Banks won't HODL
Stablecoins’ role in crypto and beyond: functions, risks and policy
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Research
Kraken July 2022 On-Chain Analysis: All Eyes on Ethereum
Kraken Blog | KrakenFX | Aug 5, 2022
The crypto industry faced headwinds in recent months as May’s collapse of the Terra ecosystem took its toll. In June and July, major crypto lending platforms (including Celsius, BlockFi, Voyager and Vauld) took drastic measures in the wake of “extreme market conditions.”
June’s leverage-related fallout for crypto lenders continued into July but did not extend to cryptocurrencies, which rallied. ETH led the way, spurred by news that The Merge, Ethereum’s switch from proof-of-work to proof-of-stake, is set to take place at the end of this quarter. On July 15, Ethereum developers announced the long-awaited Merge could occur as soon as September 19, 2022.
See: U.S. Treasury Request for Comments: Crypto Competitiveness – Risks and Opportunities of Digital Assets
The macroeconomic environment remained challenging as worldwide inflation continued to rise in June. The U.S. Federal Reserve instituted another 75-basis-point hike while signaling their intention to keep raising rates in the months ahead. The U.S. economy’s two consecutive quarters of negative real GDP growth satisfies one popular definition of a country that has entered a recession. Russian military occupation of Ukraine continued.
A rebounding crypto market within a challenging macroeconomic environment could make it difficult to forecast what lies ahead. On-chain data can help separate the signal from the noise by providing evidence of trends in network usage and demand. In Kraken Intelligence’s latest on-chain digest, All Eyes on ETH, the team recaps what went down in July.
Some updates
- BTC rose by 16.9% month-over-month, from $19,950 at the end of June to $23,321 at the end of July. But ETH took the cake with a 57.1% rise from $1,070 to $1,681 over that same timeframe.
See: Vitalik’s Announces Next 4 Phases of Ethereum’s Development Which is Only 40% Done
- Despite trending lower YTD, total crypto market capitalization increased by around $210 billion in July. BTC dominance has increased by 1 percentage point (pp) in 2022 as altcoin market dominance fell across the board. ETH dominance remained the year’s worst performer (-1.3 pp), followed by SOL (-1 pp), AVAX (-0.6 pp), ADA (-0.3 pp), ALGO (-0.3 pp) and DOGE (-0.2 pp).
- Transaction fees represent the cost crypto users are willing to pay to include a transaction on a protocol’s ledger; it is a proxy for network demand. ETH fees have taken the biggest hit YTD (-93%), followed by DOGE (-65%) and BTC (-55%), as network demand has slowed.
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Download the 15 page PDF July 2022 report --> 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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BIS Limits Banks to Hold 1% of Reserves in Bitcoin –> “Banks Won’t HOLDL”
Finbold | | Jul 3, 2022
Despite its skeptical approach to digital currencies, exacerbated by the recent cryptocurrency market crash, it looks like the Bank for International Settlements (BIS) intends to extend its hand to the new asset class by allowing banks to hold up to 1% of reserves in cryptocurrencies such as Bitcoin (BTC).
Indeed, BIS’s Basel Committee on Banking Supervision (BCBS) has made the proposal for limiting the banks’ total exposures to “Group 2 cryptossets to 1% of Tier 1 capital” in its consultative document titled “Second consultation on the prudential treatment of cryptoassets,” published on June 30.
See: ECB Publishes Macroprudential Bulletin on Stablecoins, Climate Risk, and DeFi
Group 1 vs. Group 2 assets
Specifically, Group 2 refers to the assets that do not meet classification conditions and includes specific tokenized traditional assets and stablecoins, as well as unbacked crypto assets. As opposed to Group 2, Group 1 includes tokenized traditional assets and stablecoins that meet classification conditions.
Image: BIS
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Coindesk OpEd| Frances Coppola | Aug 3, 2022
Banks won't HODL
New proposals from the Bank of International Settlements are unlikely to lead banks to hold bitcoin. But they could open the door to CBDCs, says our columnist.
