Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs
FCA Consultation on Crypto Regulatory Framework
Crypto Regulation | May 8, 2025
Image: Freepik/jcstudio
UK’s FCA Publishes New Rules to Regulate Crypto Platforms, Lending, Staking, and DeFi
The Financial Conduct Authority (FCA) just dropped Discussion Paper 25/1 'Regulating Cryptoasset Activities' (83 page PDF) for industry and stakeholder feedback, following the HM Treasury’s draft rules shared on April 29, 2025 that propose bringing crypto activities under the Financial Services and Markets Act. The FCA is now seeking feedback on how to regulate trading platforms, intermediaries, lending, staking, and decentralized finance. The discussion proposals look to reduce consumer harm, improve market fairness, and align with global standards.
Select Discussion Topics and Questions (see DP25/1)
1. Crypto platforms must be registered in the UK be risk neutral
Firms that run crypto trading platforms and serve UK retail customers will need FCA approval. Platforms will not be allowed to trade against their own customers. All trades must be handled through fair and consistent rules. The platform must stay neutral and cannot lend to customers or carry risk between buyers and sellers.
- Should matched principal trading be allowed or does it create unfair conflicts? That's where platforms act as the middle party in trades (see DPP25/1 Question 8)
- What are the risks if a platform operator also trades for itself outside the platform? Should this be allowed? (Question 9)
- What are the risks if an affiliate of the platform is trading on or off the same platform? (Question 10)
2. Foreign market access through branches and UK subsidiaries
Foreign crypto platforms that want to serve UK customers must have a UK branch and/or a UK-based legal entity. The FCA is not extending the Overseas Persons Exclusion to crypto.
See: UK FCA Plans Full Crypto Licensing Regime by 2026
- What challenges do overseas firms face following UK trading and market abuse rules through their UK branches, and are there better ways to manage the risks? (Question 1)
- What are the challenges of requiring both a branch and a legal entity? (Question 2)
- What rules should apply when a foreign platform offers trading to UK retail customers via a UK branch? (Question 3)
3. Trading bots, algorithms, and direct retail access
Many retail investors use bots or automated strategies. The FCA wants platforms to take responsibility for monitoring this activity and managing any risks that come with it.
- What extra rules should platforms take on when giving direct access to retail users? (Question 4)
- How can platforms manage automated and algorithmic trading strategies by retail or professional traders? (Question 5)
4. Market makers and the need for formal oversight
Platforms often rely on market makers to provide liquidity. Some market makers are tied to the platform operator or its affiliates. The FCA wants stronger controls and greater transparency.
- Should platforms be required to set up formal agreements with market makers? (Question 6)
5. Token listings and conflicts of interest
Some platforms be able to list tokens that they or their affiliates have issued. This can create conflicts of interest and make it harder to ensure fair trading. The FCA is considering rules that would separate the platform operator from the token issuer.
See: UK’s Regulatory Crypto Roadmap from Sandbox to Mainstream
- What are the risks when platforms list tokens they are financially connected to? (Question 11)
6. Credit and settlement must be handled carefully
The FCA says neutral platforms should not act as lenders or clearing houses; they should not extend credit or carry risk between users. However, platforms must still make sure that trades are settled safely and on time.
- Should platforms be allowed to offer credit or act as settlement agents? (Question 12 and 13)
- How should the concept of settlement be defined in crypto markets? (Question 14)
7. Transparency and record keeping
The FCA proposes clear rules on pre trade and post trade transparency. Platforms may be required to publish order book data and store transaction records for five years. This could include transactions by individual retail users.
See: UK vs. Canada: A Tale of Two Different Crypto Consumers
- Should any platforms be exempt from transparency rules? (Question 15)
- What are the challenges of tracking trades involving retail customers? (Question 16)
- What data standards should be used? (Question 17)
- How can platforms coordinate on chain and off chain data records? (Question 18)
How to Respond and Outlook
The FCA is asking for feedback on discussion paper 25/1 by 13 June 2025. You can respond by using the form on the FCA website or email: dp25-1@fca.org.uk. These ideas and subsequent discussions could influence regulators around the world. Canada’s fintech sector and policymakers should review how the proposed UK rules could affect global competitiveness, partnerships, and innovation pathways.
