Sir Timothy Berners-Lee, the person who made it possible to read this online article, first came up with the concept of the Web back in 1989. The creator of the World Wide Web is now on a mission to save it.
CEOs from two of the biggest crypto firms in the world are giving a nod of approval to Ethereum creator Vitalik Buterin’s idea for how exchanges can maintain transparency for their customers.
Under Canadian law, corporate directors are responsible for their corporation’s business, including risk identification and management activities, and are required to demonstrate a duty of care.
Credit reporting giant Equifax, best known for one of the 
Benefits of digital ID ecosystem will be realized only with adequate privacy protections, say data protection authorities
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Digital Identity, Privacy, KYC, AML/ATF
The Inventor of the Internet, Sir Tim Berners-Lee, Wants to Save Your Data From Big Tech with Browser Pods
EuroNews.Next | Pascale Davies
Sir Timothy Berners-Lee, the person who made it possible to read this online article, first came up with the concept of the Web back in 1989. The creator of the World Wide Web is now on a mission to save it.
- He believes tech platforms “control the world and manipulate people by providing information”.
- His solution to the dysfunctions of Web2.0 is the third layer of protocols, giving a person the ability to log into something with their own personal ID.
- He came up with a new project called Solid, and later a new company called Inrupt to help Solid launch. Berners-Lee’s platform can be accessed from your browser
See: Anthony Di Iorio Unveils Web3 Blockchain Hardware and Game Theory Project: Andiami
- But it is not an app; he calls it a “Pod,” where you can store your private data and access it very easily [with a key or digital ID].
- He said this is his vision for Web3.0, emphasising that it is not Web3 which uses the Ethereum blockchain system and promises to be decentralised.
- The issue with Web3 is that data such as health records can easily be traced; as it is public, making it secure is expensive. Speed is another issue and there are questions as to if it can be fully decentralised.
- Use case: Inrupt has worked with NGOs to help refugees by allowing them to share their Pod. They can then share their medical data, the clothes and tents they’ve been given, and register with the NGO, which saves time.
- “And so it's a sense that if [a Pod] is given to a person, they can just track what goes on completely privately and if they need to go to the police, they have a trail”.The Pods can help everyone in society keep their online data safe.
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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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Having Safe CEX: CZ and Brian Armstrong Support Vitalik’s Idea for Transparency
Daily Hodl | | Nov 21, 2022
CEOs from two of the biggest crypto firms in the world are giving a nod of approval to Ethereum creator Vitalik Buterin’s idea for how exchanges can maintain transparency for their customers.
- Buterin suggested a system where users can verify their personal balances through a Merkle Tree, protected with the privacy of a zk-SNARK (zero-knowledge succinct non-interactive argument of knowledge).
- Merkle Trees help encode blockchain data more efficiently and securely and can assist in quickly verifying information without revealing an entire data set. KZGs are a type of polynomial commitment scheme that allow verifiers to confirm claimed evaluations.
- Responding to Buterin’s proposal, Coinbase CEO Brian Armstrong thanked the Ethereum co-founder and said on-chain accounting will be important for the industry moving forward.
- Meanwhile, Binance CEO Changpeng Zhao says he is working on Buterin’s new ideas.
See: Grayscale Won’t Share Proof of Reserves | Bitvo Escapes FTX | (Some) DeFi Platforms Benefit from CEX Exodus
Vitalik Buterin:
“In the longer-term future, my hope is that we move closer and closer to all exchanges being non-custodial, at least on the crypto side. Wallet recovery would exist, and there may need to be highly centralized recovery options for new users dealing with small amounts, as well as institutions that require such arrangements for legal reasons, but this can be done at the wallet layer rather than within the exchange itself.
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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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Building Comprehensive Digital Identities in the Metaverse
VentureBeat | Dmytro Spilka, Solvid | Nov 12, 2022
How vast amounts of data will shape our online profiles of the future
- As the metaverse matures, it appears likely that avatars will represent our metaverse “selves,” and direct-to-avatar (D2A) purchases will facilitate a sense of individualism while maintaining a degree of anonymity.
- Although avatars will make users appear anonymous to other metaverse users, regulators are already exploring the challenges that may surround identity and anonymity in virtual spaces. The many avatars and digital currencies that operate within virtual landscapes will be linked back to digital profiles and properties that will be attached to a user’s real identity. Factors like Know Your Customer (KYC) and security will play a central role in ensuring that identities are protected in the challenging new landscape of the metaverse.
See: Digital Identity Protection is Critical for Metaverse Innovation
- Vast quantities of data that a user will produce within the metaverse can help to build a more comprehensive identity online — which ultimately can work to reate a digital footprint that can act as identity within more complex sectors like decentralized finance (DeFi).