“Bank for International Settlements to allow banks to keep 1% of reserves in bitcoin,” cries the headline on an article about the BIS’ newly proposed regulations for banks holding crypto assets. The article was retweeted by Changpeng "CZ" Zhao, CEO of crypto exchange Binance, with the comment, “Banks now use bitcoin for reserves. Probably nothing.” Crypto Twitter went wild. Zhao's comment was retweeted thousands of times and “liked” by more than 10,000 people.
See: OSFI Consultation on Prudential Treatment of Cryptoasset Exposures
If the BIS really intends to “extend its hand” to bitcoin by allowing banks to hold it as reserves, as the article claims, that would indeed be great news for bitcoin as an asset class, though perhaps not for those hoping it would eliminate banks. But sadly, the BIS, which is an organization of the world's major central banks, has no intention of doing any such thing. The article unfortunately misunderstands the BIS’ proposals.
Far from extending a helping hand to bitcoin, the BIS is cutting the rope.
Bitcoin limits
The 1% exposure limit applies only to Group 2 assets. It means that because Group 2 assets are extremely risky, banks won't be allowed to have much in the way of exposure to them. In the example above, J.P. Morgan has Tier 1 capital of 13.7% of total risk-weighted assets. So for J.P. Morgan, total Group 2 crypto asset holdings (including bitcoin) can’t be more than 0.137% of its total risk-weighted assets – and considerably less of its total assets unweighted for risk. Admittedly, for a bank the size of J.P. Morgan, that is still a lot of bitcoin. But it’s worth remembering that the previous version of the BIS proposals, issued in June 2021, didn’t impose a total exposure limit. So, far from encouraging banks to hold bitcoin, the revised proposals actually make it more difficult.
See: BIS Report: Can CBDCs be designed to help financial inclusion?
In fact the BIS’ proposals make it extremely expensive for banks to hold or trade bitcoin on their own account at all. The regulations for Group 2a and 2b assets in the chart above force banks to write off bitcoin holdings fully against capital. The BIS’ 2021 proposals explain that the 1,250% risk weighting for Group 2b assets is effectively a 100% capital charge: “A $100 exposure would give rise to risk weighted assets of $1,250, which when multiplied by the minimum capital requirement of 8% results in a minimum capital requirement of $100 (i.e. the same value of the original exposure, as 12.5 is reciprocal of 0.08).”
In layman’s terms, this means that banks cannot use customer deposits or issue senior bonds to finance the acquisition of bitcoin or any other cryptocurrency. They can finance them only from capital. That ensures that in the event of the value of their crypto holdings crashing to zero, none of their customers or creditors will be affected.
But equity finance is considerably more expensive than debt finance – and shareholders might look askance at a bank taking such risks with their funds.
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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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ECB Publishes Macroprudential Bulletin on Stablecoins, Climate Risk, and DeFi
ECB | Jul 25, 2022
Stablecoins’ role in crypto and beyond: functions, risks and policy
Stablecoins are in the spotlight due to their rapid growth, increasing global use cases and potential financial risk contagion channels. This article analyses the role played by stablecoins within the wider crypto-asset ecosystem and finds that some existing stablecoins are already critical to liquidity in crypto-asset markets. This could have wide-ranging implications for crypto-asset markets if a large stablecoin were to fail and could also have contagion effects if crypto-assets’ interlinkages with the traditional financial system continue rising.
See: UK Proposes Regulations That Would Recognize Stablecoins As A Form Of Payment
To date, the speed and cost of stablecoin transactions, as well as their redemption terms and conditions, have fallen short of what is required of practical means of payment in the real economy. Their growth, innovation and increasing use cases, coupled with their potential contagion channels to the financial sector, call for the urgent implementation of effective regulatory, supervisory and oversight frameworks before significant further interconnectedness with the traditional financial system occurs.
Is climate risk priced into crypto-assets?
Some crypto-assets have a significant carbon footprint and are estimated to consume a similar amount of energy each year to individual countries like Spain, the Netherlands or Austria. As the mining and expansion of these crypto-assets are fully dependent on energy supply, their valuation is particularly vulnerable to jurisdictions’ climate policies. Increasing financial exposures to such crypto-assets are therefore likely to contribute to increased transition risk for the financial system.
