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
Miami mayor says the city is moving toward paying public employees in bitcoin
ComplianceX | | Oct 13, 2021
Miami will advance a plan to pay city workers in bitcoin, Mayor Francis Suarez told Bloomberg on Tuesday, expanding on his push to make the Florida city a major hub for digital assets.
“We’re going for a request for proposal in October to allow our employees to get paid in bitcoin, to allow our residents to pay for fees in bitcoin and even taxes potentially in bitcoin if the county allows it,” Suarez said in an interview with the business channel.
A formal solicitation would come after the city commissioners in February backed his resolution to direct the city manager to procure a vendor to offer employees the ability to receive a percentage of their salary in bitcoin.
See: Miami’s mayor says MiamiCoin generated over $5 million USD for the city in the last 30 days
At the time, bitcoin traded close to $48,000, then hit an all-time high of $64,804.72 in April, fell below $30,000 in July, and recently reclaimed the $55,000 mark.
Despite the price volatility, Suarez also wants the state of Florida to allow Miami to hold bitcoin on its balance sheet. Statutes at the state and federal levels currently don’t allow cryptocurrencies to be owned by municipalities.
“It’s a major priority for me because I want us to differentiate ourselves as the crypto capital of the United States or of the world,” Suarez told Bloomberg Tuesday.
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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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SEC commissioner: Investors have the right to make their own decisions without regulators standing in the way
CNN Business | | Oct 11, 2021
As a commissioner at the Securities and Exchange Commission, an important part of my job is protecting investors from the fraudsters who can cause them so much harm. Although swindlers often change their pitch to reflect the day's most popular trends — cannabis, crypto and clean energy are all the rage now — the cases the Commission brings typically have the same thing in common: they involve someone lying to get other people's money. Soon, other "hot investment opportunities that are too good to pass up" will be exploited by fraudsters, and when they do, the Commission will ensure that the securities laws are enforced.
Seeing these frauds day after day, week after week and year after year can make a securities regulator like me wonder whether anyone raising money from investors is honest. But that cynicism, understandable as it may be, can undermine our role in protecting investors.
Video Interview: SEC Commissioner Hester Peirce interviewed by Alixe Cormick at FFCON21
Investor protection means enforcing antifraud and disclosure rules, but it also means protecting an investor's right to make investment decisions for herself, to take risks and to use the latest technology to trade and invest. As in other areas of life, people want to be able to make choices about their finances, even if others might question those choices or choose differently for themselves. Investors learn both from their mistakes and their successes.
Investment decisions are inherently personal
An investor's age, career opportunities, asset mix, family situation, cash flow, expenses, anticipated length of retirement, interests, personal convictions and risk tolerance all play into whether a particular investment makes sense for a particular person at a particular time. Even two people who appear to be similarly situated may not be equally well-served by the same investment. Consequently, investment decisions are best made by an investor or an adviser with a deep understanding of the investor's circumstances and financial needs, not by a regulator seeking to act in what it perceives to be the "typical" investor's best interest.
Because a regulator cannot know each individual's complex mix of circumstances, she cannot decide which investments are good for which investors when. A regulator who attempts to do so is essentially saying that she can look from afar at an investor's life and decide what securities are best for that investor. A regulator, for example, may structure rules in a way that pushes retail investors into passive index funds and away from individual stocks or actively managed funds. That passive portfolio might be right for many investors, but other investors may prefer a different mix of investments.
See: Speech by SEC Commissioner Peirce: Prosperity’s Door
Because of the inherent limitations on what it can know about particular investors, the SEC would do well to resist the urge to engage in financial planning by regulation, which is what it does when it limits an investor's ability to decide for herself what investments should be in her portfolio.
Regulators, risk-averse by nature, also should avoid imposing their own risk tolerance on investors, many of whom are comfortable with taking risks that regulators would not themselves take in choosing their own investments.
For instance, the SEC has been reluctant to greenlight traditional investment products holding crypto, potentially harming investors by restricting their ability to diversify their portfolios and to gain exposure to the growth potential of this new technology.
