The fast-growing decentralized finance industry could be about to get a rude awakening.
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 Regulations
How you can experiment, learn and improve with OSC TestLab
OSC Innovation Office | Oct 28, 2021
Did you catch our big news? The Innovation Office is launching OSC TestLab, a new testing environment for Ontario’s capital markets.
We’re excited to open applications for our first test this fall. Here's how you can get involved.
In the next few weeks, we will roll out the TestLab framework and the problem statements that will form the basis for the test. The problem statements will provide a concise description of the issues to be addressed and opportunities to be realized through this test. We will also explain how technology providers and registered firms can participate, including who should apply, how to apply, and key deliverables required along the way.
We expect to open applications for the first test in late November. The application window will be open until January 31, and we’ll be standing by to answer questions from interested firms throughout the application period.
See:
OSC unveils charter for office to promote innovation and reduce regulatory burden
OSC announces leadership of new Office of Economic Growth and Innovation
The OSC’s New Innovation Charter: Is this really a ‘new model’?
After reviewing eligible applications, we will select firms to move into the next stage and work with them to refine their testing plans. Testing will begin in the spring and run for up to six months.
Throughout this first test and beyond, your input is essential. After all, TestLab presents an innovation journey for technology providers and capital market participants as well as the OSC. We’ve reviewed leading practices to synthesize what we believe is the best initial design for an Ontario testing environment, yet it is only by working with capital market participants and Ontario’s innovation community that we can make OSC TestLab a success.
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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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DeFi is next on regulators’ hit list
CNBC | Ryan Browne | Nov 4, 2021
The fast-growing decentralized finance industry could be about to get a rude awakening.
Decentralized finance, or “DeFi” as it’s commonly referred to, is a trend in cryptocurrencies that first started gaining traction in 2020.
But with major hacks and scams plaguing the space this year, regulators are becoming increasingly worried about the risk of crime as well as harm to consumers.
Almost $90 billion has been deposited into Ethereum-based DeFi protocols so far, according to data from The Block.
Regulators have already started taking a tougher approach to the crypto industry. Various countries have attempted to boot out Binance, the world’s largest digital currency exchange, for operating without their authorization. Since it has no official headquarters, Binance has so far managed to avoid scrutiny — though the company says it now wants to be a friend, not foe, to regulators.
See: Hester Peirce: Lawless in Austin
Meanwhile, Coinbase in September got into a heated war of words with the U.S. Securities and Exchange Commission over a planned interest-earning savings product, which the regulator felt looked too much like a security. Coinbase later dropped plans to launch the feature.
And just this week, a long-awaited report from the U.S. government called on Congress to introduce regulation for stablecoins, digital assets pegged to traditional currencies like the dollar to maintain a stable value.
Now, DeFi appears to be next in line.
Earlier this year, the Wall Street Journal reported that the U.S. Securities Exchange Commission was probing decentralized crypto exchange Uniswap, with officials seeking information on how investors use the platform and the way in which it is marketed.
In September, acting U.S. Comptroller of the Currency Michael Hsu likened DeFi activity to controversial practices in Wall Street that led up to the 2008 financial crisis.
See: Biden’s PWG report on stablecoins and the verdict is….
“While DeFi protocols may offer similar functionality in financial transactions, they offer virtually none of the oversight that regulators require to ensure safe and efficient financial markets,” Rick McDonell, former executive secretary of FATF, told CNBC. “The lack of effective surveillance creates a substantial risk for fraud, money laundering, sanctions evasions and other criminal activity within these markets.”
“Regulatory officials have made two things clear: they are supportive of the benefits that blockchain technology can confer on end-users, but they are not ready to trust the sector’s ability to manage its financial-crime risks.”
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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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Biden’s PWG report on stablecoins and the verdict is….
AMBCrypto | | Nov 2, 2021
The much-awaited U.S. Treasury Department-led regulatory report has called for more regulations around stablecoins.
The President’s Working Group on Financial Markets (PWG) is of the view that “stablecoins could be more widely used in the future as a means of payment.”
