Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Fintech International
Trump Signs Order for Bitcoin Reserve, Crypto Stockpile
Digital Assets | March 7, 2025
AI image
Trump Signs Executive Order Establishing Strategic Bitcoin Reserve and Digital Asset Stockpile
On March 6, 2025, President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile (read the Fact Sheet), which was announced by White House AI and Crypto Czar David Sacks on X. This is an historic shift in U.S. policy towards the crypto sector.
David Sacks on X:
"Promises made, promises kept. This Executive Order underscores President Trump’s commitment to making the U.S. the 'crypto capital of the world.'"
What The Executive Order Means
The executive order creates a Strategic Bitcoin Reserve, which acts like a digital version of gold reserves. Instead of selling Bitcoin seized in legal cases, the government will hold onto it as a long-term asset to ensure Bitcoin is part of America's financial strategy rather than being liquidated. Government agencies must determine if they have any seized Bitcoin that should be transferred into the reserve. The Treasury and Commerce Departments have also been given authority to look for ways to increase the government’s Bitcoin holdings without using taxpayer money.
See: SEC Commissioner Peirce Consults on Crypto Regulations
Also to address the debate over a dedicated Bitcoin reserve vs a basket of crypto, the order establishes a U.S. Digital Asset Stockpile to handle other cryptocurrencies seized by the government. However unlike Bitcoin which will be kept as a long-term asset, the government has the option to sell other digital assets in the stockpile when needed. The Treasury Secretary will be responsible for deciding how to manage these assets.
For transparency, the order requires a complete audit of all digital assets held by the government. Every federal agency must report exactly what cryptocurrencies they have so they can be tracked and managed.
Fixing the Gaps Government's Crypto Strategy
President Trump’s executive order puts an end to the government’s uncoordinated approach to handling seized digital assets. "Premature sales of Bitcoin have already cost U.S. taxpayers over $17 billion," Sacks noted. The new policy ensures that all digital assets are managed under a unified strategy led by the Treasury Department, preventing rushed sales and maximizing the value of crypto held by the government.
See: Trump’s U.S. Crypto Reserve Sparks Market Surge, Debate
By placing all government held digital assets under the Treasury’s control and requiring a full audit, this order creates a more organized and accountable system. This move not only helps the U.S. get the most value from its crypto holdings but also sets an example for how other governments might approach digital asset management.
What’s Next?
Today from 1:30 PM to 5:30 PM EST, the White House is hosting a Crypto Summit or roundtable with key policymakers and industry leaders to discuss the impact of the executive order and other key agenda items in focus around securing Bitcoin's place in U.S. financial infrastructure. Cointelegraph has published a list of confirmed attendees who accounts for about 22 executives to participate on the future of digital assets in the U.S.
Here's a PBS link for your viewing. Kickoff time seems to be quite fluid, looks like around 3 PM EST:
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. 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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Nov 7, 2026 | Last Updated Nov 13, 2026 | NCFA Fintech Whisperer | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Competition And Market Structure, Cross Border Payments And FX, Cybersecurity Fraud And Financial Crime, Digital Assets Blockchain And Tokenization, Digital Banking And BaaS, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Regulation And Policy, Risk Compliance And Regtech, SME Finance And Business Banking, Sustainable Finance ESG And Financial Inclusion, Treasury Liquidity And Cash Management, Wealthtech Investing And Trading NCFA Fintech Whisperer is a live weekly market intelligence page tracking financial technology and financial innovation developments that change how markets operate. Coverage spans NCFA's full financial innovation taxonomy, with Canada first and global developments included when they materially affect rules, market access, competition, capital, technology adoption, distribution, risk or execution. We focus on changes that founders, investors, financial institutions, regulators and operators may need to act on, not simply what's making headlines. This page is updated throughout the week as material developments emerge, then closed and archived before the next weekly window begins. Missed a prior week's Fintech Whisperer? Browse December 6 to 12, ...