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, artificial intelligence, 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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Crypto Enters the Core of Canadian Payments
Payments | May 7 2025
Image from Shakepay joins Payments Canada
Shakepay is Canada's First Crypto-native Firm to Enter National Payments Infrastructure
Canadian fintech just took a significant step forward. On May 5, 2025, Shakepay Inc, a Montreal-based crypto platform and CIRO-regulated securities dealer announced that they are the first crypto-native company to officially join Payments Canada, an independent public-purpose organization that owns and operates Canada's core payment infrastructure under federal oversight including the systems that clear and settle over $120 trillion annually.
This move could open the door for deeper integration of digital assets into Canada's regulated financial system, which in turn could accelerate innovation, competition, and consumer access to key fintech services including crypto and digital assets more broadly.
Shakepay’s blog announcement:
"Not only are we joining an exclusive group of fintechs, but it marks a significant step towards bridging the gap between the crypto industry and traditional finance in Canada."
What it Means for Canadian Fintech
Shakepay’s access to the national payment infrastructure is about more than speed. It aligns with their vision to make 'bitcoin more accessible to Canadians', and as member they can work directly with banks, fintechs, and other financial institutions under the same rules and protections as traditional players. This includes faster and more reliable fiat payment options to its customers, and access to the Real-Time Rail system when it's expected to rollout in 2026.
See: Why Canadian Banks Are Fighting Open Banking
This is the same infrastructure that open banking will rely on, so it gives Shakepay critical access, aligning its services with evolving standards for instant payments, data access, and interoperability.
It also gives them a seat at the 'parents table', allowing them to participate in key discussions, collaborate with key industry leaders, and bridge the gap between digital assets and traditional finance, while setting the stage for future participation in Canada's open banking framework.
Closing Thoughts
It does raise several questions though, such as will this move make it easier for other fintechs to gain access to the same payments infrastructure? Will their ability to educate, advocate, and generate significant banking partnerships accelerate regulatory clarity for expanding crypto services in Canada? Will this lead to a direct crypto to fiat payment service via the national payments infrastructure?
See: UK Publishes Draft Rules for Crypto Regulation
While the answers will no doubt take time to emerge, the line between traditional financial institutions and digital asset platforms continues to blur. And this is the first time that a crypto-native firm is running through the heart of Canada's payment system.
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, artificial intelligence, 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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New Hampshire First U.S. State to Legalize Bitcoin Reserve
Crypto Law | May 7, 2025
Image: Freepik
New Hampshire Sets Precedent with Bitcoin Reserve Legislation
On May 6, 2025, Governor Kelly Ayotte signed New Hampshire House Bill 302 into law, allowing the state treasury to invest up to 5% of surplus public funds in digital assets with a market cap over $500 billion, currently only Bitcoin qualifies.
Kelly Ayotte, Governor of New Hampshire posted on X:
"New Hampshire is once again First in the Nation! Just signed a new law allowing our state to invest in cryptocurrency and precious metals."
The new law catapults New Hampshire to the forefront of state-level crypto adoption in North America, and is a breakthrough in what was becoming a stalling legislative trend. For example, States like Arizona and Florida faced political pushback or abandoned similar efforts.
Highlights of HB 302
1. Only Bitcoin Qualifies Currently
“...any digital assets with a market capitalization of over $500 billion averaged over the previous calendar year…”
See: National Bank Doubling Down on MicroStrategy’s Bitcoin Boom
This effectively excludes all altcoins including Ethereum unless they exceed the $500B threshold over a full year period. It's a narrow scope but deliberate to reduce risk and focus on perceived stability.