Regulators have a role to play, but that role should always be carried out with humility and a realization that investors have a right to make their own decisions, regardless of what regulators think of them.
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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Canadian Regulators Bringing the Canadian Crypto Sector to Heel
Investment Executive | James Langton | Oct 12, 2021
In late September, regulators took another step toward bringing the crypto sector to heel.
A joint notice from the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) set out guidance on the marketing activities that may put crypto platforms offside with regulators. The notice highlights possible violations, such as making false or misleading claims, using promotional tactics that encourage risky or excessive trading, and failing to supervise the use of social media to communicate with clients and the general public.
The guidance warns firms against boasting about being the “cheapest” or the “best” source for Bitcoin or professing to be the sector’s “leading exchange” without evidence to support those claims. The warning against baseless online declarations could be a jolt to a sector where hype and bluster is plentiful.
See: BIGG Becomes a Restricted Dealer Making Netcoins the First Regulated Pubco-Owned Crypto Trading Platform in Canada
The crypto sector is known for fake claims about trading volume. One 2019 study from Bitwise Asset Management Inc., a San Francisco-based crypto fund and index provider, claimed that 95% of crypto volume wasn’t genuine. Last year the OSC settled an enforcement case against Toronto-based crypto firm Coinsquare Ltd. and a couple of its executives who admitted to faking approximately 90% of its volume through wash trading designed to boost its ranking on third-party websites.
The CSA/IIROC notice warned that adherence to marketing rules may come up in registered firms’ compliance reviews or in the application process for firms seeking registration.
The OSC is in registration discussions with 15 platforms, according to OSC public affairs manager Kristen Rose: eight have submitted applications and seven are in “active discussions” with the regulator.
The number of firms seeking registration may continue to grow. After the OSC issued its warning to the sector in March — giving crypto trading firms until April 19 to get in touch about registration or face possible enforcement action — the regulator reported that more than 70 platforms approached it.
Read:
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Crypto in Canada: Where are we today, and where are we heading?
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Fintech Canada Directory Category: Blockchain | Digital Assets | Crypto
There are already four foreign crypto firms facing enforcement cases from the OSC. The regulator alleges that while the platforms purport to provide investors with trading in cryptoassets, the investors don’t actually hold or control any cryptoassets. Instead, the regulator alleges the platforms are providing investors with trading in instruments (or contracts) that are tied to cryptoassets, which amounts to trading in securities (or derivatives). Without registration, the OSC maintains that’s a violation of securities law.
None of those enforcement cases has been proven at a hearing. Three firms face preliminary hearings later this month and the other in January, at which point the sector will have a better idea about whether the regulator can make its allegations stick — and what sort of penalties will be imposed if the cases are successful.
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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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NFT Boom Will Surely Lead to Questions Over Copyright, Control and Plagiarism
Guest Post | Oct 6, 2021
Could NFTs be used to solve copyright issues one day? It seems in some cases that they have already provided solutions. Take the case of Cath Simard, a Canadian digital artist and photographer. Simard had grown tired of seeing one of her popular Instagram photos – a glorious snap of a road on the Hawaiian island of Oahu – show up around the internet without her consent.
Simard decided the best way to solve the problem would be to sell the photo as an NFT, which she duly did for $300,000 USD, and then release the photo for download free of any copyright. It seems that everyone is a winner in this scenario. Simard got paid, an NFT buyer got something they perceived as valuable, and people can use the photo (shown above) with a clear conscience.
But while the sale is an example of NFTs solving an issue of plagiarism and copyright, the boom in NFTs will surely lead to more questions in both those areas. In August, Fortune even went as far as claiming that copyright infringement could “crash the NFT party”. Of course, we are wading into a fairly complicated debate here, and one that has arrived so suddenly that the courts have not yet caught up with it.