About NCFA Canada | Craig Asano | November 13, 2026 Featured Guest: ROB EIJGENRAAM, Founder, TokenMinds (LinkedIn) Rob Eijgenraam is the Founder of TokenMinds and Creator of TMX, a suite of blockchain and AI technology products. Based in Singapore, Rob helps established businesses outside the crypto industry develop token launches, fundraising strategies and Web3 products, with each project designed around a clear return on investment. An experienced entrepreneur with a background spanning Europe and Asia, Rob founded TokenMinds in 2017 during the early ICO boom. Over nearly a decade, he has navigated major crypto market cycles while expanding the company's capabilities in tokenization, blockchain development and AI-powered financial applications. Rob combines deep entrepreneurial experience with hands-on blockchain and AI execution. Working closely with CEOs, business owners and their advisors, he focuses on finding practical solutions that fit each company's commercial objectives and growth opportunities. About TokenMinds TokenMinds is an award-winning blockchain and AI firm that helps established businesses raise growth capital through token launches without giving up equity. Founded in 2017, TokenMinds has worked with more than 200 companies worldwide, supporting end-to-end solutions for token fundraising through innovative Web3 and AI strategies. Its services span tokenomics, fundraising strategy, investor outreach, blockchain development, token launches ...
Nov 13, 2026 Ask a Canadian player what separates a good gaming platform from an exasperating one these days, and the answer rarely touches graphics or bonuses: it comes down to how fast the money lands. Payout speed has turned into the real yardstick, and the gap between a strong operator and a frustrating one now gets measured in minutes rather than business days. None of this is cosmetic or a design question: the story runs through payment rails, identity checks and settlement systems buried well below the surface of any app, and it is quietly redrawing the map of where operators choose to fight for players. The bottleneck moved from the operator to the bank Operators used to wear the blame for slow cash-outs, accused of sitting on requests while players refreshed their screens, but most of that friction has since drifted somewhere else. Approve a withdrawal and a modern platform now clears it within seconds once identity is confirmed, so whatever lag remains tends to live in the banking layer, where money still moves through infrastructure built for a nine-to-five world of batch processing and shuttered weekends. The repair the country has been waiting on is national plumbing, ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 7, 2026 | Last Updated Nov 13, 2026 | NCFA Fintech Whisperer | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Competition And Market Structure, Cross Border Payments And FX, Cybersecurity Fraud And Financial Crime, Digital Assets Blockchain And Tokenization, Digital Banking And BaaS, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Regulation And Policy, Risk Compliance And Regtech, SME Finance And Business Banking, Sustainable Finance ESG And Financial Inclusion, Treasury Liquidity And Cash Management, Wealthtech Investing And Trading NCFA Fintech Whisperer is a live weekly market intelligence page tracking financial technology and financial innovation developments that change how markets operate. Coverage spans NCFA's full financial innovation taxonomy, with Canada first and global developments included when they materially affect rules, market access, competition, capital, technology adoption, distribution, risk or execution. We focus on changes that founders, investors, financial institutions, regulators and operators may need to act on, not simply what's making headlines. This page is updated throughout the week as material developments emerge, then closed and archived before the next weekly window begins. Missed a prior week's Fintech Whisperer? Browse December 6 to 12, ...
About NCFA Canada | Craig Asano | November 13, 2026 Featured Guest: ROB EIJGENRAAM, Founder, TokenMinds (LinkedIn) Rob Eijgenraam is the Founder of TokenMinds and Creator of TMX, a suite of blockchain and AI technology products. Based in Singapore, Rob helps established businesses outside the crypto industry develop token launches, fundraising strategies and Web3 products, with each project designed around a clear return on investment. An experienced entrepreneur with a background spanning Europe and Asia, Rob founded TokenMinds in 2017 during the early ICO boom. Over nearly a decade, he has navigated major crypto market cycles while expanding the company's capabilities in tokenization, blockchain development and AI-powered financial applications. Rob combines deep entrepreneurial experience with hands-on blockchain and AI execution. Working closely with CEOs, business owners and their advisors, he focuses on finding practical solutions that fit each company's commercial objectives and growth opportunities. About TokenMinds TokenMinds is an award-winning blockchain and AI firm that helps established businesses raise growth capital through token launches without giving up equity. Founded in 2017, TokenMinds has worked with more than 200 companies worldwide, supporting end-to-end solutions for token fundraising through innovative Web3 and AI strategies. Its services span tokenomics, fundraising strategy, investor outreach, blockchain development, token launches ...
