The new alliance and pledge comes as regulators remain concerned the new market is safe for investors, despite its surge in popularity.
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Voices
VC-backed DAO Startups Racing to Define What DAOs Actually Are
TechCrunch | Lucas Matney | Feb 1, 2022
Amid the growth in web3, NFTs, DeFi and tokens, institutional investors are also looking at how they can leverage another crypto structure called DAOs to build a new model for community action on the internet.
DAOs — or decentralized autonomous organizations — are at a very weird place in 2022.
The crypto collectives theoretically are designed around allowing groups to make decisions and operate in a structured capacity governed by smart contracts and blockchain transparency, but DAOs that are popping up recently seem to be indistinguishable from each other, with varying commitments to both decentralization and autonomy. While some camps have focused on how DAOs can be used as autonomous governance mechanisms for technologies like DeFi protocols, others are using them to make collective decisions for NFT project roadmaps, while some see the structure simply as a new way to add a crypto treasury to their Discord or Telegram group chat.
See: FreeRossDAO: Another blueprint for peer to peer Crypto Crowdfunding
The reality is that few people have a tight definition for what DAOs are, leaving room for new organizations to help the crypto-curious make sense of them and help would-be DAO founders make the most of the structure. Founders in the space say that the difficulty in pinning down a catch-all definition for what a “standard” DAO should look like only highlights how broad the opportunities are.
“At the end of the day, DAOs are a collective technology as opposed to an individual one,” Syndicate co-founder Will Papper told TechCrunch last week. “DAOs are kind of the next evolution of the corporation because encode both voice and exit into their foundations.”
DeepDAO, a dedicated DAO analytics firm, is currently following more than 4,100 DAOs. The groups have evolved considerably since the first-ever DAO, called The DAO, was founded back in 2016.
See: In the face of wreckage, DeFi’s self-policing shines
a16z GP Ali Yahya told TechCrunch in an interview accompanying the firm’s investment in PleasrDAO:
“The fact that a DAO is just software that can can be spun up with the click of a button… but can catalyze thousands or tens of thousands of people — eventually we expect millions of people or larger numbers — that all put together capital and put together ideas to work together for some common goal… we see that as almost the purest vision of what web3 and crypto are all about.”
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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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Feb 24 Fintech Bridge: Canada – Hong Kong – Speaker: Alixe Cormick, President, Venture Law Corporation
Alixe Cormick, President, Venture Law Corporation (Linkedin)
Securities Lawyer and Advisor, Founder of Venture Law Corporation who works with privately-held and public companies, mergers and acquisitions, private placement investments, financial transactions, reverse mergers, initial public offerings and licensing matters, as well as general corporate matters.
UPCOMING EVENT:
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Thursday, February 24, 2022
2:00 - 4:00PM+ EST (time zone)
Virtual format | Free registration
HOSTING PARTNERS
Looking forward to seeing you there!
Organizing team
The Evolving Digital Identity Landscape
Liquid Avatar Technologies | David Lucatch | Feb 9, 2022
How the current macro environment is changing the way we work, play, and engage online.
The last time you left home, you probably had at least 3 items with you that would prove who you are, most likely your mobile device, wallet, and keyring.
In the “real” world, we’re used to carrying personal identification, driving or taking public transit, and our keyring not only provides security to our homes, autos, offices, and other valuables, but also tells a bit about our personality, based on the type of keyrings, and fobs we have. Why should it be any different in the online world, and how can I prove who I really am online just as easily?
While the pandemic has held a grip over our daily lives, not until recently have we started to believe that things may get back to normal. This global crisis has also been a catalyst for digital identity.
Not only did our traditional lives change dramatically during this period, but so did our digital existence. Online gaming and digital content consumption went up 75% literally overnight. Amazon is our new best friend delivering almost daily. While it may have seemed novel initially, it became the new reality thanks to our kids being educated online and trying to keep up with friends and family via Zoom calls instead of getting together. It has also has meant finding reliable ways to stay in touch with our clients and business associates and doing more online, exposing ourselves potentially to additional security concerns and identity fraud. Now, more than ever, we need something that requires us to prove who we are.
See: Liquid Avatar Releases Major Update to their Digital Identity Mobile App
Digitally, we can be viewed as the sum of all our online “information” most or which has been controlled by corporations intent on mining your data for their overall benefit. However, continuing jurisdictional changes in privacy rules and data protection in many parts of the world have started to shift the power of data from corporations to the people.
As we spend more of our lives online, it will be essential to prove who we are when it comes to:
- Reduction of potential identity fraud
- Validation of online purchases
- eSports, online gaming, and social media
- Information and data services
- Education
- Government and Healthcare services
New technologies and innovations are changing the way digital identity and personal information is managed. We’re seeing healthcare passports, single sign on applications and digital wallets, but the key is for users to manage, control and benefit from this information and personal responsibility.
See: What Does The Financialization of Games Mean? GameFi
With over 300 million people in North America and over 5 billion people online globally, the market, tasks and opportunities are both enormous and daunting. Organizations like the Linux Foundation, Trust over IP Foundation, Cardea, The Lumedic Exchange, Liquid Avatar Technologies and other leading firms and organizations are working to help empower users from around the globe to be part of the digital identity revolution.
