Category Archives: Voices
Emergencies Act Post-Mortem: Crypto execs in Ottawa discuss Digital Assets
FP via Community Press | | Mar 15, 2022
Canadian cryptocurrency executives said they froze only a small number of accounts as a result of the Emergencies Act and that the crypto industry’s transparency should encourage the government to engage more deeply with the sector during testimony before the House finance committee on Monday.
The hearing was part of a post-mortem on the Act and other measures aimed at tamping down the trucker convoy protests across the country. During this time, the Royal Canadian Mounted Police provided a list of crypto wallets thought to be connected to the protests ordering exchanges not to facilitate transactions for these accounts.
See: Canadian cryptocurrency exchanges ordered to cease dealings with convoy-linked accounts
Dustin Walper, chief executive officer at Canadian crypto trading platform Newton Crypto Ltd., told the committee that his firm was ordered by the RCMP to prevent the flow of funds to illicit bitcoin addresses, but had no ability to freeze or hold funds in private wallets not on Newton’s platform.
Walper said in his opening remarks:
“While (cash and crypto assets) can be and frequently are seized as part of a court order, a criminal investigation, a civil suit or what have you, they cannot be arbitrarily frozen without due process once they’re in the control of an individual. So, I would really urge the committee to think strongly about the kind of country you want Canada to be,” Walper added. “In my view, it’s a country that both strongly values property rights and due process, regardless of the inconvenience this may cause to legitimate investigation, one that embraces fintech innovation and pro-growth policies, and one that’s fair and even-handed even to those who we might not ultimately agree with.”
See: Carolyn Wilkins: to achieve benefits, crypto must be made as safe as Canada’s financial system
“We believe this strengthens the case for the federal government to start engaging with the domestic crypto sector to develop a clear and positive regulatory framework for crypto in Canada,” Wiley said. “It is strategically important to Canadian innovation, competitiveness and security that we have a strong domestic crypto industry.”
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
 |  |  |
|---|---|---|
 |  |  |
2021 Powerlist: Women in Fintech
Innovate Finance | Mar 8, 2022
The Women in FinTech Powerlist 2021 shines a spotlight on the women leading innovation in financial services. Now in its 7th year, the Powerlist has increasingly attracted a global audience, resulting in applications and nominations from around the world. The 2021 iteration shines a spotlight on 250 women across 9 categories.
See:
Women In Fintech Will Play A Crucial Part In The Covid-19 Recovery Plan
Companies flooded Twitter on International Women’s Day. Then Gender Pay Gap Bot exposed the truth
“The transformation of financial services is being driven by passionate, inspiring female leaders representing all levels of seniority and all components of the FinTech ecosystem. In their role as entrepreneurs, founders, investors, bankers, communicators, tech experts, and more, it is these outstanding women who are moving the needle and making financial services more sustainable, more effective, and more inclusive for all. Shining a light on the incredible women making a true difference is an honour, and something we look forward to every year here at Innovate Finance." Janine Hirt, CEO, Innovate Finance
A select number of women were chosen for the ‘Standout 45’ distinction by a panel of independent judges. Innovate Finance called on the FinTech ecosystem to nominate and submit applications, and received 1000s of responses, highlighting that there is certainly no lack of female talent within the sector!
We want to congratulate everyone for their hard work and achievements and hope to see you all again for next year’s Powerlist.
View the Women in Fintech Full Powerlist 2021 --> 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
| | |
|---|---|---|
| | |
Gun-shy advisors struggle to provide clients with crypto guidance
March 6, 2022
Cryptocurrency's breakthrough from the financial fringes to the mainstream has been characterized by major investors like Paul Tudor Jones — and some companies like Microstrategy and Tesla — dipping their toes into Bitcoin (BTC-USD). Even Apple CEO Tim Cook is getting in on the action.
Yet some financial advisors and wealth managers appear to be struggling over how to adapt to the new era, in a sector defined by head-spinning price action, still-evolving regulation, and rising fraud.
A recent survey from fintech company eMoney Advisor found about 38% of U.S. respondents say their investments are managed by a financial advisor, and that 43% said they invest in cryptocurrencies. The data underscore how less than half are handling out digital token advice, even as the sector becomes an increasingly hot topic in retail and institutional investing.
Separately, a January survey by crypto investment manager Bitwise found a staggering 94% of advisors surveyed have gotten crypto-related questions from clients. Yet a slim 15% actually allocated money to digital tokens.