Nov 13, 2026 Ask a Canadian player what separates a good gaming platform from an exasperating one these days, and the answer rarely touches graphics or bonuses: it comes down to how fast the money lands. Payout speed has turned into the real yardstick, and the gap between a strong operator and a frustrating one now gets measured in minutes rather than business days. None of this is cosmetic or a design question: the story runs through payment rails, identity checks and settlement systems buried well below the surface of any app, and it is quietly redrawing the map of where operators choose to fight for players. The bottleneck moved from the operator to the bank Operators used to wear the blame for slow cash-outs, accused of sitting on requests while players refreshed their screens, but most of that friction has since drifted somewhere else. Approve a withdrawal and a modern platform now clears it within seconds once identity is confirmed, so whatever lag remains tends to live in the banking layer, where money still moves through infrastructure built for a nine-to-five world of batch processing and shuttered weekends. The repair the country has been waiting on is national plumbing, ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Anatomy of Rising Deepfake Scams in Crypto and Fintech
Cybersecurity | March 6, 2025
Image: Freepik
Lessons From $35M Phone Scam That Used AI, Crypto, and Fake Celebrity Ads
Gone are the days of obvious phishing email scams that are full of typos, conflicting domains and emails that don't match while urgently asking the victim to do something. Scammers these days are getting much smarter and using AI powered deepfake technology to impersonate and convince real people to invest in a fake scam while exploiting crypto to move money instantly. As reported in depth by the Guardian, this article uncovers lessons from looking at how fraudsters tricked 6,179 people out of $35 million including Canadians using AI generated voices and fake identifies.
Anatomy of This New Breed of Scam
A massive fraud network of 85 call center agents operating out of Tbilisi, Georgia used a mix of deepfakes, psychological manipulation, and untraceable crypto transactions to dupe over 6,000 victims, draining life savings in many cases. Take a look at this deepfake video of high profile broadcaster, writer and adventurer, Ben Fogle endorsing fake investment opportunities.
@MartinSLewis assuming this is a scam.. getting more convincing with the use of AI pic.twitter.com/spDIVWxVLU
— Daniel Handford (@t0uchscreenguru) July 6, 2023
Perpetrators in this $35 million call center scam, created fake trading platforms to show fictional profits, convincing victims they were making money. Eventually, after call agents aggressively pushed victims to invest more and more (pig butchering), victims who tried withdrawing funds were hit with bogus fees and taxes. Sadly, trust is built up with these call agents, and in some cases, victims even hand over remote access to their computers making it even easier for scammers to control their accounts.
See: How AI Is Evolving Finance, Security, and Global Economies
Nobody is immune to the scam given such sophisticated tactics, and victims ranged from retired seniors to financially savvy professionals looking for their next investment. These scammers in Georgia, ran a professional system that rewarded high performers with expensive Rolex watches and luxury parties, who used every sales tactic in the book to extract as much as they could from all victims.
Global Reach and Targeted Countries
This scam was global with British and Canadian individuals being targeted, representing almost a third of the total losses.
Advanced fraud techniques are on the rise. Authorized push payment (APP) fraud is where scammers use some form of social engineering and trickery to manipulate victims into authorizing payments. According to data from the Annual 2024 UK Finance Fraud Report, cases of authorized push payment fraud rose by 12% in 2023 with over 230,000 victims.
Deepfake fraud is surging globally. According to a report by the Global Initiative Against Transnational Organized Crime, the Asia-Pacific region experienced a 1,530% increase in deepfake cases between 2022 and 2023 - with the Philippines experiencing a 4500% increase in deepfake fraud. The United States a 3000% increase during the same period.