Authored by: David Lucatch, Co-Founder, President, Director & Chair of Liquid Avatar Technologies Inc.
Liquid Avatar Technologies Inc., through its wholly owned subsidiary KABN Systems North America Inc. focuses on the verification, management and monetization of Self Sovereign Identity, empowering users to control and benefit from the use of their online identity. The Liquid Avatar Mobile App, available in the Apple App Store and Google Play is a verified Self Sovereign Identity platform that empowers users to create high quality digital icons representing their online personas. These icons allow users to manage and control their digital identity and Verifiable Access and Identity Credentials, and to use Liquid Avatars to share public and permission based private data when they want and with whom they want.
This article is featured in NCFA's digital magazine, Fintech Confidential (Issue 4). Click to read the latest thought leadership, insights and trends about Fintech in Canada:
Checkout NCFA's digital magazine, Fintech Confidential (Issue 4) --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Major Firms Launch the Crypto Market Integrity Coalition to Crackdown Manipulation
Reuters | Hannah Lang | Feb 7, 2022
The new alliance and pledge comes as regulators remain concerned the new market is safe for investors, despite its surge in popularity.
A group of major cryptocurrency firms including Coinbase, Circle, Anchorage Digital and Huobi Global are forming a new coalition aimed at cracking down on market manipulation in an effort to instill trust in the burgeoning digital asset industry.
The Crypto Market Integrity Coalition, which was convened by risk-monitoring software company Solidus Labs, is also urging digital currency companies to sign a “market integrity” pledge that acknowledges the potential for fraud in the cryptocurrency space and the need for the industry to protect investors.
See: IRS Special Agent “Seeing ‘Mountains Of Fraud in Cryptocurrencies, NFTs”
Kathy Kraninger, vice president of regulatory affairs at Solidus Labs and former director of the Consumer Financial Protection Bureau said:
“It really is about recognizing that you need entities that are focused on a fair and orderly system here, and really trying to prevent the abuses that can happen if you're not paying attention.”
The new alliance and pledge comes as regulators remain concerned the new market is safe for investors, despite its surge in popularity. The Securities and Exchange Commission has cited the potential for market manipulation as one of the primary reasons for rejecting several applications for spot bitcoin exchange-traded funds.
Most recently, the markets regulator vetoed a proposal from Fidelity’s Wise Origin Bitcoin Trust to offer an ETF that would track the cryptocurrency, determining that it did not meet the standards designed to prevent fraudulent and manipulative practices.
See: Industry warns Congress the U.S. risks ‘chilling’ regulations on crypto
In December, the Bank for International Settlements called for more regulatory safeguards to prevent crypto fraud, arguing that the limited application of anti-money laundering rules, along with transaction anonymity, exposes DeFi to illegal activities and market manipulation.
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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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Modernizing Privacy Law in Canada – Striking the Right Balance
PPT | Jan 17, 2022
In fall 2021, the Public Policy Forum convened a group of academics, lawyers, representatives from the private sector and members of civil society to revive discussions around modernizing privacy law in Canada under the Chatham House rule.
Overview
In fall 2021, the Public Policy Forum convened a group of academics, lawyers, representatives from the private sector and members of civil society to revive discussions around modernizing privacy law in Canada under the Chatham House rule. These conversations sought to explore five key questions of interest:
- How is Canada situated compared to other jurisdictions and countries, and with respect to inter-provincial differences?
- What are the priorities for changes to a modified Bill C-11: An Act to enact the Consumer Privacy Protection Act and the Personal Information and Data Protection Tribunal Act and to make consequential and related amendments to other Acts?
- Where are the widest gaps among experts and stakeholders on C-11, and are there different approaches, directions or principles that will help bridge them in effective legislation?
- Are there steps outside of modernized legislation that the private sector should be taking?
- Can a human rights approach co-exist with data-driven, private sector innovation?
See: Digital Identity Should Be A Big Business For Banks
On the question of how Canada is situated compared to other countries and jurisdictions, and with respect to inter-provincial differences, many participants expressed concern that a “patchwork” of frameworks are emerging as a few provinces (Alberta, British Columbia, Ontario and Quebec) have started to take the lead in modernizing Canada’s private-sector privacy laws. This may be an expression of policy impatience, whereby provinces are unwilling to “wait” for Canada’s federal government to modernize privacy law (through a revised Bill C-11) and instead seek to solve perceived gaps in private-sector privacy regulations.
So while this is a national conversation, it is increasingly a provincial one as well. Though the word “patchwork” came up with some frequency, it is possible to reframe this federated approach more positively as a productive opportunity for inter-provincial collaboration to develop a truly pan-Canadian, harmonized and interoperable private-sector privacy law that can both better protect Canadians’ privacy rights and better support innovation and the growth of business.
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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 Considering 50 Rule Changes: “One of the largest regulatory agendas in years”
CNBC | Bob Pisani | Feb 4, 2022
The Securities and Exchange Commission has roughly 50 proposed rule changes it is considering, and a handful that are in a final regulatory stage and could be adopted soon.