2. Strict Custody Requirements
“Secure custody solution" must include:
- End-to-end encryption
- Keys cannot be stored or accessed by smartphones
- Redundant secure data centers
- Multi-party governance structure
- Regular code audits and penetration testing
These detailed requirements reflect institutional-grade best practices (likely excluding retail options), and may raise the bar for custody providers targeting public entities.
3. Multi-Channel Investment Options
The state may invest in qualifying digital assets by direct holdings or qualified custodians or an exchange-traded product (ETP) registered by the U.S. Securities and Exchange Commission.
See: GameStop Joins Growing List of Bitcoin Treasury Holders
This opens the door for investing in ETF style exposure to bitcoin which reduces the complexities of ownership, custody, and compliance.
4. Gold, Silver, and Platinum Also Included
“Precious metals” means silver, gold, or platinum coins, bullion, or other forms. So, this isn't just a crypto reserve bill but also a hedge against fiat currency risk, and part of New Hampshire’s broader fiscal policy strategy.
5. Invest in Various Types of Funds
This means that will legislative approval, the state could invest in various types of qualifying funds. It could be a General Fund, Revenue Stabilization Fund, or any other fund approved by the legislature, allowing for flexible portfolio construction over time.
Federal Government's Strategic Bitcoin Reserve
At the federal level, President Donald Trump signed an executive order on March 6, 2025, establishing a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, which would be funded largely by seized Bitcoin in criminal and civil cases and to avoid and prevent taxpayer burden. The order also mandated a full audit of government-held digital assets and restricted any Bitcoin sales from the reserve.
Ethical Concerns Over Trump's Personal Crypto Ventures
President Trump's involvement in personal cryptocurrency ventures has raised ethical questions of mixing political influence with personal financial gain. In January 2025, Trump launched a memecoin $TRUMP and recently announced a 'pay to play' exclusive dinner for the top 220 holders of his memecoin, which has generated the owner of the memecoin (reportedly a large portion is owned by the Trumps) $320 million in fees, according to the Globe and Mail.
Read: Will crypto lobbying tokens change political fundraising?
In response to the latest developments, Democrats Senators, Jeff Merkley and Chuck Schumer, introduced the End Crypto Corruption Act on May 6, 2025 by way of a press release, which aims to prevent U.S. federal officials and their immediate families from investing in, endorsing or financially benefiting from cryptocurrencies like memecoins.
Why It Matters
The varying approaches to crypto policy across different levels of U.S. government highlight the complexities and fast pace of change being considered, ever since Trump signed the digital assets and bitcoin reserve executive order. For global policymakers including Canada, New Hampshire's model could set a precedent for integrating digital assets into public fund portfolios. Surely, Vancouver's Mayor Ken Sim who has been a major advocate of a potential bitcoin reserve in Canada is following the impacts of this story closely.
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, artificial intelligence, 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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UK Publishes Draft Rules for Crypto Regulation
Regulation | May 5, 2025
Image: Freepik/fabrikasimf
UK Finalizes Draft Crypto Legislation as Sector Faces Regulation
On April 29, 2025 during UK Fintech Week, the UK government published draft rules to bring cryptoasset firms under its financial services regulatory framework. The rules have been in the works for many years with the goal to protect consumers and stop fraud while giving fintech firms clear rules to innovate. If adopted, the new rules would apply to crypto companies based in the UK and also overseas if they serve UK customers including crypto trading, custody, brokering and marketing related firms operating in the sector. Read the 'Future financial services regulatory regime policy note (accessible)'.
The draft version is being published for technical feedback only (not policy direction) with stakeholder comments due by May 23, 2025. Rules around market abuse and token listings are not yet included, and will be published later.
See: UK FCA Plans Full Crypto Licensing Regime by 2026
The UK's crypto legislation follows years of planning. In 2018, the UK created the Cryptoassets Taskforce to better understand how crypto fits into financial markets. By 2022, the government committed to becoming a global crypto hub. In 2023, it launched a consultation to bring crypto into the Financial Services and Markets Act.