Following the Money
One of the biggest challenges in stopping these scams is tracing stolen funds. The Georgian fraud network channelled money through digital banks, which often lack the same level of fraud prevention as traditional institutions.
See: New Cyber Threats Financial Service Firms Need to Know
Some startling facts:
- Revolut was the most frequently used digital bank in this scam, linked to 154 victims.
- However Revolut reports that 60% of all reported scam cases originated from platforms Meta and Instagram
- Revolut blocked over $13.5 million in potential crypto fraud losses between June and September 2024 but it remains a favourite among scammers due to ease of account setup
- Other banks involved in the scam include Kroo and Chase, which were also used to transfer stolen funds before being laundered through multiple crypto wallets
Scammers were heard on leaked call recordings pressuring victims to open accounts at these digital banks to bypass fraud detection measures.
Why This Matters
This scam highlights that AI generated deception is getting more sophisticated and popular. Traditional security techniques like biometric voice recognition or video verification may not be enough. Further, crypto transactions aren't reversible, and once funds are sent, recover is very complex or near impossible as funds are quickly laundered through multiple wallets. Without stronger preventative AML/fraud measures, digital banks will remain a weak link in the battle against financial fraud.
How We Can Improve
The fintech industry, regulators, and consumers must become more aware and employ a multi-pronged approach towards combating fraud.
1. Combat AI fraud with AI fraud detection. A 2024 report by Association of Certified Fraud Examiners found that companies using AI actually reduced fraud by 50%. Banks and fintechs need to employ AI tools that can detect behavioural anomalies and deepfake scams early.
2. Elliptic reported that in 2023, $7 billion of crypto was laundered cross-chain. They predict that figure to increase to $10.5 billion by 2025. This means crypto platforms must implement stronger AML, fraud detection and transaction monitoring systems.
3. Interpol reports that cybercriminals are increasingly organized and agile, and they act across borders while spanning multiple jurisdictions, making it very challenging to investigate. There needs to be closer collaboration between regulators, law enforcement, and tech/fintech firms who can share information to improve early detection and response.
See: FSB’s Warnings of Hidden Stakes of AI in Finance
4. Collectively, more needs to be done to improve consumer and business awareness to recognize red flags or early warning signs before being scammed. A survey report by the Better Business Bureau involving 1,408 participants from the U.S. and Canada found that nearly half or 47% of those targeted by scams did not engage with the fraudster and thus avoided being scammed. Conversely, 30% engaged but did not lose money, while 23% engaged and eventually suffered financial losses. Financial literacy campaigns should educate on red flags like fake celebrity endorsements and urgent financial requests.
Conclusion
If deepfake scams can fool thousands today, imagine what they will be able to do tomorrow? Fintechs that take security seriously will gain consumer trust while those that ignore these rising cyberthreats risk losing credibility.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. 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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Nov 7, 2026 | Last Updated Nov 13, 2026 | NCFA Fintech Whisperer | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Competition And Market Structure, Cross Border Payments And FX, Cybersecurity Fraud And Financial Crime, Digital Assets Blockchain And Tokenization, Digital Banking And BaaS, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Regulation And Policy, Risk Compliance And Regtech, SME Finance And Business Banking, Sustainable Finance ESG And Financial Inclusion, Treasury Liquidity And Cash Management, Wealthtech Investing And Trading NCFA Fintech Whisperer is a live weekly market intelligence page tracking financial technology and financial innovation developments that change how markets operate. Coverage spans NCFA's full financial innovation taxonomy, with Canada first and global developments included when they materially affect rules, market access, competition, capital, technology adoption, distribution, risk or execution. We focus on changes that founders, investors, financial institutions, regulators and operators may need to act on, not simply what's making headlines. This page is updated throughout the week as material developments emerge, then closed and archived before the next weekly window begins. Missed a prior week's Fintech Whisperer? Browse December 6 to 12, ...