It is in this context that Secretary of the Treasury Janet L. Yellen commented,
“Stablecoins that are well-designed and subject to appropriate oversight have the potential to support beneficial payments options. But the absence of appropriate oversight presents risks to users and the broader system.”
Yellen also called the current oversight “inconsistent and fragmented,” with the expectation to change that while working with members of the U. S Congress.
See: More regulation coming: SEC Chairman signals stablecoins and other tokens could fall under its rules on security-based swaps
It’s worth noting, however, that the report in question soon attracted a lot of comments. Congressman Tom Emmer, for instance, was one to share some of his initial thoughts. He said,
“With its stablecoin report, the PWG seems to try to force Congress to choose between handing over regulatory power to bureaucrats or risking the unchecked FSOC [Financial Stability Oversight Council] stamp out crypto innovation.”
Meanwhile, another key suggestion made by the report pertained to requiring “stablecoin issuers to be insured depository institutions.” What this essentially means is that issuers should be regulated like banks.
In response to the report, the Acting Comptroller of the Currency Michael J. Hsu commented,
“I fully support the recommendations in today’s paper. Stablecoins need federal prudential supervision to grow and evolve safely. The interagency paper identifies the risk of stablecoin runs as the top concern.”
See: SEC Chair Gary Gensler speaks to Yahoo Finance about Bitcoin ETF, DeFi and Stablecoins
The report also touched upon regulatory authorities and the question of jurisdiction. It stated,
“In addition to existing AML/CFT regulations, stablecoin arrangements and activities may implicate the jurisdiction of the SEC and/or CFTC.”
Meanwhile, the U.S Department of the Treasury said that in the context of maintaining market integrity and investor protection, activities related to digital assets fall under the jurisdiction of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
Simply put, it recommended giving the SEC and CFTC broad enforcement and oversight authorities.
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MarketWatch | Chris Matthews | Nov 1, 2021
Stablecoins should be regulated like banks, Biden administration says
The Biden administration called on Congress to quickly pass new legislation that would require stablecoins to be issued by insured banks that are overseen by federal banking regulators, in a report issued by the President’s Working Group on Financial Markets on Monday.
Stablecoins like dai, tether and USD coin are a kind of digital asset that pegs its value to the U.S. dollar, and have become widely used to facilitate trading in popular cryptocurrencies, including bitcoin and ether. Their stable value makes them an attractive instrument for cryptocurrency investors to store uninvested funds.
See: As regulators circle above, how should the DeFi industry respond?
The total market capitalization of the most popular stablecoins has grown more than 500% over the past year to $127 billion, according to the Treasury Department, and the vast majority of the investment is in a handful of dollar-denominated tokens.
The document outlines a variety of risks that stablecoins pose to crypto investors and the economy more broadly, including risks related to a so-called “run” on a stablecoin’s backing assets. Many popular stablecoins are backed by real assets, and maintain their value by promising to always exchange one token for one U.S. dollar . If investors lose confidence in the assets backing a stablecoin, it could trigger “a self-reinforcing cycle of redemptions and fire sales of reserve assets,” the report says.
“Runs could spread contagiously from one stablecoin to another, or to other types of financial institutions that are believed to have a similar risk profile,” the document continues. “Risks to the broader financial system could rapidly increase as well, especially in the absence of prudential standards.”
In addition to banning any entity that is not an insured and regulated deposit-taking institution from issuing stablecoins, the report suggests legislation should also require that providers of custodial cryptocurrency wallets to be subject to federal oversight.
See: Kraken Crypto report and On-Chain Analysis: SHOKTOBER
The document also says that stablecoin issuers could be declared as engaged in systemically important activities to the financial system by the Financial Stability Oversight Council, which would then subject them to enhanced supervision, likely by regulators at the Federal Reserve.
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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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Cato Institute Event (Video): Digital Currency: Public or Private?
Cato Institute | Nov 2, 2021
Who should supply the nation with digital currency? Should the Fed do it, should the private sector do it, or should it be provided by some combination of the two? Join us on November 2 for a conversation with J. Christopher Giancarlo, former chairman of the Commodity Futures Trading Commission, and Dante Disparte, Circle’s chief strategy officer and head of global policy.