NFTs do not create owners of IP
The first thing to say is that an NFT does not confer ownership of intellectual property. The person buying Cath Simard’s photo does not own it, nor do the people shelling out huge amounts for NBA Top Shot’s Digital Collectibles own those sporting moments. One of the best descriptions of NFTs and ownership came from Jonathan Bailey of PlagiarismToday, who said:
“In many ways, buying an NFT is far more akin to buying a limited-edition poster or an autographed copy of a book. It is special and (more) unique to you but doesn’t mean that the original work is now yours. It confers to you no rights that others have, you just have a slightly more unique connection to it.”
That description hits the nail on the head. And Bailey, a copyright lawyer, goes on to say that “owning an NFT, by itself, doesn’t grant on the right to print or distribute the work without the copyright holder’s permission”.
See: Snoop Dogg Reveals He’s An NFT Whale
But the question of intellectual property will also get more complicated as the NFT net casts wider. We have already seen some controversy over the sale of popular moments on Twitch being sold as NFTs after a row broke out with streamers over who was getting paid for the sales. The site selling the NFLTs, MyClips.tv, was subsequently shut down.
Many stakeholders can be involved in an NFT
To show how complicated an issue of IP and copyright might be, we can look at a completely hypothetical scenario from a sector not yet touched by NFTs, online casino gaming:
If I wanted to create an NFT based on a clip of myself hitting a big win on a slot game, and subsequently sell it, would I be infringing on any copyright? If the platform were, say, Mr Green casino online, would that company have rights to some of that money? What about the developers of the game? What if the game was Jurassic Park by Microgaming, a branded slot based on the movie? Would the movie producers, even the actors whose images are used in the game, be due compensation?
While there is unlikely to be a rush in NFTs of winning hits on casino sites, the example shows how a small clip can be linked to a myriad of stakeholders. And while some readers might think there has been little controversy raised so far, it is worth stressing that it always takes the law time to catch up. As per Jonathan Bailey’s article, “this most recent boom is just weeks old and the courts have not even begun to address the issue this raises.”
Bailey’s point is that there will eventually be some sort of reckoning further down the line. As mentioned, NFTs do not confer ownership, but that does not mean that stakeholders will sit by idly watching others get rich of something where they have a claim of intellectual property.
Another point that Bailey makes well is that stakeholders were either happy with – or ignorant of – NFT sales when it was a niche activity among crypto enthusiasts. But now that it is a multi-billion-dollar industry, that will surely change.
Fair use policy is under scrutiny
Across the internet today, you can find arguments breaking out over intellectual property and NFT sales. For example, there is the case of PokerPaint, a company that specializes in expressionist-style images of poker players. PokerPaint got in on the NFT game and made a few sales, but the problem was that the images, although highly stylized and altered, were often based on original photos. The photographers, as you might imagine, demanded to be paid.
In the ‘real’ world, the above is a similar case to the iconic “Hope” poster featuring former US President Obama. The poster, which was created by Shephard Fairey, was based on a 2006 photo by AP freelance photographer Mannie Garcia. Fairey’s lawyers argued that the poster fell under fair use guidelines, but the AP was ultimately successful in court. Fairey, in fact, got into heaps of legal trouble, narrowly escaping jail, after later admitting to destroying evidence that the poster was based on Garcia’s photo.
The point of the Obama example is that there can often be a price to pay for using someone else’s intellectual property. NFT enthusiasts might claim that the sale is of the token and not the image (or tweet or video clip, etc.,) but there is always a legal argument to the contrary.
We will leave the last word to Jonathan Bailey, whose musings on NFTs and copyright inspired this article.
Bailey claims that “until there are checks in place to ensure that NFTs were created by the artist or rightsholder, it’s going to serve as much bigger piracy threat than opportunity. Unfortunately,” he says, “the system just isn’t built for that and it’s unlikely that it will change anytime soon.”