About NCFA Canada | Craig Asano | November 13, 2026 Featured Guest: ROB EIJGENRAAM, Founder, TokenMinds (LinkedIn) Rob Eijgenraam is the Founder of TokenMinds and Creator of TMX, a suite of blockchain and AI technology products. Based in Singapore, Rob helps established businesses outside the crypto industry develop token launches, fundraising strategies and Web3 products, with each project designed around a clear return on investment. An experienced entrepreneur with a background spanning Europe and Asia, Rob founded TokenMinds in 2017 during the early ICO boom. Over nearly a decade, he has navigated major crypto market cycles while expanding the company's capabilities in tokenization, blockchain development and AI-powered financial applications. Rob combines deep entrepreneurial experience with hands-on blockchain and AI execution. Working closely with CEOs, business owners and their advisors, he focuses on finding practical solutions that fit each company's commercial objectives and growth opportunities. About TokenMinds TokenMinds is an award-winning blockchain and AI firm that helps established businesses raise growth capital through token launches without giving up equity. Founded in 2017, TokenMinds has worked with more than 200 companies worldwide, supporting end-to-end solutions for token fundraising through innovative Web3 and AI strategies. Its services span tokenomics, fundraising strategy, investor outreach, blockchain development, token launches ...
Nov 13, 2026 Ask a Canadian player what separates a good gaming platform from an exasperating one these days, and the answer rarely touches graphics or bonuses: it comes down to how fast the money lands. Payout speed has turned into the real yardstick, and the gap between a strong operator and a frustrating one now gets measured in minutes rather than business days. None of this is cosmetic or a design question: the story runs through payment rails, identity checks and settlement systems buried well below the surface of any app, and it is quietly redrawing the map of where operators choose to fight for players. The bottleneck moved from the operator to the bank Operators used to wear the blame for slow cash-outs, accused of sitting on requests while players refreshed their screens, but most of that friction has since drifted somewhere else. Approve a withdrawal and a modern platform now clears it within seconds once identity is confirmed, so whatever lag remains tends to live in the banking layer, where money still moves through infrastructure built for a nine-to-five world of batch processing and shuttered weekends. The repair the country has been waiting on is national plumbing, ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 7, 2026 | Last Updated Nov 13, 2026 | NCFA Fintech Whisperer | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Competition And Market Structure, Cross Border Payments And FX, Cybersecurity Fraud And Financial Crime, Digital Assets Blockchain And Tokenization, Digital Banking And BaaS, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Regulation And Policy, Risk Compliance And Regtech, SME Finance And Business Banking, Sustainable Finance ESG And Financial Inclusion, Treasury Liquidity And Cash Management, Wealthtech Investing And Trading NCFA Fintech Whisperer is a live weekly market intelligence page tracking financial technology and financial innovation developments that change how markets operate. Coverage spans NCFA's full financial innovation taxonomy, with Canada first and global developments included when they materially affect rules, market access, competition, capital, technology adoption, distribution, risk or execution. We focus on changes that founders, investors, financial institutions, regulators and operators may need to act on, not simply what's making headlines. This page is updated throughout the week as material developments emerge, then closed and archived before the next weekly window begins. Missed a prior week's Fintech Whisperer? Browse December 6 to 12, ...
About NCFA Canada | Craig Asano | November 13, 2026 Featured Guest: ROB EIJGENRAAM, Founder, TokenMinds (LinkedIn) Rob Eijgenraam is the Founder of TokenMinds and Creator of TMX, a suite of blockchain and AI technology products. Based in Singapore, Rob helps established businesses outside the crypto industry develop token launches, fundraising strategies and Web3 products, with each project designed around a clear return on investment. An experienced entrepreneur with a background spanning Europe and Asia, Rob founded TokenMinds in 2017 during the early ICO boom. Over nearly a decade, he has navigated major crypto market cycles while expanding the company's capabilities in tokenization, blockchain development and AI-powered financial applications. Rob combines deep entrepreneurial experience with hands-on blockchain and AI execution. Working closely with CEOs, business owners and their advisors, he focuses on finding practical solutions that fit each company's commercial objectives and growth opportunities. About TokenMinds TokenMinds is an award-winning blockchain and AI firm that helps established businesses raise growth capital through token launches without giving up equity. Founded in 2017, TokenMinds has worked with more than 200 companies worldwide, supporting end-to-end solutions for token fundraising through innovative Web3 and AI strategies. Its services span tokenomics, fundraising strategy, investor outreach, blockchain development, token launches ...
