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
BIS Update: 2021 Survey Results on Central Bank Digital Currencies, ‘Gaining Momentum’
BIS | Anneke Kosse and Ilaria Mattei | May 6, 2022
Most central banks are now exploring central bank digital currencies (CBDCs), and more than a quarter of them are developing or running concrete pilots, according to the latest survey from the Bank for International Settlements.
The fifth annual report on central bank engagement with CBDC – Gaining momentum – Results of the 2021 BIS survey on central bank digital currencies – shows that, among the 81 respondents, work on retail CBDCs, in particular, has moved to an advanced stage.
The Covid-19 pandemic and the emergence of stablecoins and other cryptocurrencies have accelerated the work on CBDC, especially in advanced economies, which put more emphasis on financial stability as a motivation for their involvement.
See:
BIS Report: Can CBDCs be designed to help financial inclusion?
Ottawa to review Crypto, Stablecoins and CBDCs; Budget promises more financial cops
Globally, more than two thirds of central banks consider it likely or possible that they will issue a retail CBDC in the short or medium term. Central banks see the limited operating hours of current payment systems and the length of current transaction chains the most significant pain points of cross-border payments that could be alleviated with CBDCs.
Many central banks are considering a role for the private sector, for example in customer-facing activities, and are also exploring interoperability with existing payment systems.
Continue to the full article --> here
Download the 25 page PDF 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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Crypto SPACs Guide
King and Spalding | May 5, 2022
Digital assets and special purpose acquisition companies (“SPACs”) have been two of the hottest topics in the financial world over the past few years, and, unsurprisingly, the topics overlap with increasing frequency.
See: CSE proposes new senior tier for scale-up companies and SPAC program
We have set forth below a high-level overview of what SPACs are (including an explanation of the documentation involved in a crypto-related SPAC), guidance on what makes cryptocurrency-related SPACs unique and difficult to execute, a list of historical examples of such SPACs that have successfully completed an acquisition, a pipeline of potential crypto SPACs and some expectations for the future.
Resource guide covers:
- Illustrative economics for SPAC funding
- SPAC IPO workstream checklist
- Crypto SPAC examples
- Unique considerations (valuation difficulties, regulatory uncertainty)
- Geographic expansion
- SPAC headwinds
Continue to the full article --> here
Download the 13 page PDF resource --> 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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Arca Report: DAOs – Institutional Guide to Decentralized Governance
Arca | May 5, 2022
Corporate organizational structure has remained relatively unchanged since the development of the corporate form in the 17th century. This stagnation presents an opportunity to enhance and optimize aspects of collaboration. DAOs offer a novel way of attracting, organizing, governing, and incentivizing talent by integrating blockchain into the organizational framework.
What Are DAOs?
DAOs are blockchain-based, self-governing organizations that enable participants to work toward a common goal on a trustless network. DAO members can communicate, pool capital, vote, and develop projects, demonstrating the future of blockchain technology and coordinated decision-making.
See: What It’s Like Working at a DAO?
DAOs start with an idea based on a defined goal, are organized using smart contracts, and stimulate action by granting access, voting rights, and ownership to contributors in exchange for tokens of the underlying project. Participants use governance tokens to vote on topics relevant to the DAO’s mission.
Innovations like DAOs challenge conventional ideas of centralization and inspire a generation of global citizens who prioritize autonomy, ownership, and democratization.
Web3
Societal change can evolve from cultural, political, economic, scientific, or technological forces. In the last decade—and especially recently—the global community has endured seismic waves in all categories. Civil unrest, wars, financial downturns, and an unrelenting pandemic have rattled confidence in traditional establishments, energizing the search for new possibilities.
Read: VC-backed DAO Startups Racing to Define What DAOs Actually Are
Technological advances have provided a bright spot among the uncertainty, and blockchain technology, in particular, has stimulated innovations that challenge conventional ideas—especially those pertaining to centralization. The decentralized autonomous organization (DAO) is a recent application of decentralization that endeavors to improve legacy systems. Powered by blockchain and web 3.0, DAOs seek to modernize the formation of talent and capital as a means to efficient and democratic collaboration. This technological force can pave the way for positive systemic change.