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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BIGG Becomes a Restricted Dealer Making Netcoins the First Regulated Pubco-Owned Crypto Trading Platform in Canada
BIGG Digital assets | Release | Sep 30, 2021
VANCOUVER, British Columbia, Sept. 30, 2021 (GLOBE NEWSWIRE) -- BIGG Digital Assets Inc. ("BIGG" or the "Company")(CSE: BIGG; OTCQX: BBKCF; WKN: A2PS9W), owner of Netcoins (Netcoins.ca) (“Netcoins”), the online cryptocurrency brokerage that makes it easy for Canadians to buy, sell, and understand cryptocurrency, and owner of Blockchain Intelligence Group (blockchaingroup.io) (“BIG”), a leading developer of blockchain technology search, risk-scoring and data analytics solutions, is pleased to announce its wholly-owned subsidiary, Netcoins Inc., has been registered as a restricted dealer in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Prince Edward Island and Nova Scotia. Netcoins also anticipates registration in Newfoundland within the week.
See: BIGG Digital Assets Inc. Subsidiary Netcoins Applies For Landmark Securities Registration
The British Columbia Securities Commission Order can be found under 2021 BCSECCOM 383.
BIGG continues to be at the forefront of regulation in the Canadian crypto space and, notably, is the first publicly traded company in the country to own and operate a registered crypto trading platform. This marks a significant milestone for BIGG, Netcoins, and the crypto trading industry, with a new regulatory regime for an emerging industry that is growing exponentially.
Netcoins is now one of the first crypto trading platforms (CTPs) to be registered as a restricted dealer in Canada, which will provide a distinct early mover advantage as the industry continues to mature and evolve into a regulated framework. Under this framework, Netcoins will continue to operate and market to new customers across Canada, including Ontario. Netcoins anticipates an exciting Q4 2021, as it continues to grow the platform through:
- the addition of new coins
- the launch of Netcoins Pay and other new products
- expansion into the United States
- expanding advertising campaigns to new channels to reach new audiences
BIGG CEO, Mark Binns, commented, “This is a great day for crypto in Canada. After a lengthy process, we are thrilled that Netcoins has been registered as a restricted dealer in Canada. This marks a first for a public company in Canada, and sets Netcoins up for a bright future.
See: Fintech Fridays EP50: Compliance to the Moon
This registration will enable Netcoins to expand advertising to channels not available to unlicensed competitors, expand coin offerings, open up new partnerships and will attract retail and institutional customers seeking a licensed and regulated trading platform. We also believe regulation will shrink the competitive playing field in Canada, as non-compliant companies are forced out of the market. We look forward to updating shareholders with more news in the coming weeks.”
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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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Maureen Jensen joins OBSI Board to become next Chair
Ombudsman for Banking Services and Investments (OBSI)| Release | Sep 23, 2021
TORONTO, Sept. 23, 2021 /CNW/ - OBSI's Board of Directors is pleased to announce the appointment of Maureen Jensen to the board effective immediately. Ms. Jensen has also been selected to be nominated as the next Chair of OBSI's Board of Directors at the next Annual General Meeting of the organization to be held in March 2022. Ms. Jensen will succeed Jim Emmerton, whose term as Chair will be coming to an end following 12 years of service.
Ms. Jensen has been a leader in the investment industry and securities regulation for more than 20 years. She is the past Chair and Chief Executive Officer of the Ontario Securities Commission (OSC). Prior to her service in that role, Ms. Jensen was the OSC's Executive Director and Chief Administrative Officer. Ms. Jensen has also held senior roles at the Investment Industry Regulatory Organization of Canada (IIROC), the Market Regulation Services Inc. and was a director of the Toronto Stock Exchange.
See: Maureen Jensen to step down from OSC
"It is my pleasure to welcome to the board Maureen Jensen, who has been a strong supporter of OBSI throughout the years as well as a long-standing proponent of investor protection as a critical pillar of a prosperous financial services sector. She is an exceptional leader and an excellent addition to the board," said Mr. Emmerton. "This is an important time for Canada's financial consumer protection framework and for OBSI. The Liberal Government committed in its election platform to establish a single banking ombudsman with binding authority to replace the current system where banks can choose the referee for complaints. And Canadian securities regulators are working with OBSI to establish binding authority for investor complaints. Federal and provincial governments and regulators are clearly recognizing the critical role an ombudsman service can play. I am delighted to be able to welcome such a strong and effective leader to OBSI to help shepherd the organization through the years to come."