See: A Carbon-Negative Blockchain Making Money Beautiful
This [full] article provides an overview of the estimated carbon footprint of certain crypto-assets such as bitcoin and its causes. It also discusses the primary policy role of public authorities, which need to evaluate whether the outsized carbon footprint of certain crypto-assets undermines their green transition commitments. Finally, it analyses policy options for prudential standard-setters and the need for climate-related considerations in crypto-investors’ practices.
Decentralised finance – a new unregulated non-bank system?
Risks and Regulation of DeFi
- DeFi is subject to some of the same vulnerabilities known from traditional finance, which can be amplified by the specific features of DeFi.
- New risks inherent to DeFi, such as operational risks stemming from the underlying technology and governance risks, have risen with the expansion of DeFi.
- The lack of traditional centralised entry points for regulation and its opaque and anonymous nature pose challenges for policymakers in terms of enforcement and effective regulation and supervision.
See: A European approach to DeFi regulation
- Where regulatory gaps exist, the innovative ways in which DeFi provides financial services will require innovative ways of regulation to close regulatory loopholes. DeFi may also require the introduction of technology-based regulatory systems, so-called embedded regulation, where regulatory requirements are embedded technically into DeFi
- As vulnerabilities start to build, an internationally coordinated approach is needed to mitigate DeFi risks before they pose a risk to financial stability.
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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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CB Insights: Canadian Fintech Funding Dropped 70 Percent in Q2-2022 YoY
Betakit | Jul 21, 2022
Though funding for Canadian FinTechs is down quarter-over-quarter, there is still a good amount of capital flowing into the sector—though it remains to be seen how the rest of the year will play out given the current turbulent economic and market conditions. Canada’s FinTech sector has entered a cooling down period, relative to the amount of funding activity in the country last year. Even on the international stage however, Canada continues to see much lower deals by number and amount invested compared to other regions.
- While Canadian FinTech funding has already reached 58 percent of 2021’s annual total so far this year, Q2 2022 saw a dip in total deals and a dramatic dropoff in total funding according to CB Insights’ latest State of Fintech report.
- The report found that funding poured into Canadian FinTech companies in Q2 2022 has plummeted by 75 percent quarter-over-quarter, from $1.2 billion to $300 million.
- Early-stage companies saw 71 percent of the deals made in the first half of the year, followed by mid-stage businesses receiving 13 percent of that pot, with late-stage firms securing 7 percent.
See: State of Venture Q2, 2022: Funding Decreases by 23% QoQ
- The amount of deals also decreased by 36 percent quarter-over-quarter. In total, there were 28 deals completed in the second quarter of 2022, down from the 44 deals made in Q1 and a five percent drop from Q2 2021.
- The amount of mergers and acquisition exits dropped to 7 in Q2 2022, a slight decrease from 10 M&A exits in the previous quarter. Canada only saw one SPAC and one IPOs each in this quarter, which is in line with the same period last year.
Who was funded?
- Calgary-based Neo Financial’s $185 million CAD Series C round in May was crowned the top equity deal in the quarter. That funding round also made Neo one of Canada’s latest and youngest unicorns, providing the two-year old FinTech startup with a more than a $1 billion valuation.
- Second to Neo is Toronto startup Delphia, which closed a $75.2 million CAD in Series A round in April. Delphia is followed by Vancouver company MeetAmi Innovations’ $29 million seed financing, as well as Toronto-based Pine’s $27 million CAD investment round.
- Other Canadian FinTech firms that have also raised a sizable amount of capital in the second quarter include VirgoCX, Altrio, Mash, Moves, Emma, and Uplinq.
See: Hardbacon: Why we launched an equity crowdfunding campaign in the middle of a bear market
Fintech investors
- The country’s top FinTech investors for Q2 2022 were the Ontario Teachers’ Pension Plan and Portage Ventures, which tied with 4 deals. Intact Ventures and N49P followed, joined by Georgian Partners, Loyal VC, Luge Capital, Whitecap Venture Partners, and Xpand Capital.