See: On the Brink Podcast: George Selgin of the Cato Institute on Stablecoins, Bitcoin and Free Banking
The event will be moderated by Cato’s Center for Monetary and Financial Alternatives director emeritus George Selgin, during which Giancarlo and Disparte will discuss the merits of digital currency, both public and private.
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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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Paying for coffee with crypto? Get ready, the future of payments is already here
CoinPayments | Jason Butcher | Nov 2, 2021
As the world emerges from a year or more of uncertainty to find it’s new normal, the aftershocks of the pandemic will leave some indelible marks particularly on the payments industry. Consumers that were forced to shop online triggered warp-speed developments in the eCommerce space, as merchants (big and small) jostled to convert shopping carts. Add to this a growing popular sentiment to protect personal wealth, the current evolution of the payments space seems almost obvious. As a long-time payments and blockchain entrepreneur, I believe that we have reached a watershed moment in the adoption of digital currencies, with new data proving that cryptocurrencies are increasingly part of our everyday transactions.
Crypto finally breaks into the mainstream
With large corporations, banks, governments, and retail investors alike holding crypto assets, digital money as an effective investment vehicle has been a reality on Wall Street – and in the public psyche – for a while. But, only recently are we seeing the real tipping point for mass adoption of crypto into the everyday lives of consumers, as it moves from purely an investment vehicle into the realm of value exchange. To everyday shoppers, crypto has now become a viable alternative to fiat currencies.
See: Updated FATF Virtual Asset and VASP Guidance includes DeFi for crypto service providers
Triggered by changing buying behaviours and escalated by pandemic-fuelled digital innovation, I believe this evolutionary tipping point in crypto adoption has been realized because people have the choice to pay with a wide array of cryptocurrencies and have the desire to exercise this choice. That’s why we’re seeing more merchants partnering with payments experts to enable crypto payments for customers, and this is empowering them to spend gains on real-world goods. From vacations and cars to professional services and groceries, consumers are being given the choice to step outside the more traditional payment methods, and this trend doesn’t seem to be losing steam, especially as more merchants jump on board.
In May, I participated in the FFCON21 panel entitled “Mainstream Adoption of Digital Currencies and Investing in Alternative Assets,” where I said that clear regulatory controls are required to maximize crypto adoption.
Consumers also have much to benefit from the greater transparency and control afforded by blockchain-enabled payments. Merchants also benefit from embracing crypto, avoiding higher fees associated with credit card payments (especially for cross-border transactions), and by gaining access to an entirely new, tech-savvy customer base. The immutability of the blockchain also helps merchants circumnavigate the rising challenge of so-called friendly fraud claims, as it eliminates chargebacks. Put simply, accepting crypto payments can help businesses of all sizes break down barriers to entry when it comes to securing profitable sales.
Our crypto data tells a compelling story
At CoinPayments.net, we are seeing a rise of crypto payments across industries, even with our eCommerce merchants. According to our data for the first half of 2021, overall merchant transaction volumes exploded by more than 200% to almost $3 billion year-on-year.
See: Payments without banks goes mainstream with Twitter on Bitcoin Lightning Network
Diving deeper into industry indicators, you can see rising consumer confidence in crypto payments as they are willing to spend more per purchase, with transaction sizes growing to $300 on average. In the last year, CoinPaymants has seen 10X transaction volume growth for Shopify merchants alone. These numbers would have been unheard of just three years ago as widespread adoption was in its infancy, and offer clear proof that people are using crypto for everyday transactions.
Regulation is the crypto final frontier
Despite the change being evident, it’s worth noting that this is not, by any means, universal yet. CoinPayments.net data also shows that some geographic regions are streaks ahead when it comes to mainstream adoption. Europe, for example, has a much more established crypto community, with higher levels of acceptance among businesses and readiness among consumers. Conversely, North America is only just getting off the blocks and has massive growth potential.
Why is Europe so ahead, you ask? To put it simply: regulation.
