policy, Risk Compliance And Regtech, SME Finance And Business Banking, Sustainable Finance ESG And Financial Inclusion, Treasury Liquidity And Cash Management, Wealthtech Investing And Trading NCFA Fintech Whisperer is a live weekly market intelligence page tracking financial technology and financial innovation developments that change how markets operate. Coverage spans NCFA's full financial innovation taxonomy, with Canada first and global developments included when they materially affect rules, market access, competition, capital, technology adoption, distribution, risk or execution. We focus on changes that founders, investors, financial institutions, regulators and operators may need to act on, not simply what's making headlines. This page is updated throughout the week as material developments emerge, then closed and archived before the next weekly window begins. Missed a prior week's Fintech Whisperer? Browse December 6 to 12, ...
About NCFA Canada | Craig Asano | November 13, 2026 Featured Guest: ROB EIJGENRAAM, Founder, TokenMinds (LinkedIn) Rob Eijgenraam is the Founder of TokenMinds and Creator of TMX, a suite of blockchain and AI technology products. Based in Singapore, Rob helps established businesses outside the crypto industry develop token launches, fundraising strategies and Web3 products, with each project designed around a clear return on investment. An experienced entrepreneur with a background spanning Europe and Asia, Rob founded TokenMinds in 2017 during the early ICO boom. Over nearly a decade, he has navigated major crypto market cycles while expanding the company's capabilities in tokenization, blockchain development and AI-powered financial applications. Rob combines deep entrepreneurial experience with hands-on blockchain and AI execution. Working closely with CEOs, business owners and their advisors, he focuses on finding practical solutions that fit each company's commercial objectives and growth opportunities. About TokenMinds TokenMinds is an award-winning blockchain and AI firm that helps established businesses raise growth capital through token launches without giving up equity. Founded in 2017, TokenMinds has worked with more than 200 companies worldwide, supporting end-to-end solutions for token fundraising through innovative Web3 and AI strategies. Its services span tokenomics, fundraising strategy, investor outreach, blockchain development, token launches ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
Nov 7, 2026 | Last Updated Nov 13, 2026 | NCFA Fintech Whisperer | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Competition And Market Structure, Cross Border Payments And FX, Cybersecurity Fraud And Financial Crime, Digital Assets Blockchain And Tokenization, Digital Banking And BaaS, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Regulation And Policy, Risk Compliance And Regtech, SME Finance And Business Banking, Sustainable Finance ESG And Financial Inclusion, Treasury Liquidity And Cash Management, Wealthtech Investing And Trading NCFA Fintech Whisperer is a live weekly market intelligence page tracking financial technology and financial innovation developments that change how markets operate. Coverage spans NCFA's full financial innovation taxonomy, with Canada first and global developments included when they materially affect rules, market access, competition, capital, technology adoption, distribution, risk or execution. We focus on changes that founders, investors, financial institutions, regulators and operators may need to act on, not simply what's making headlines. This page is updated throughout the week as material developments emerge, then closed and archived before the next weekly window begins. Missed a prior week's Fintech Whisperer? Browse December 6 to 12, ...
About NCFA Canada | Craig Asano | November 13, 2026 Featured Guest: ROB EIJGENRAAM, Founder, TokenMinds (LinkedIn) Rob Eijgenraam is the Founder of TokenMinds and Creator of TMX, a suite of blockchain and AI technology products. Based in Singapore, Rob helps established businesses outside the crypto industry develop token launches, fundraising strategies and Web3 products, with each project designed around a clear return on investment. An experienced entrepreneur with a background spanning Europe and Asia, Rob founded TokenMinds in 2017 during the early ICO boom. Over nearly a decade, he has navigated major crypto market cycles while expanding the company's capabilities in tokenization, blockchain development and AI-powered financial applications. Rob combines deep entrepreneurial experience with hands-on blockchain and AI execution. Working closely with CEOs, business owners and their advisors, he focuses on finding practical solutions that fit each company's commercial objectives and growth opportunities. About TokenMinds TokenMinds is an award-winning blockchain and AI firm that helps established businesses raise growth capital through token launches without giving up equity. Founded in 2017, TokenMinds has worked with more than 200 companies worldwide, supporting end-to-end solutions for token fundraising through innovative Web3 and AI strategies. Its services span tokenomics, fundraising strategy, investor outreach, blockchain development, token launches ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
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