- Among the other regions named in the report—United States, Asia, Europe, Africa, as well as Latin America and Caribbean—Canada had the second lowest number of FinTech deals in the quarter, beating only Australia.
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Financial Times | Nicholas Megaw and Imani Moise | Jul 18, 2022
Half a trillion dollars wiped from once high-flying fintechs
More than 30 fintechs have listed in the US since the start of 2020, according to CB Insights data, as investors flocked to companies they believed could benefit from a long-term shift toward digitisation accelerated by the pandemic. However, concerns about rising interest rates, lack of profits and untested business models as the economy heads towards a potential recession have put them at the sharp end of this year’s sell-off.
Shares in recently listed fintechs have fallen an average of more than 50 per cent since the start of the year, according to a Financial Times analysis, compared with a 29 per cent drop in the Nasdaq Composite. Their cumulative market capitalisation has fallen $156bn in 2022. If each stock is measured from its all-time high, around $460bn has been lost.
A second-quarter update from online lender Upstart last week typified the challenges facing many fintechs. The company, which says it uses artificial intelligence to make consumer loan decisions, blamed the “tumultuous economy” for slowing down revenue growth and driving up losses.
See: As Fintech Valuations Fall, Portage closes US$655M VC Fund
The pressures have also hit more well-established companies like PayPal and Block — formerly known as Square — which have shed almost $300bn in market cap between them this year. The decline in public market valuations has filtered through to private companies. Klarna slashed its price tag from $46bn to under $7bn in a private funding round earlier this month, and the Wall Street Journal reported this week that Stripe had cut its internal valuation by more than a quarter.
Some companies also face additional pressure from regulators. The Securities and Exchange Commission is reviewing perceived conflicts of interest created by “payment for order flow”, the main source of revenue for online broker Robinhood, and SEC chair Gary Gensler has called for clearer oversight of cryptocurrency markets. The Consumer Financial Protection Bureau also launched an inquiry into “buy now, pay later” firms last December.
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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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Transparency and Standards: FCA Publishes Operating Service Metrics for 2021/22
FCA | Jul 19, 2022
We provide information about the timeliness of our operating service metrics (formerly known as service standards) in a range of areas. For transparency we report on both internal and statutory metrics, as set by The Financial Services and Markets Act 2000 (FSMA).
Key findings
This year we have made several changes to the metrics we report. This follows a review of our approach to performance reporting. Our intention in making these changes is to ensure we are providing meaningful measures on which we can be held to account. We have incorporated Enforcement data within our operating service metrics for the first time. This report covers 47 metrics for the 2021/22 financial year. We have achieved our Service Level Agreements (SLA) targets on 51% of metrics this year, which is a slight reduction from 55% achieved last year.
See: Why Data is the Lifeblood of a Modern Regulator
Improvements the FCA made compared to last year include:
- Replying to 66.4% of MPs letters within 15 days, up significantly from 28.4% in 2020/21. We also improved the number of MPs letters replied to within 20 days by 36 percentage points from last year (from 50.1% to 86.2%).
- Providing a response to consumer correspondence from email/web form/webchat within two working days 87.8% of the time, an increase from 80.4% last year.
- Closing 170% more complaints in 2021/22 than we did the previous year (820 closures in 2020/21 and 2,211 closures in 2021/22). This included complaints about our regulation of London Capital & Finance plc (LCF)) and acknowledging 93.7% of complaints within 5 working days of receipt, compared to 65.7% in 2020/21.
- Achieving our SLA target for processing complete applications for registration under the Payment Services Regulations within 3 months with 97.6% for the first time in three years.
- Enforcement has obtained a range of outcomes this year, protecting consumers, and market integrity. This includes imposing £313m in financial penalties on firms and individuals for breaching our rules, an increase from previous years. This figure excludes the £264.8m that Natwest was fined for failing to comply with the money laundering regulations 2007 as this was a criminal case and the financial penalty was therefore imposed by the court. We currently have 603 investigations open, looking at issues like market abuse and investment scams.
See: Why is FinTech so hard to regulate? 5 Challenges for Regulators
Areas the FCA could improve include:
- Answering telephone calls to the Supervision Hub. We aim for no more than 5% of unanswered telephone calls from firms or consumers.