In May, I participated in the FFCON21 panel entitled “Mainstream Adoption of Digital Currencies and Investing in Alternative Assets,” where I said that clear regulatory controls are required to maximize crypto adoption. Some might argue that the notion of governance for the blockchain goes against the defining core of decentralization, but I strongly believe that regulation is the key to truly unlocking digital money for the masses. And, further, it is exactly this divide in opinion among industry players that is preventing us from achieving greater adoption through collaboration.
See: ‘Last year we saw about a 300% increase in transactions just using cryptocurrency’: Coinpayments CEO
By lacking transparency in our practices, it is us - industry leaders - who are going against the nature of the blockchain and holding it back. We are creating barriers to successful mainstream adoption of crypto.
Questions from regulators will undoubtedly make the industry ask questions of itself; which is only a positive thing as more conversation leads to greater education, awareness and, in turn, greater adoption. If industry leaders like CoinPayments can collaborate to help design the best path forward, the crypto industry can gain the credibility required to earn the trust of the consumers and businesses we are trying to reach; those that so evidently are ready to use digital money to exchange value.
Authored by:
Jason Butcher, CEO, CoinPayments (Linkedin)
Jason is an entrepreneur with nearly 3 decades of experience building global businesses across diverse industries and ever-changing financial markets. His daily role involves being an active player in a number of global Fintech, payment processing, crowdfunding and blockchain technology projects. His in-depth knowledge and experience from within the Fintech and payment processing industry have allowed him to hone the ability to accurately identify the different challenges from country to country to ensure all projects are successfully completed in line with compliance regulations. Jason is the CEO of the CoinPayments.net, the founder of HODLtech.eu, Parallel Payments, Clear Payments, and a board member and advisor for a number of payments, fintech businesses and associations such the Emerging Payments Association, the National Crowdfunding and Fintech Association (NCFA Canada) and many others.
This article is featured in NCFA's digital magazine, Fintech Confidential (Issue 4 Oct 2021). Click to read the latest thought leadership, insights and trends about Fintech in Canada:
Checkout NCFA's digital magazine, Fintech Confidential (Issue 4) --> here
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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New Ontario securities law to reset regulatory balance
Investment Executive | James Langton | Nov 1, 2021
“Platform” legislation would grant the OSC broader rule-making power
On Oct. 12, the provincial government unveiled its proposed Capital Markets Act (CMA), which would replace existing legislation for both securities and derivatives. The new law would adopt many recommendations from the Capital Markets Modernization Taskforce, which delivered its final recommendations in January.
The Ontario government’s proposed legislation could reshape securities law and overhaul regulatory structures, resetting the balance between the underlying legislation and the rules crafted by the Ontario Securities Commission (OSC).
See: Sources Say: Federal and provincial governments shutting down Cooperative Capital Markets Regulatory project
Modelled on work to develop the now-defunct Cooperative Capital Markets Regulatory System, the task force recommended — and the proposed legislation would implement — a shift to so-called “platform” legislation. That model sets out the basic provisions of the law and grants broad rule-making authority, while leaving detailed requirements to regulations.
The chief advantage of the platform approach is that it’s typically easier to change rules than to amend legislation, as rule changes can be crafted quickly and require only the government’s consent. Granting broad rule-making power to the OSC would enable the regulator to deal with novel issues that develop in the future but aren’t yet covered by securities law.
The platform approach could lead to more flexible, responsive regulation. Under Canada’s provincial system, however, the desire for harmonization can bog down local regulatory initiatives, and that still may happen under the new framework.
For example, the task force recommended that publicly traded companies be required to hold annual advisory shareholder votes on executive compensation. The CMA would give the OSC authority to require those votes. However, the rest of the Canadian Securities Administrators have rejected mandating advisory votes on executive pay, and the OSC would be unlikely to go it alone. Just because something can be more easily done via rule-making doesn’t mean it will be.