Regulatory Scope
The Regulated Activities Order (RAO) is being expanded to cover crypto, and will replace the lighter anti-money laundering registration model currently in place.
- Crypto exchanges, custodians, dealer-brokers, and cryptoasset lending platforms must register with the Financial Conduct Authority (FCA)
- Firms serving UK customers must meet UK standards, even if based abroad
- Covered activities include trading, marketing, safekeeping, brokering, dealing, lending, staking, and stablecoin issuance
- Firms will need to meet new requirements on transparency, complaints handling, and operational resilience
- The FCA plans to ban retail investors from using borrowed funds to purchase crypto
The draft legislation doesn't include separate rules for decentralized finance (DeFi) but it makes clear that authorization is still required if a person or entity is in fact effectively controlling or operating a regulated activity, such as governance, interfaces, and service providers connected to decentralized trading platforms, staking, custody, or stablecoin models.
See: UK’s Regulatory Crypto Roadmap from Sandbox to Mainstream
Interestingly, if a DeFi protocol is truly autonomous and doesn't have an identifiable party conducting business activity, it may fall outside the scope. However in reality, most DeFi projects today that offer user interfaces, save admin keys, touch fees or tokens could be subject to UK regulation.
How the UK and Canada Compare on Crypto Regulation
In the UK, cryptoassets will be regulated under the same legal framework used for mainstream financial services. The new rules bring crypto into the Financial Services and Markets Act 2000 (FSMA), which currently oversees banking, securities, and insurance. Crypto firms must be authorized by the FCA and meet detailed standards for conduct, custody, and consumer protection.
In Canada, regulation falls under securities law. The Canadian Securities Administrators (CSA) and provincial regulators such as the Ontario Securities Commission (OSC) treat many crypto tokens as securities or derivatives. Platforms are expected to register as dealers or marketplaces, but there isn't a separate regime for stablecoin issuers or crypto payments.
The UK has introduced a dedicated framework for qualifying stablecoins. While Canada does not have a separate regime for stablecoin issuers, they refer to them as value-referenced crypto assets (VRCAs) and certain trading conditions apply for registered platforms only.
The FCA is planing to ban retail from purchasing cryptocurrencies using borrowed funds. Canada has not gone that far but Canadian platforms must conduct suitability and risk assessments.
Both countries operate sandboxes. The UK launched a Digital Securities Sandbox (DSS) on Sep 30, 2024, see joint policy statement by the Bank of England at the FCA. DSS allows firms to test new financial market technologies, such as distributed ledger technology (DLT) in a real world environment under a temporarily modified legal and regulatory framework to support innovation.
The UK and US are exploring closer cooperation on digital assets, including a potential joint transatlantic sandbox for digital securities. The initiative was discussed by Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent, and will be taken advanced through the UK–US Financial Regulatory Working Group with the goal of supporting responsible innovation across both markets.
See: UK vs. Canada: A Tale of Two Different Crypto Consumers
Canada has had a regulatory sandbox since 2017, which helped firms like Wealthsimple Digital Assets gain conditional approval. However Canada’s sandbox is domestically focused on exemptions, while the UK is pushing for global coordination.
The differences between the UK's approach and Canada's is structural. The UK is building crypto into its core financial regulation while Canada continues to fit crypto into its existing securities regime.
Why This Matters
UK rules will influence global standards. For Canadian firms with UK clients, the operating requirements and costs are about to get a lot more challenging and rise. The UK's approach also puts pressure on all global regulators including Canada to clarify and modernize their own crypto frameworks. The final version of the UK's crypto rules is expected later this year. The UK also said they would release a Financial Services Growth Strategy on 15 July 2025 to outline its long term financial technology priorities.