Nov 13, 2026 Ask a Canadian player what separates a good gaming platform from an exasperating one these days, and the answer rarely touches graphics or bonuses: it comes down to how fast the money lands. Payout speed has turned into the real yardstick, and the gap between a strong operator and a frustrating one now gets measured in minutes rather than business days. None of this is cosmetic or a design question: the story runs through payment rails, identity checks and settlement systems buried well below the surface of any app, and it is quietly redrawing the map of where operators choose to fight for players. The bottleneck moved from the operator to the bank Operators used to wear the blame for slow cash-outs, accused of sitting on requests while players refreshed their screens, but most of that friction has since drifted somewhere else. Approve a withdrawal and a modern platform now clears it within seconds once identity is confirmed, so whatever lag remains tends to live in the banking layer, where money still moves through infrastructure built for a nine-to-five world of batch processing and shuttered weekends. The repair the country has been waiting on is national plumbing, ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
SEC Drops Yuga Labs Investigation and Kraken Case
Regulation | March 4, 2025
Image: Freepik/rawpixel.com
More SEC Crypto Cases Dropped as Regulatory Rollback Continues
As the SEC retreats from its regulate by enforcement approach from the prior administration, major SEC cases against the crypto world are dropping faster than a meme coin in a bear market. In a previous NCFA article, we covered that the SEC had already dropped, paused, or closed major cases that in some cases were years in the making including Robinhood, Coinbase, OpenSea, Uniswap, Binance, Ripple and ConsenSys. Now Yuga Labs and Kraken are the latest to join the relief list.
Yuga Labs Investigation Closed
On March 3, 2025, Yuga Labs shared that the SEC has officially dropped its investigation into the company’s non-fungible token (NFT) sales. The investigation had been ongoing for almost three years and was looking into whether Yuga NFTs should be treated as securities. This news is a big win for digital creators and the NFT space, foreshadowing that NFTs may not be classified as stocks and other traditional assets so they don't have to meet the same strict financial regulations.
Yuga Labs post on X:
After 3+ years, the SEC has officially closed its investigation into Yuga Labs. This is a huge win for NFTs and all creators pushing our ecosystem forward. NFTs are not securities.
Kraken Claims Legal Victory
Also on March 3, 2025, Kraken announced that the SEC had dismissed its lawsuit against the company. The case heated up in early 2023 and was filed later that year, accusing Kraken of operating as an unregistered securities exchange. With this decision, Kraken can continue running its business as usual without paying any fines or making changes to how it operates. This supports the argument that crypto exchanges can function under existing regulations without facing harsh enforcement actions.
Kraken celebrated the news in this blog post:
“The SEC’s case against us has been dismissed, with no fines, no restrictions on our business, and no admission of wrongdoing. This is a victory not just for Kraken but for the broader crypto industry.”
Regulatory Developments to Watch
This Friday March 8, the White House is hosting a crypto summit where top industry leaders and government officials will debate the future of digital assets. The event is expected to influence upcoming regulations and will no doubt provide insight into the SECs future direction on crypto regulations.
See: Trump’s U.S. Crypto Reserve Sparks Market Surge, Debate
At the same time SEC Commissioner Hester Peirce has launched a consultation process to update outdated financial regulations. Her goal is to create a more flexible framework that supports blockchain innovation and decentralized finance. Peirce has consistently advocated for fair and innovation friendly regulations, and this is industry's opportunity to provide input into the future of crypto regulations that will be clear and comprehensive. Read more about the scope of the digital asset consultations and insights here.
Final Thoughts
The National Crowdfunding & Fintech Association of Canada (NCFA) views these developments as a positive step toward a balanced regulatory approach that fosters both investor protection and innovation. NCFA will continue advocating for fair, and forward thinking policies as the crypto landscape evolves.