- Responding to Freedom of Information Act (FOIA) requests within the statutory timeframe of 20 working days. We completed 67% against our target of 90%. We recognise this is below the standards we expect of ourselves.
- Achieving our timeframe for subject access requests for information made under General Data Protection Regulation (GDPR 2018). We operate to a target of 90% for Data Protection requests completed within the one- month timeframe but in 2021/22 we responded to 44% of requests within this period.
- The time taken to process appointed representative notifications within five days of the request. We processed notifications within the five-day voluntary target 44.7% of the time, which is below the target and lower than last year’s 48.1%.
- Meeting our target for commenting on subsequent proofs of documents submitted for pre-vetting by new applicants/unlisted issuers undertaking public offers and preparing prospectuses for the first time. There was a decline in adherence seen in previous years. This was due to a large increase in submission volumes. In 2020/21 we responded to 642 submissions for new applicants, whereas in 2021/22, the number was 1,108, a 73% increase.
Customer Satisfaction Scores
Continue to view the full set of metrics, download data or view graphs --> 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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Canada’s Competition Consultation Continues (thanks Senator Colin Deacon)
Senator Colin Deacon | Jul 17, 2022
In a continuing effort to ensure Canada has an effective and impactful competition law framework, Senator Wetson initiated a consultation to promote additional dialogue on paths forward for Canadian competition law in October 2021. This consultation was intended to inform future parliamentary consideration of the Competition Act in which he hoped to engage.
To stimulate this discussion, he commissioned a consultation paper during the summer of 2021 entitled Examining the Canadian Competition Act in the Digital Era, written by Professor Ed Iacobucci, former Dean of the University of Toronto Faculty of Law. The paper was widely distributed to stakeholders.
See: Regulators Stand in the Way of What Canadians Want: More Competition in Banking
Recent years have witnessed a major digital transformation in the economy. These developments have corresponded with a greater interest in competition policy, and commentators in Canada and around the world have debated the merits of competition law reform in numerous areas. Building on this attention and focus, this consultation was intended to determine whether Canada’s competition policy framework, and the Competition Act in particular, remain appropriate in the digital age.
We invite you to review the consultation paper, its executive summary, a letter to stakeholders, the submissions received, and Senator Wetston's final commentary. Further developments related to this consultation initiative will be posted here.
Whatever is ultimately chosen, the emergence of digital markets, and the emergence of new economic and political concerns associated with competition policy, have put greater importance on amending the Act to clarify its purpose.
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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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State of Venture Q2, 2022: Funding Decreases by 23% QoQ
CB Insights | Jul 12, 2022
Global venture funding saw $108.5B raised across 7,651 deals last quarter — marking the biggest quarterly percentage drop in deals (and the second-largest drop in funding) in a decade. Despite this eye-opening decline, funding and deal totals remain above levels last seen in 2020.
US-based companies accounted for nearly half of all funding, with some of the largest rounds of the quarter going to Epic Games, SpaceX, and Intersect Power.
Q2 highlights across the venture ecosystem:
- Mega-rounds ($100M+) accounted for $50.5B in funding, a 31% fall from the previous quarter.
- M&A deals trended down for the first time in 8 quarters, dropping to 2,502 — a 6-quarter low. IPOs and SPACs dropped by 15% and 26% QoQ, respectively.
- For the first time since Q4’20, fintech startups accounted for less than a fifth of all funding.
See: Q2’22 Private Market Global Venture Funding – Is the Party Over?
- Europe saw a 13% decrease in funding compared to Q1’22, the smallest dip among major regions.
- Tiger Global Management was the top investor for the third straight quarter in Q2’22, investing in 86 companies. However, that number marked a decline from 120 in Q1’22.
- Global unicorn births slowed to 85, bringing the total unicorn count to 1,170 — a modest 6.8% QoQ increase. The US and Europe accounted for most of the new unicorns, with 49 and 16 unicorn births, respectively. Entrants include KuCoin ($10B valuation), The Boring Company ($5.7B), and SonarSource ($4.7B).
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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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