- Necessity of trust: Biological readings like blood pressure, eye tracking, breathing rates and even more intimate factors can be used to generate information that can be exploited for marketing or political purposes.
- Selling personal data to advertisers the way social media companies do must be managed more robustly in the age of Web3. Failure to appropriately regulate access to big data could risk rotting the metaverse from the inside out before the technology has a chance to flourish.
- Self-sovereign Identity (SSI) can help to solve data security and privacy issues by removing the necessity of storing personal information in a central database, and allowing users to choose the data they store and share.
Sebastien Borget, co-founder and COO of The Sandbox:
Users will want to bring more than just the visual appearance of their avatar from one virtual world to another. They will also want to carry their online reputation, progression and achievments with them.
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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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Why You Should Review Your Data Governance and Privacy Risks in Canada
BLG | Éloïse Gratton | Nov 2, 2022
Under Canadian law, corporate directors are responsible for their corporation’s business, including risk identification and management activities, and are required to demonstrate a duty of care.
- Yes, it's important: Regulators aren’t the only ones watching. Cybersecurity was the second-highest environmental, social and governance (ESG) concern cited by institutional investors and consultants in a 2021 RBC report, and proxy advisors routinely rate companies on their cyber and privacy practices under the governance category of ESG scoring.
See: Modernizing Privacy Law in Canada – Striking the Right Balance
- Privacy risks for Canadian organizations:
- Legislation: In both Canada and the U.S., data protection laws are becoming more stringent as both jurisdictions slowly catch up to Europe’s GDPR, which was adopted in 2018 and is considered the global gold standard when it comes to protecting privacy.
- In Canada, Québec was the first jurisdiction to adopt a data protection law approximately 30 years ago and the first jurisdiction to update its law to align with the new EU privacy framework earlier this year, with other Canadian jurisdictions recently following the lead with Bill C-27.
- Privacy class actions on the rise: More than 150 privacy class actions have been filed in Canada in recent years, mostly in Ontario, Québec and B.C. Approximately 70 per cent are filed following a data security breach. The rest are for “privacy intrusive practices,” which are invasions of privacy resulting from:
- A lack of transparency with consumers when collecting or processing their personal information.
- Failing to obtain proper consent.
- Unacceptable practices involving the collection of personal information, including over-collection.
- The use of new technologies involving surveillance or monitoring.
- Fines and penalties for non-compliance: Québec was the first in Canada to do this, introducing a new private right of action and administrative monetary regime with potential penalties of up to $10 million or 2 per cent of revenue for non-compliance with the law and penal offenses for certain infractions of up to $25 million or 4 per cent of revenue.
- Shareholder law suits: In the U.S., we’re seeing more shareholder derivative lawsuits being filed against corporate boards following data breaches.
See: Office of the Privacy Commissioner Announces Digital ID Ecosystem Resolution to Ensure Transparency and Privacy
- Privacy and C-suite and board checklist to assume an active role with direct oversight of the privacy and cyber risks affecting their corporation and stay abreast of the changing regulatory landscape:
- Purpose, Strategy, Visibility, Program Development, Readiness, Outsourcing, Adaptability, Business transactions, Cyber security, 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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Equifax Partners with Oasis Labs to Issue Anonymous KYC Credentials to DeFi and NFT Users
Decrypt | Mat Di Salvo | Oct 26, 2022
Credit reporting giant Equifax, best known for one of the largest data breaches in history, will now help build a data privacy solution for Web3 projects.
- The company today announced that it has entered into an agreement with privacy-focused cloud company Oasis Labs to develop an identity management and know-your-customer (KYC) product for Web3 startups, such as DeFi protocols and NFT projects.
See: Liquid Avatar Releases Update to It’s Feature Rich Self-Sovereign Identity Mobile App
- But the decentralization that blockchain affords does not mean that Web3 products do not need to follow through with identity verification and KYC procedures, and Equifax and Oasis say that a KYC solution with “strong privacy protection” does not currently exist in the Web3 space.
- The two companies will therefore work together to build a solution by issuing “anonymous KYC-ed credentials” to Web3 users’ wallets.
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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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Office of the Privacy Commissioner Announces Digital ID Ecosystem Resolution to Ensure Transparency and Privacy
Office of the Privacy Commissioner of Canada | Oct 24, 2022
Benefits of digital ID ecosystem will be realized only with adequate privacy protections, say data protection authorities
- In a resolution issued today, federal, provincial and territorial privacy regulators note that the digital identity ecosystem emerging in Canada and around the world will allow individuals, businesses and governments to confirm identities and carry out transactions online with a high degree of efficiency and confidence.
- However, while a secure digital identity offers many benefits, it must be designed and implemented in a manner that upholds privacy, security, transparency and accountability to be trusted enough to be widely adopted.