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, artificial intelligence, 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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Larry Fink’s 2025 Fintech Vision for Capital Markets
Fintech Signal | May 2, 2025
Image: Larry Fink, Chair of BlackRock (Website, 2025 letter to investors)
Five BlackRock Quotes that Fintechs and Investment Platforms Should Pay Attention To
Last month, Larry Fink the Chairman of BlackRock delivered his vision for unlocking private markets and the future of capital markets innovation in his 2025 annual letter to investors. His letter essentially outlines a strategy and roadmap that fintech players, especially in Canada can see it as a call to action. In his own words, Fink discusses areas of focus that have the potential to democratize private markets that traditionally have been seen as opaque and harder to value with less liquidity, less regulation and limited participation by institutional and high-net worth individual investors.
See: The Rise of Private Markets and Opportunities for Fintechs
Below are five direct quotes that should excite fintech builders and investors and signals a turning point and window of opportunity, especially when they hear it from the head of the world's largest asset manager directly.
1 “Private markets don’t have to be as risky, or opaque, or out of reach. Not if the investment industry is willing to innovate.”
Fink says private markets need to become easier for more people to access. In the past, only large funds and institutions could invest in things like private equity or credit (loans), but that is starting to change. New tools are helping to open the door with automated data platforms, risk analysis engines, and tokenization infrastructure that turn investments into digital tokens that are easier to buy and sell.
In practical terms, this means fintech firms that can bring transparency, indexing, or fractional access to private assets will gain investor and consumer interest. BlackRock itself acquired Preqin, a leading private markets data provider to drive this data led transformation.
According to McKinsey's 2025 private equity (PE) report, global private equity AUM remains well above $13 trillion and 2024 deal values rebounded by 14% to $2 trillion, for the third highest year on record for PE activity.
2. “Every stock, every bond, every fund—every asset—can be tokenized.”
This may sound speculative but it's not. Fink is laying down the gauntlet for a future where asset ownership is digitized and real time. Why? Because the big unlock here is yield. If tokenization allows $100 investment plays of private equity or infrastructure deals, then platforms can create products that serve both retail and institutional climates using much of the same structure.
See: BlackRock Launches New Fund on Ethereum, Bullish on Tokenization
Boston Conulsting Group's 2024 whitepaper "Tokenized Funds: The Third Revolution in Asset Management Decoded" forecasts that tokenized funds could reach over $600 billion AUM by 2030, especially if the growth pattern is similar to exchange-traded funds (ETFs).
3. “Artificial intelligence will transform how we understand markets and allocate capital.”
This isn't about chatbots. Finks talking about artificial intelligence (AI) as a capital allocation engine. Using AI to assess and predict risks, identify high potential assets, and help funds build and maintain more resilient portfolios. AI is already being used to evaluate startups, monitor compliance, and optimize the underwriting of private credit.
In February, the World Economic Forum wrote that only 2% of private equity firms will realize significant value from AI investments in 2025, however 93% anticipate moderate to significant benefits within a three to five year outlook.
The opportunity is clear at this point, such that Canadian platforms that integrate AI to automate deal flow and optimize investor matching will have a competitive offering and advantage in the near future.
4. “We're great at extending people's lives, yet we hardly spend any effort helping them afford those extra years.”
Fink knows that retirement is a crisis waiting to happen. In Canada by way of an example, the 2023 Canadian Retirement Survey by the Healthcare of Ontario Pension Plan (HOOPP) unveiled that 44% of non-retired Canadians between 55 and 64 had less than $5,000 in savings, and 75% had $100,000 or less saved for retirement.
Fink’s answer is a to help retirees by providing a predictable retirement paycheck model, which BlackRock is launching with their LifePath product in the U.S.
This is an area that fintechs can build on by creating digital retirement wallets with automated income streams. How about a syndicated annuity structure or micro investment portfolio that can mimic a steady paycheck. With a proper structure, these models could scale to serve the self-employed and gig economy workers who need retirement planning options, and the earlier the better.