Source: Arca report
Continue to the full article --> here
Download the 28 page PDF 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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CB Insights: Metaverse stack and companies making it a reality
CB Insights | Apr 13, 2022
The business world is obsessed with “the metaverse”: the concept of shared worlds driven by virtual products and digital experiences that are highly immersive and interactive. While the space is still in early days, the longer-term implications may not be trivial. Some users — especially younger ones — may eventually earn, spend, and invest most of their money in digital worlds. The metaverse could represent a $1T market by the end of the decade
See: Metaverse Continuum: Digital experiences and interconnected future
The metaverse is a vision, not a specific technology. For enterprises, this ambiguity can make it challenging to figure out how to tap into the emerging trends the metaverse represents. Below, we provide a framework to navigate this evolving topic by breaking down the metaverse into distinct technological layers and highlighting the key vendors set on making the metaverse a reality.
Infrastructure (network & computing)
The metaverse requires compute and processing infrastructure that can support both big data flows and low latency. Tech emerging within categories such as chips & processors, 5G, cloud infrastructure, and edge infrastructure, will prove vital to creating a seamless, lag-free experience in the metaverse.
- Chips & processors
- 5G & low latency networks
- Cloud infrastructure
- Edge infrastructure
See: How the Metaverse Could Change the Nature of Work
Access/interface (hardware)
This layer includes hardware devices that allow people to experience the metaverse. While this category encompasses connected devices like mobile phones, PCs, and gaming consoles, it is predominantly centered around emerging technologies designed to enhance immersion in a virtual setting.
- Haptics
- Headsets (VR)
- Holographics
- Smart glasses (AR)
Virtualization tools
- 3D design engines
- 3D modeling & capture
- AR developer kits
- Avatar development
- Volumetric video
See: Hong Kong’s Web3 ‘Mr. Metaverse’ vs. Mark Zuckerberg
Virtual worlds
- Centralized worlds
- Decentralized worlds
Economic infrastructure
- Payments
- Crypto exchanges
- Crypto wallets
- NFT marketplaces
See: Liquid Avatar Technologies Inc. Launches First-Ever Payment Card and Loyalty Program for the Metaverse
Experiences
- AR/VR games
- Decentralized games
- Virtual concerts
- Virtual fashion
- Virtual real estate
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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BoC Publishes Staff Paper on Bitcoin Awareness and Ownership Use in Canada (2016-20) – But read it with caution
NCFA Canada | Robin Ford | Apr 27, 2022
The Bank of Canada recently published a Bitcoin survey and staff discussion paper called 'Bitcoin Awareness, Ownership and Use: 2016-20' but read it with caution
Download the paper (April 2022): https://www.bankofcanada.ca/2022/04/staff-discussion-paper-2022-10/
The paper has been reported (and misreported) in, for example, Investment Executive- https://www.investmentexecutive.com/news/research-and-markets/bitcoin-owners-young-male-and-wealthy-boc/
Investment Executive says: "The bank’s research found that half of Bitcoin owners suffer from volatility, hacks and scams." In fact, as the paper notes: "about half experienced price crashes, loss of access to funds, scams or data breaches" [our emphasis]. To be more specific, owners reported 'one or more' such incidents.
See: Crypto-tax primer in Canada
Perhaps more important, however, are flaws in the paper itself. Data on crypto currencies in Canada is scarce, and more and better data is high on our policy wish list. In a swiftly evolving and controversial area, meaningful data, and careful analysis is crucial. We respectfully suggest that the BoC's paper does not pass this test and should be read with a grain of salt.
Here are 3 cautions/gaps
1. Data Quality
The paper states: "Our 2020 data on Bitcoin awareness and ownership are from the November 2020 CAS. This survey had a more general focus on the demand for and use of cash during the COVID-19 pandemic. As a result, it collected only limited information about Bitcoin."
Most data relied on in the BoC paper is from 2019 or earlier. This is a significant defect in a fast moving area. More recent and more thorough surveys tell a different story - Ipsos: https://www.ipsos.com/en-ca/news-polls/Bitcoin-ownership-is-on-the-rise-in-Canada
"Overall, we confirmed the Canadian cryptocurrency industry is growing every year, with ownership increasing notably between 2016 (3% bitcoin ownership) and 2021 (14% cryptocurrency ownership)."