See: Arcane Research: Summary of Crypto 2021
Nevertheless, Bitwise CIO Matt Hougan said the sector was:
“approaching the tipping point for the widespread adoption of crypto by financial advisors. Two years ago, just 6% of advisors were allocating to crypto in client accounts; today it’s 15% and our survey suggests it will be nearly 30% by year-end."
Crypto's notorious volatility, in addition to the lack of a Bitcoin exchange traded fund (ETF) specifically tied to its spot price, may have something to do with it.
A spot ETF has yet to be approved by the Securities and Exchange Commission, even though a few new futures-linked funds have found a receptive audience. Several financial advisors Yahoo Finance spoke with recently all suggested a spot ETF would be the ideal vehicle for clients.
Yet Ric Edelman, founder of The Digital Asset Council of Financial Professionals (DACFP) thinks some advisors are making a mistake waiting for a spot Bitcoin fund. Having first discovered Bitcoin in 2012, Edelman argues that advisors can easily allocate 1-3% of their client portfolios to cryptocurrency-linked assets.
See: Biden’s executive order on crypto leaked – prices surge
“Obviously, crypto is huge but we’re just not at all trained in this space," Maize told Yahoo Finance. "Even if you don’t want to recommend it as an investment, we should at least know enough to be able to discuss it," she added.
“There’s so much hype around cryptocurrency. I have no problem if people want to trade their funny money but before that many of them need to cover basic financial planning bases like allocating their 401Ks, and other retirement accounts,” Valega told Yahoo Finance.
“For our clients who want cryptocurrency and whose risk profiles suggest that it could be appropriate for their portfolios, I want to see a spot Bitcoin ETF approved by the SEC before we make anything happen,” Von dem Bussche insisted.
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
| | |
|---|---|---|
| | |
Mahi Sall, Independent Expert, Fintech-Bank Partnerships, Joins NCFA’s Ambassador Program
NCFA Canada | Craig Asano | March 9, 2022
TORONTO, MARCH 9, 2022 – The National Crowdfunding & Fintech Association of Canada (NCFA) today announced that Mahi Sall, Independent Expert on Fintech-Bank Partnerships, has joined the Association`s Ambassador Programme.
NCFA Ambassadors are leaders, educators, supporters, and advocates of innovation, partnerships, and an inclusive and broad-based fintech industry in Canada and around the globe. They are circles of influence and ‘go to resources’ for high growth ventures, and investors to connect with, and are plugged into an international network of thought leadership and industry professionals shaping the future of technology and financial services.
Mahi Sall, Independent Expert, Fintech-Bank Partnerships
Mahi Sall’s background is in the financial services industry with 10+ years of experience on 3 continents (Europe, Asia, Africa) and a global exposure, part of it at the C-suite. Fluent in fintech-bank partnerships, he championed amongst others the Frankfurt-based multi-corporate innovation platform Fintech Europe at Germany’s largest bank. As part of building a view around fintech, he has spoken at numerous venues including the Frankfurt Digital Finance Conference and AsiaBerlin Summit and contributed alongside 280+ CEOs & leaders at global financial institutions to an ebook on fast-tracking fintech innovation in a legacy ecosystem, and more. Mahi provides strategic insights, connections and applied knowledge to entrepreneurs in fintech and adjacent verticals helping them connect and engage with strategic partners, investors and corporates. More about him: LinkedIn, About.me
“The financial services industry is reinventing itself at a lightning speed thanks to breakthroughs in technology, shifts in regulation and customer behavior. This comes with risks and opportunities best harnessed by fintechs and financial institutions who by design work to create long-term mutually beneficial partnerships as opposed to seeking unilateral dominance.” – Mahi Sall, Independent Expert, Fintech-Bank Partnerships
“Mahi understands that magic can only happen when stakeholders truly align their interests. Combined with his experience and global perspective, fintechs as well as large banks will benefit from his wisdom, and we are excited to collaborate at all levels as NCFA continues to expand its global network.” – Craig Asano, Founder and CEO, NCFA Canada
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
| | |
|---|---|---|
| | |
To stop Russia evading Ukraine war sanctions Joe Biden to sign an executive order on crypto (this week)
ComplianceX | Jack Kelly | March 8, 2022
US president Joe Biden is expected to sign an executive order on cryptocurrency this week that will mark the first step toward regulating how digital currency is traded.