5. “Capitalism did work—just for too few people.”
Fink is talking about allowing more investors into the tent, more geographic and social inclusion. Capital markets must be both global and local at the same time, and talks about enabling global partnerships like their joint venture Jio-BlackRock India, to help them scale their own capital markets.
See: Report Insights: DIY Investors in Canada on the Rise
For Canadian fintechs, this means working to provide smart and modern solutions for underserved regions, including Indigenous communities, rural investors, and newcomers to Canada. Prosper Canada's learning hub cites approx 15% of over 5 million Canadians are underbanked or without access to traditional financial services. That's why it makes initiatives like Koho's postal banking partnership with Canada Post exciting and important at the same time.
Why It Matter
BlackRock led by Larry Fink is investing real money and a long term focus on financial technology innovation in capital markets, including tokenization, AI decisioning tools, and an expansion of private capital markets that is already afoot. Fintechs and investment platforms that align with these opportunities stand to benefit from the next iteration of financial infrastructure that will be more inclusive, more data driven, and more robust to deliver long term value for more people.
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, artificial intelligence, 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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Will Bitcoin and Ethereum Drive Growth in Crypto Casinos?
May 2, 2025
Image: Freepik/Kerfin7
For many people, cryptocurrencies such as Bitcoin, Ethereum, Tether and Litecoin are viable alternatives to traditional fiat currencies and payment methods. Cryptocurrencies were designed to be used online and they come with some key advantages: anonymity, privacy, transparency, security and transaction speed are some of them.
Naturally, there are lots of online casinos throughout Canada where you can use crypto to fund your account and make withdrawals from it. GGBet Casino is a prime example; it’s a large site with a wide range of gambling opportunities and accepts various popular cryptocurrencies. If you’re interested in online casinos in Canada, you can read more about them and perhaps even join one.
Why Are Crypto Casinos Popular?
A crypto casino is any online casino where you can use cryptocurrencies. There are two types: some accept both crypto and fiat currencies (such as the Canadian dollar); others just accept crypto, though these aren’t as common.
Many people who gamble online for real money want to do so privately. They don’t necessarily want their gambling site transactions to show up on their bank account or elsewhere. This makes cryptocurrencies an attractive payment method because with crypto, you can gamble at websites without involving your bank.
Crypto is used for all sorts of online payments. A growing number of casino sites let people use it because they recognize that if they don’t offer crypto as a payment option, players might not sign up. If someone prefers using crypto, they might only want to gamble at a casino where they can use their chosen cryptocurrency.
Bitcoin and Ethereum
There are around 17,000 cryptocurrencies currently in existence. Of course, not all of them are well known or widely used. Only the most popular ones are accepted at online casinos. The list of crypto options varies from one site to the next, but you’ll find that just about every crypto casino accepts Bitcoin. Other common options include Ethereum, Tether, Litecoin, Bitcoin Cash, XRP, Cardano and USD Coin.
Are Bitcoin and Ethereum going to fuel the growth of crypto casinos? They’re certainly one of the main reasons why these casino sites have become popular. Bitcoin was the first cryptocurrency to launch and it remains the top one over 16 years after its 2009 launch. As for Ethereum, it’s regarded as the world’s second most valuable cryptocurrency and could even overtake Bitcoin one day.
You could say that both Bitcoin and Ethereum are already fuelling the rise in crypto casinos. This is because so many people already use these cryptocurrencies and casino operators have started accepting them to satisfy the demand for them. Sites typically accept other popular cryptocurrencies purely because there’s a large base of people who use them; many of these could use the cryptocurrencies for online gambling.
See: Will Crypto Lobbying Tokens Change Political Fundraising?
Will Bitcoin and Ethereum fuel the growth of online gambling as a whole? They’re certainly contributing to its growth, though fiat currencies will always have their place. While cryptocurrencies have some key benefits that make them suitable for online gambling, they have some important disadvantages. These include the lack of regulation and high volatility.