See: Gun-shy advisors struggle to provide clients with crypto guidance
The BoC paper concludes that only 5% owned Bitcoin in 2020 which is likely vastly understated. Further, Bitcoin can be (and increasingly is) held indirectly via funds such as ETFs or via shares in eg Bitcoin mining companies and other Bitcoin related enterprises.
2. Analysis
The paper talks about the risks mentioned above, but does not examine the extent to which Bitcoin owners are aware of them and willingly assume them.
The paper states: "Bitcoin owners displayed greater knowledge about the Bitcoin network than nonowners, yet they scored lower on questions testing financial literacy." However, the paper discloses an extremely simplistic evaluation of literacy.
Added to this, there is no comparison with "non-crypto" assets, risks, or events (eg, scams, hacks, and volatility). We are left to assume that in the crypto world these risks are higher compared other high risk assets. This is highly contestable.
See: Updated Report: Regulation of Cryptocurrency Around the World (Nov 2021)
3. Sample Size
The sample sizes were small and were "opt-in" not random. This warrants extreme caution on drawing firm conclusions.
Readers take care.
Download the 32 page PDF 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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OSC TestLab selects 7 businesses to help improve new capital markets testing environment
OSC | Apr 26, 2022
TORONTO – The Ontario Securities Commission (OSC) today announced that innovative solutions put forward by seven businesses will be part of its new capital markets testing environment, OSC TestLab. This initiative allows businesses to test solutions that can help Ontario registrants and contribute to better investor outcomes.
See: Ontario moving ahead with expanded mandate for OSC
The following businesses will test solutions that include product comparison, client onboarding, portfolio analytics and assessment tools that leverage behavioural science, artificial intelligence and automation, among other approaches:
- Broadridge Investor Communications Corporation
- LockDocs Inc.
- Mako Fintech
- Morningstar Research Inc.
- Syntoniq, Inc.
- TMX Group
- Wealthscope
“We are pleased to see such a strong response to our first test, which harnesses the collaborative power of people, ideas and expertise,” said Pat Chaukos, Director of the Innovation Office. “OSC TestLab is a unique opportunity to effect change and support innovation in our capital markets.”
Participating firms will begin testing later this spring with testing expected to conclude in fall 2022. More details about the tests, including how to participate as a registrant or investor, is available at oscinnovation.ca/TestLab/spring2022
In November 2021, the OSC invited businesses to submit applications to test their innovative solutions to make product information more accessible, improve information sharing and enhance registrant-client interactions. From these applications, the OSC selected seven firms to participate in testing.
See: How you can experiment, learn and improve with OSC TestLab
A first for Canada, OSC TestLab invites businesses to experiment with innovative solutions in Ontario’s capital markets as part of focused, group testing. Testing will provide opportunities for participants to learn through experimentation and gather feedback that can help to fine-tune and tailor solutions. At the same time, insights from testing can provide valuable input to inform the OSC’s efforts to modernize Ontario’s regulatory environment.
View the original release ==> her
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: Global fintech funding declines in Q1’22 while Europe, Canada and Australia see Growth
CB Insights | Apr 19, 2022
Global fintech funding in Q1'22 was down 18% quarter-over-quarter (QoQ) at $28.8B— the largest percentage drop in quarterly funding since 2018. However Europe, Canada and Australia experienced degrees of funding growth
In our State of Fintech 2021 Report, we dive into global investment trends to spotlight takeaways including:
See: Fiserv Research: Fintech Adoption Update on Consumer Expectations and Experiences
- How fintech saw record deal activity despite the funding decline
- The slowdown in $100M+ mega-rounds
- The record unicorn count, unicorn birth trends, and new fintech unicorns of Q1’22
- The region that saw deals grow 44% QoQ to a record high
- The world’s top fintech investors
- The 5 $1B+ M&A deals in the quarter
- The sector that saw funding shrink 58% QoQ
- And much more
See: Derrick Hunter: Entrepreneurs are critical to economic growth and Politicians should recognize it
Below, check out a few highlights from our 206-page, data-driven State of Fintech 2021 Report. For deeper insights, all the record figures, and a ton of private market data, download the full report.
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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