US president Joe Biden is expected to sign an executive order on cryptocurrency this week that will mark the first step toward regulating how digital currency is traded.The move comes as administration officials have raised concerns in recent weeks about Russia’s use of cryptocurrency to evade the impact of crushing sanctions in response to its invasion of Ukraine. The sanctions have sent the rouble to historic lows and have closed the country’s stock market.
Two people familiar with the process said the executive order on cryptocurrency was expected to be issued this week and it had been in the works long before the war. Both people spoke to the Associated Press on condition of anonymity to preview the order.
See: Over 400 SEC new enforcements in 2021 including Crypto, Dark Web, DeFi targets
The order is expected to describe what government agencies, including the US Treasury Department, need to do to develop policies and regulations on digital currencies. It is expected to include a request for the State Department to ensure that American cryptocurrency laws are aligned with those of US allies and will ask the Financial Stability Oversight Council — which monitors the stability of the US financial system — to study illicit finance concerns.
Additionally, the order will explore the possibility of a new central bank digital currency. The Federal Reserve issued a paper on the topic in January that explores the risks and benefits of US-backed digital currency.
Stopping Russia from evading sanctions
While US officials have played down the significance of cryptocurrency to Russia’s ability to evade sanctions, it remains a concern.
See: SEC Considering 50 Rule Changes: “One of the largest regulatory agendas in years”
US Treasury Secretary Janet Yellen said last week:
“We will continue to look at how the sanctions work and evaluate whether or not there are liquid leakages and we have the possibility to address them. I often hear cryptocurrency mentioned and that is a channel to be watched.”
A senior administration official who spoke on condition of anonymity said the president’s national security team has already been on the lookout for the use and creation of front companies and alternative financial institutions that Moscow might try to employ to get around sanctions.
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
| | |
|---|---|---|
| | |
Happy International Women’s Day 2022!
NCFA Canada | FintechCanada.io | Sunny Shao | March 8 2022
Happy #InternationalWomensDay2022!
Here's a roundup of our top articles about #women:
• Women in #fintech & Covid-19 recovery https://t.co/i4a3LiVjQQ
• Why is VC still ignoring women? https://t.co/4sDl2ulQGd
• Why regulators should care about diversity https://t.co/7Wkn4ugEqW
#iwd2022 #internationalwomensday #diversity
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
| | |
|---|---|---|
| | |
Legendary DeFi Builders, Andre Cronje and Anton Nell, are Exiting Crypto
Crpyto Briefing | Chris Williams | March 6, 2022
Andre Cronje is bowing out from DeFi. Cronje’s close partner Anton Nell announced that the pair would be leaving the space in a tweet early Sunday.
Andre Cronje is bowing out from DeFi. Cronje’s close partner Anton Nell announced that the pair would be leaving the space in a tweet early Sunday.The DeFi space is losing two of its most talented developers. Cronje was widely regarded as the “Godfather of DeFi” for his various contributions to the space.
See: Communication protocol systems: SEC’s big DeFi move
Andre Cronje, the self-styled “DeFi architect” who rose to prominence as the founder of the yield optimization protocol Yearn.Finance, is moving away from DeFi and crypto for good. Anton Nell, another builder best known for his ties to the Fantom ecosystem, will also be bowing out with Cronje. Nell broke the news in a Sunday tweet. “Andre and I have decided that we are closing the chapter of contibuting [sic.] to the defi/crypto space,” Nell wrote, before adding that it was “a decision that has been coming for a while now.” Nell, who worked closely with Cronje across his various projects, explained that the pair would be shutting down the websites they control and stepping away from the space. Prior to working on Fantom, Nell had a brief stint reviewing ICO projects for Crypto Briefing alongside Cronje.
Questions surrounding Cronje’s future in crypto started surfacing this week when he deleted his Twitter account and amended his LinkedIn profile to indicate that he had stopped working on Yearn.Finance, Fantom, and the broader Ethereum ecosystem. He later confirmed to the Keep3r Network community that he would be leaving the project in a Telegram message.
Cronje, who had a big impact on Crypto Briefing‘s early years as Chief Code Reviewer prior to his various DeFi engagements, confirmed the news and reiterated that the protocols he and Nell built would continue to run (notably, as they are deployed as immutable smart contracts, there’s no way to shut them down).
See: In the face of wreckage, DeFi’s self-policing shines
Writing in a private message to Crypto Briefing, Cronje said that they “are simply transferring/decommissioning the domains and webapps we control, and moving away from defi/crypto.”
Cronje said that the pair would be returning to their careers in the traditional finance sector.
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
| | |
|---|---|---|
| | |