Crypto has undoubtedly made its mark on the online gambling industry. Other factors, such as games, bonuses, and improved regulation, all help to encourage people to gamble online.
Sources:
https://explodingtopics.com/blog/number-of-cryptocurrencies
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, artificial intelligence, 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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Mark Carney Elected Prime Minister, Fintech Implications
Innovation Economy | April 29, 2025
Image: Freepik
Will Mark Carney’s Liberal Platform Policies Boost Canada's Digital Finance Sectors?
Mark Carney has been elected as Canada's 24th Prime Minister after leading the Liberal Party to win the 2025 federal election. The Liberals secured 168 seats (just shy of a majority), and are expected to form a minority government. Prime Minister Mark Carney has already spoken with President Trump about the pressing issues of tariffs, trade war and 51st state rhetoric, and the two leaders have agreed to meet in person.
See: Does CUSMA Support Fintech Services Across Borders?
While those issues are of critical importance to Canada's sovereignty, this article looks at Carney's past public comments and Liberals 2025 platform to get a sense for the implications for Canada's fintech sector under his expected leadership.
In 2019, Carney was the Governor of the Bank of England (BoE) and said the following at the Innovate Finance Global Summit:
“A new economy requires a new finance... to serve the digital economy, to support the major transitions underway across the globe and to increase the sector’s resilience”.
The newly elected Prime Minister of Canada has a deep background in finance, global networks, and a steady hand at innovation. He's expected to speed up payments modernization, support the responsible AI development, foster fintech investment, tighten crypto rules, and open more global markets to Canadian companies. The Liberal Party commitments that support innovation include financial technologies and sustainable finance, infrastructure investment, internal trade reform, red tape reduction, and a patent box regime, all told would help strengthen the economy and fintech growth.
Digital Payments and Open Banking
When Carney was leading the BoE, he signalled strong support for opening payments infrastructure to non-bank providers, helping to boost innovation and competition. In Canada, the implementation of open banking and payment modernization initiatives (i.e. Real Time Rail System) have sadly faced prolonged delays. Carney is expected to speed up these rollouts to benefit consumers and competition. Open banking will give consumers control over their financial data and allow fintech companies to create new services, while the operating firms must meet high security and operational standards.
See: Open Banking Delayed to 2026, Favours Banks Over Innovation
- Key impact: Faster payments, wider fintech participation, tougher regulatory expectations
Increase Internal Trade and Fintech Access
As part of its 2025 platform, the Liberal government committed to eliminating federal barriers to interprovincial trade and labour mobility by Canada Day. Reducing costs and aligning standards could benefit fintech companies that must constantly track and adjust to changing and inconsistent provincial compliance requirements, in sectors like payments, insurtech, wealthtech, and others. Streamlining trade and regulatory barriers would help fintechs expand nationally more effectively, reduce legal and operational costs, and also contribute to offering consistent services to customers and businesses from coast to coast.
- Key impact: Easier national growth for fintechs, reduced legal friction, more uniform compliance standards
Artificial Intelligence in Financial Services
Carney spoke about how emerging technologies are game-changing finance in a 2018 Mansion House speech “New Economy, New Finance, New Bank”, where he acknowledged AI's growing impact on credit and risk systems.
See: AI Concierge Tech and the Future of Finance
Under his government, Canada is expected to advance the Artificial Intelligence and Data Act to regulate high impact AI systems including financial firms using AI for credit scoring, fraud detection, or robo advising to ensure responsible AI standards are met for fairness, explainability, and consumer protection.