Amy Lynch, president of Frontline Compliance and a former SEC compliance official, told me:
“This is one of the largest regulatory agendas we have seen from the SEC in many years.”
While the list of proposed rules changes is large, they can be loosely grouped into several “buckets”: proposals of an environmental, social and government (ESG) type; buybacks; insider trading and executive compensation; trading activities; and investor protection.
Focus on Crypto
While there are no explicit proposals on cryptocurrency, Gensler and his staff will be very active deciding what comes under their jurisdiction. The SEC chairman has refused to approve a pure-play bitcoin ETF on the grounds bitcoin is subject to fraud and manipulation, and has also made it clear he believes Congress should clarify the regulatory regime around the crypto space. But Congress is unlikely to pass any legislation.
See: Top Crypto Lawyer says Don’t wait for the SEC
Thomas Gorman, an attorney with Dorsey Whitney who held key positions at the SEC for many years, told me:
“In the absence of new regulation, Gensler can continue to define what is a registered security, which will determine whether the SEC has jurisdiction over coins, crypto exchanges or other parts of the crypto universe.”
He noted the SEC will likely claim that certain crypto investments and platforms meet the definition of a security under existing law and will seek to force them to register with the SEC.
Disclosure is a main theme
At the heart of many of Gensler’s proposed rules is disclosure, lots of it.
Few argue against disclosure, but the issue revolves around how much is necessary and how it is used.
See: Canadian securities regulators publish guidance on ESG-related investment fund disclosure
One SEC watcher, who asked to remain anonymous, told me:
“The point of disclosure is, do people have enough information to make an informed decision?”
Referring to the PFOF controversy, this source told me, “The point is not to regulate the pricing of the products. If there are hidden fees, they should be disclosed, but the point should not be, ’You guys are making too much money, and we should do disclosure so you can make less money.”
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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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Jim Balsillie: Canada needs a revived Economic Council to thrive in the 21st century
The Globe and Mail | | Feb 5, 2022
It’s been 30 years since Ottawa disbanded the body that helped it set a clear economic agenda. It needs a new one to help Canada adapt to a competitive high-tech world
In a thoughtful essay published last summer, the writer Lauren Dobson-Hughes made a compelling argument that recent crises – including COVID-19 and Canada’s retreat from Afghanistan – have not only exposed the country’s deeply dysfunctional institutions, but also revealed our bureaucracy’s profound limitations on performing even its most basic duties, such as implementing a payroll system for public sector employees, updating privacy legislation or designing a shipbuilding program.
“We are ill-equipped, floundering, and as the Brits would say, not fit for purpose,” she wrote. “We built our systems, structures and cultures for a different time. They are now failing us, and fast.”
The same can be said for institutions and structures responsible for designing Canada’s contemporary economic strategies. Politicians of all stripes worship at the altar of innovation, with visits to Silicon Valley and photo ops with entrepreneurs, but the devotion is a facade. Public-sector departmental structures and policy-makers are proving incapable of dealing with the opportunities and challenges afforded by the Information Age.
See: New North Star III: Case for a Canada Advanced Project Research Agency
If the past two decades of various economic growth councils, blue-ribbon commissions, and “non-innovation innovation” strategies have proven anything, it is that inside Ottawa there is a dearth of expertise on the issues that accompany our transition to a knowledge-based and data-driven economy.
This step begins with rebuilding the Economic Council, an institution the government disbanded in 1992. This new, restructured council would provide the federal government with the research required to establish a long-term policy agenda designed to advance our country’s competitiveness.
As a country, we are falling behind. All signs point to our failure to design strategies that would allow us to prosper in a new, knowledge-based economy. The Organization for Economic Co-operation and Development (OECD) has dire projections for the Canadian economy, while the average salary is dropping, weakening an already endangered middle class.
Canada is still navigating with outdated maps - Select Quotes
Rather than investing in public sector institutional capacity to keep up with changes in the global economy, the Canadian government became dependent on a rotting practice of outsourcing its own work to costly, controversial and unaccountable consultants and in the process giving birth to the so-called “shadow public service.”
Despite a highly educated population and public investments in R&D, Canada has consistently been a large net importer of intellectual property, or what economists call the “innovation trade” balance.
“For most of the past 40 years Canada has been in a ‘bad equilibrium,’ wherein real wages have essentially stopped growing” states a recent research paper by Public Policy Forum fellow Don Wright. “Government policy, consciously or unconsciously, has sustained the resulting low-wage-low-productivity model of competitiveness, hence keeping Canada in the bad equilibrium.”
The World Bank’s 2020 report says Canada is losing ground in terms of GDP per capita, directly affecting purchasing power of the average Canadian, with the current average salary of US$43,242 down from the peak US$52,635 in 2013. Canada faces a shrinking share of that income and wealth.
See: Canada’s Competition Problem: 7 Reasons
But the gaps in our government’s capacity to understand the contemporary economy are much wider. It is long past time to acknowledge that we don’t have a critical mass of expertise and analytical muscle inside our civil service.
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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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