Ecosystem properties
- A privacy impact assessment should be conducted and provided to the oversight body in the early design, development and update stages of a digital identity system as the project and solution evolve;
- The privacy implications of identity ecosystem design, functions and information flows should be transparent to all users of the system;
See: Modernizing Privacy Law in Canada – Striking the Right Balance
- Digital identification should not be used for information or services that could be offered to individuals on an anonymous basis and systems should support anonymous and pseudonymous transactions wherever appropriate;
- Systems should not create central databases;
- The principle of minimizing personal information must be applied at all stages of the digital identity process: only necessary information should be collected, used, disclosed or retained.Footnote 2 The collection or use of particularly intimate, sensitive and permanent information such as biometric data should be considered only if it is demonstrated that other less intrusive means would not achieve the intended purpose;
- Personal information in an identity ecosystem should not be used for purposes other than assessing and verifying identity or other authorized purpose(s) necessary to provide the service. Ecosystems must not allow tracking or tracing of credential use for other purposes;
- The security of personal information should be proportional with its sensitivity, the context and the degree to which it could be desired by malicious actors;
- Digital identity information must be secure from tampering, unauthorized duplication and use;
- Systems should be capable of being assessed and audited, and of being subject to independent oversight;
- Digital identity systems should provide options and alternatives in order to ensure fair and equitable access to government services for all.
Individual Rights and Remedies
- Individual participation in a digital identity ecosystem should be voluntary and optional;
- Individuals should be able to choose alternative forms of identification and these forms should be reasonably convenient and accessible;
- Clear and informed consent of the individual should be the basis for exchanging personal information between services;
- Individuals should be in control of their personal information;
See: Canada to Launch ‘Digital Ambition 2022’ Public Consultation For Digital ID Framework of Federal Public Services
- Redress to an independent body with adequate resources and powers should be provided for individuals in the event of rights violations.
Governance and oversight
- Governments should be open and transparent about the defined purposes of the digital identity systems, what personal information will be used, how and by whom;
- Governments should provide for express lawful authority, prohibitions, penalties and redress;
- Where necessary, existing privacy laws should be strengthened to support digital governance and uphold the principle of do no harm;
- Governments should establish clear accountability mechanisms to meet transparency and privacy obligations, including providing authority and resources for regulators to exercise adequate oversight and impose appropriate penalties for non-compliance.
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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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Proof of Humanity: Aftermath Islands Metaverse Launches Blockchain-based Facial Recognition
VentureBeat | Dean Takahashi | Oct 19, 2022
Aftermath Islands Metaverse launched its Liquid Avatar app to replace usernames and passwords with proof of humanity.
- That means that you will be able to sign into its metaverse apps by using verified face recognition on your smartphone instead of using a normal login. If it sounds familiar, it’s not so different from Apple using FaceID on an iPhone to recognize your face and log you into your iPhone or your apps. BUT Barbados-based Aftermath Islands Metaverse, a controlled subsidiary of Liquid Avatar Technologies, is using blockchain-based verifiable credentials to prove who you are without requiring you to divulge sensitive government-issued identity or proof of a home address.
See: Liquid Avatar Releases Update to It’s Feature Rich Self-Sovereign Identity Mobile App
- The company has worked for six years on the technology to provide proof of humanity assurances and allow users to establish a digital footprint that shows they are a real person without having to provide other proof. It also eliminates the need for username and passwords, using biometric verification instead.
- Proof of Humanity is creating a verified database of unique registrants. When combined with solutions from Aftermath Island, these offerings open a wide range of new use cases in multiple domains across virtual and Metaverse experiences, as well as at the intersections of the real and online worlds. These include online gaming, cashing out funds from online wallets, and obtaining real-world services using digital footprint.
- Aftermath Islands Metaverse is an open-world, realistic graphic virtual world where users can buy, develop, trade, and sell virtual land, property, and items using in-game collectible non-fungible tokens (NFTs). From play-to-earn games to online experiences, collaboration, immersive entertainment, and more, Aftermath Islands wants to bring livestreaming, high-definition graphics, interactivity, real-world mechanics, and new services and experiences to players.
See: Liquid Avatar Technologies Inc. Launches First-Ever Payment Card and Loyalty Program for the Metaverse
David Lucatch, CEO Liquid Avatar Technologies and MD Aftermath Islands:
The goal is to get us ready for the metaverse by creating a high degree of trust or privacy in the Web3 world by establishing one-user, one-account verification. This system has the opportunity to play a much larger role in the emerging metaverse ecosystem supporting interoperability, reduction of fraud and instances of cyber bullying, and potentially creating more effective and efficient business interactions for marketing and engagement.
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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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