- Key impact: Government support for AI fintech, together with new compliance obligations
Startups and Innovation
Immediately after securing Liberal leadership, Carney axed the controversial capital gains tax hike, directly supporting Canada's innovation economy. Under his leadership, Carney could expand access to venture capital, innovation incentives, and encourage national regulatory alignment for startups operating across multiple provinces. The Liberal platform also supports a patent box regime, focused on scaling high growth firms, retaining intellectual property in Canada, and improving commercialization outcomes from public and private R&D. The Liberal 2025 Platform outlines efforts to increase business investment and create a more competitive innovation environment, especially for sectors like fintech and AI.
- Key impact: Stronger investment climate, more competition, stronger IP incentives, reduced regulatory burden, and higher regulatory standards for scaling
Crypto, Blockchain and Digital Assets
Although Carney previously showed openness towards regulated forms of crypto innovation, in 2018, he spoke critically of unbacked crypto assets and called Bitcoin “neither a store of value nor a useful means of exchange”. It's expected that he'll tighten oversight of crypto exchanges, stablecoin issuance, and asset custody. Lastly, while Carney hasn't explicitly endorsed a Canadian CBDC, he has called for central banks to explore sovereign digital currencies as tools to support monetary policy and financial stability. During a 2019 speech at the Jackson Hole Economic Symposium, for example, Carney proposed the idea of a "synthetic hegemonic currency" (SHC) as a potential solution to the destabilizing dominance of the U.S. dollar in the global financial system.
- Key impact: Stricter crypto regulation but opportunities for enterprise blockchain and public digital currency infrastructure
Sustainable Finance and ESG Innovation
Mark Carney is one of the most prominent global figures in sustainable finance. He co-founded the Glasgow Financial Alliance for Net Zero (GFANZ) and served as the UN Special Envoy on Climate Action and Finance. His leadership brings a strong focus on aligning financial systems with climate goals. The 2025 Liberal platform commits to supporting green innovation and transitioning Canada toward a low-carbon economy. This creates opportunities for fintechs in areas like ESG data services, green lending, climate risk modeling, and carbon trading infrastructure.
See: CSA Pauses Climate and Diversity Disclosure Rules
- Key impact: Stronger support for climate-focused fintechs, growth in ESG data platforms and green investment tools
Digital Inclusion and Infrastructure
Carney is expected to support broader digital financial access across Canada. In his 2018 “Future of Money” speech, he emphasized the role of digital identity, financial modernization, and infrastructure in improving inclusion. While he has't directly addressed digital ID for Canada, the Liberal platform’s national digital readiness strategy includes high speed rail and northern connectivity projects that could help bring digital banking and fintech services to underserved and remote communities.
- Key impact: Broader fintech access in underserved regions, improved infrastructure, and support for challenger banks
Opportunities and Challenges
| Opportunities | Challenges |
| Launch of real time payments and open banking | Meeting tougher compliance and risk standards |
| New funding for AI, fintech innovation, and green finance | Higher expectations for responsible AI and cybersecurity |
| Stronger startup investment environment and patent box incentives | Adapting to stricter crypto and stablecoin rules |
| Global trade partnerships and reduced internal trade barriers | Competition from international fintech firms |
| Possible leadership in digital identity and CBDC projects | Regulatory complexity for multi jurisdictional firms |
| Growth in sustainable finance and ESG fintech | Evolving global standards for ESG data and disclosures |
| Growth in digital access through national infrastructure | Uneven fintech access in rural and remote communities |
Outlook
Mark Carney's credentials offer an elite tier of credibility in global finance, climate leadership, and modernization of financial systems. Together with the Liberal 2025 Platform's strategic commitments to innovation, interprovincial trade liberalization, red tape reduction, and IP commercialization, his leadership is desperately needed to improve Canada's flailing productivity, upgrade its financial ecosystem, build public trust and international competitiveness.
See: Carney Shakes Up Leadership and Vows to Protect Canada
His background also positions Canada to lead in sustainable finance, aligning innovation with global climate goals. For fintech entrepreneurs, investors, and policymakers, the Carney era is underpinned by stable governance and a clear vision, offering a mix of opportunity and responsibility.
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, artificial intelligence, 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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