See: CSA Responds to Ontario Capital Markets Modernization Taskforce Report: NCFA – The present system is simply not good enough
Nevertheless, investor advocate Ken Kivenko, president of Kenmar Associates, said he has “some real concerns” with the platform model. “This is not principles-based regulation or law because there are not sufficient principles in here to set the direction on regulatory policy, standards of conduct, licensing requirements [or] disclosure requirements,” he said. “It is more like a table of contents than a securities law.”
In Kivenko’s view, the legislation should at least include high-level requirements and principles that set a framework for the development of specific rules and regulations.
“The government should not just state what will be regulated and delegate complete authority to the OSC to perform that regulation. The government should also set out a direction on policy and the types of requirements and standards that must be in place,” Kivenko said. “To say we are uncomfortable with the proposed CMA would be a major understatement.”
The draft legislation would facilitate the restructuring of the OSC that the task force recommended. The CMA would establish a separate adjudicative body, divide the role of OSC chair and CEO, and revise the regulator’s mandate to add competition and capital formation as key objectives.
See: Final Report: Ontario Capital Markets Modernization Committee Recommendations
The OSC’s proposed new authority would expand the regulator’s power to address emerging regulatory issues. For example, the proposed law would allow the OSC to designate cryptoassets as securities or derivatives, giving the OSC scope to continue developing regulation for an otherwise lawless sector.
The draft law also would prohibit false and misleading statements about public companies, enabling regulators to better tackle “pump and dump” and “short and distort” campaigns. The task force recommended changes in this area, given the increasing power of social media to spread false information and influence trading activity.
Other enforcement-related changes are included in the proposed CMA, including provisions that would enhance the OSC’s investigative powers and its ability to return ill-gotten gains to harmed investors. The maximum regulatory penalty would increase to $5 million and the maximum fine for securities offences would rise to $10 million. In addition, the CMA would enable automatic reciprocation of enforcement orders by other regulators.
The draft law also would enhance private enforcement.
Continue to the full article --> here
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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Updated FATF Virtual Asset and VASP Guidance includes DeFi for crypto service providers
FATF | Oct 28,2021
Paris – 28 October 2021 - The virtual asset sector is fast-moving and technologically dynamic, which means continued monitoring and engagement between the public and private sectors is necessary.
In October 2021, the FATF updated its 2019 Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers (VASPs).2019 Guidance for a Risk-Based Approach for Virtual Assets and Virtual Asset Service Providers (VASPs). This updated Guidance forms part of the FATF’s ongoing monitoring of the virtual assets and VASP sector.
The FATF standards require countries to assess and mitigate their risks associated with virtual asset financial activities and providers; license or register providers and subject them to supervision or monitoring by competent national authorities. VASPs are subject to the same relevant FATF measures that apply to financial institutions. This guidance will help countries and VASPs understand their anti-money laundering and counter-terrorist financing obligations, and effectively implement the FATF’s requirements as they apply to this sector. The guidance provides relevant examples and potential solutions to implementation obstacles.
See: 3 Key Takeaways: FATF’s Latest 12-Month Virtual Assets Review
The 2021 Guidance includes updates focusing on the following six key areas:
- clarification of the definitions of virtual assets and VASPs,
- guidance on how the FATF Standards apply to stablecoins,
- additional guidance on the risks and the tools available to countries to address the money laundering and terrorist financing risks for peer-to-peer transactions,
- updated guidance on the licensing and registration of VASPs,
- additional guidance for the public and private sectors on the implementation of the “travel rule”, and
- Principles of information-sharing and co-operation amongst VASP Supervisors
Continue to the full article --> here
Including comment from related Cointelegraph review:
The authority has provided significant additional guidance regarding the DeFi industry, despite the fact that DeFi applications not considered VASPs under the FATF standards, as the standards “do not apply to underlying software or technology.” However, the updated guidance states that DeFi developers and maintainers can actually be considered as VASPs:
“Creators, owners and operators or some other persons who maintain control or sufficient influence in the DeFi arrangements, even if those arrangements seem decentralized, may fall under the FATF definition of a VASP where they are providing or actively facilitating VASP services.”
Download the 111 page PDF FATF report --> here
xReg Consulting has updated their FATF 12 page PDF Travel Rule Explainer --> here
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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