See: Canada: Budget 2021’s Impact On The Canadian Financial Sector
"As a supporter of OBSI dating back to my years of leadership at the OSC, I look forward to working with the board and OBSI stakeholders to support OBSI's public interest mandate and its ongoing efforts to inspire confidence in Canada's financial services system," said Ms. Jensen. "Especially now, as Canadian governments both federally and provincially are undertaking key initiatives to strengthen financial consumer protection and ensure that an effective and fair financial ombudsman service is in place for Canadian consumers and industry."
Ms. Jensen's appointment follows an intensive search led by the board's Governance and Human Resources Committee which began earlier this year.
OBSI's board and staff congratulate Ms. Jensen on her appointment and look forward to working with her in her new role.
View release: 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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The risk of not participating in crypto is now outweighing the risk of non-participation
Blockdata | SJonathan Knegtel | Sep 17, 2021
Say it 5 times fast:
The risk of not participating in crypto is now outweighing the risk of non-participation
This can be seen in the enterprise blockchain boom, as well as the pick-up in the banking arena. Out of the top 100 banks by assets under management,55 have invested in cryptocurrency and/or blockchain-related companies, either directly, or through subsidiaries.
Not only that, according to a PWC crypto hedge fund report, over 42 percent stake crypto, 32.6 percent lend and 23.6 percent are borrowing these digital assets.
The desire for more access to DeFi for banks and other institutions has set forth a new wave of institutional DeFi service providers that are much more in tune with regulators and their needs. Speaking of the regulators, the SEC's head, Gary Gensler, has called on Congress to give the agency more authority to police cryptocurrency trading, lending and platforms. This is actually a good thing as ambiguity and lack of clarity holds institutions back far more than set rules and regulations.
Crypto is a Proven Gateway to DeFi
We watched how, in 2018 especially as Bitcoin's price was flailing, enterprises on the level of Nestle, HSBC, Google and Amazon were all dabbling in what pure blockchain technology could do. Fairly centralized, permissioned blockchain solutions from IBM, with Hyperledger Fabric; Quorum, and Corda, were the open doors for these billion-dollar companies to get a feel of the blockchain space.
See: SEC Inks Deal With Blockchain Analytics Firm AnChain.AI to Monitor DeFi Transactions
The high profile purchasing of Bitcoin by Tesla and Microstrategy is only the tip of the iceberg with many other major companies also seeing the potential for this asset to accrue value as an investment, on top of its technical properties with blockchain.
It would be safe to say that the institutions and enterprises coming into blockchain and crypto at this stage are part of the early majority
Further, the more progressive hedge funds and even banks — are much more in line with an early adopter mindset; DeFi is thus the next logical step.
Looking at how crypto hedge funds are using Bitcoin and other cryptocurrencies other than for investment purposes, PWC probed about staking, lending or borrowing of digital assets. Interestingly, over 42% were staking, 32.6% lending and 23.6% were borrowing in 2020.
See: Goldman Sachs Files Defi ETF Application
"DeFi is the logical next step for investors into crypto, '' explains Philip Gradwell, Chief Economist of Chainanalysis.
"Bitcoin taught them that they could hold a crypto asset, DeFi is teaching them that they can use crypto assets in a wider range of financial activities.
But it really is still early days. The most common institutional exposure to DeFi that I've heard of is gaining yield on stablecoins. This appears low risk and analogous to a money market fund but with better returns."
See:
On the Brink Podcast: George Selgin of the Cato Institute on Stablecoins, Bitcoin and Free Banking
Is Staking Crypto The Same As Interest?
"DeFi has arguably engaged banks more quickly than bitcoin did. Banks are really providers of financial services, and there are not that many financial services you can offer with bitcoin (custody, brokerage, derivatives). It seems that banks expect to be able to offer more financial services in DeFi. However, that could just be posturing, as the role of banks in decentralized finance is less clear.
The growth of DeFi participation is undeniable, such as Deloitte finding 80% of organisations ready to seek new revenue streams from crypto and related products; and Financial Times quoting research forecasting hedge funds to hold 7% of assets in crypto in the next five years.
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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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