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, artificial intelligence, 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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Trade War Hits! Markets Roil, What Fintechs Need to Know
Economy | March 4, 2025
Image: Freepik/brgfx
Tariffs Trigger Trade War and Shake Markets > What It Means for Fintech and Finance
Canada is on the front line of a global trade war unfolding, triggered by U.S. President Donald Trump. On March 4, 2025, the U.S. imposed 25% tariffs on all Canadian imports and a 10% tariff on energy, and in response, Canada fired back with $155 billion in retaliatory tariffs on U.S. goods, targeting key industries like agriculture, manufacturing, and consumer products, with the first $30 billion in retaliatory tariffs being applied immediately and the remainder $125 billion in 21 days. Markets reacted swiftly on the news with the Canadian dollar dropping to it's lowest point in five years, USD/CAD currently trading at 1.45 per tradingview. The S&P dropped 1.5%, erasing post-elections gains as financial markets and investors brace for longer term, volatile economic uncertainty.
Justin Trudeau, Prime Minister of Canada issued this official statement:
“Today, after a 30-day pause, the United States administration has decided to proceed with imposing 25 per cent tariffs on Canadian exports and 10 per cent tariffs on Canadian energy. Let me be unequivocally clear – there is no justification for these actions."
Trudeau said speaking to reporters on Parliament Hill:
"[Trump is trying to prompt] a total collapse of the Canadian economy [because he thinks that will] make it easier to annex us" [something the U.S. president has repeatedly said he wants to do. But Trudeau said that will never happen because] when it comes to defending our great nation, there is no price we all aren't willing to pay."
Fintech companies need to adapt to the new realities that will impact lending, payments, investment trends, regulatory frameworks and overall economic sentiment, especially if the trade war is prolonged and more of a structural change than a short-term trading spat. Companies that adapt quickly will be in a better position than those who don't. Catch up here: Tariff Trade War Hits Canada – What’s Happening | 30 day pause
A Global Trade War
This isn't just about a U.S.-Canada trade argument. The U.S. has also escalated disputes with other key partners. China is now facing higher tariffs on tech and electronics, so Beijing is retaliating with restrictions on rare earth minerals essential for semiconductors. Mexico is preparing countermeasures after the U.S. raised tariffs on steel and auto parts.
In response to potential U.S. tariffs on European goods, the European Union has proposed reducing its 10% tariff on U.S. car imports to a rate closer to the U.S.'s 2.5% tariff on European cars. This move aims to avert a trade conflict and balance trade relations between the two economies. Also, the EU is considering using its Anti-Coercion Instrument (ACI) to retaliate against potential U.S. tariffs, which could impact major U.S. tech and financial companies operating in Europe.
With multiple global economies reacting to rising trade tensions, the consequences and ripple affects will be felt far beyond just North America. Fintech firms operating globally should anticipate shifts in compliance costs, new regulations and investment strategies.
Market Implications
The drop in the Canadian dollar will make imports more expensive for Canadian firms and increase volatility in foreign exchange markets. Fintech companies specializing in FX and cross-border payments will likely see increased demand as businesses look for more cost effective ways to make global payments and hedge against currency swings and gaps.
See: What Fintechs Need to Know About New U.S. Tariffs
While stock markets are roiling, financial stocks have taken a hit, such as Goldman Sachs falling by 4.6% and JPMorgan Chase by 3.5% as investors adjust to reassessed economic risks. It's anticipated that wealthtechs and robo advisory services like Wealthsimple could see an uptick in demand for automated risk management strategies and trade portfolios.
Royal Bank of Canada CEO Dave McKay has warned that tariffs are already slowing economic growth, hurting business confidence, and dampening consumer spending. He also called out early signs of a slowdown in housing and both companies and individuals brace budgets for higher costs.
Short-Term Disruption
In the near to mid-term, the volatility in currency markets, investor uncertainty, and rising costs for businesses and consumers will dominate immediate reactions. Some companies will try to absorb higher costs while most will pass increased costs onto consumers which will raise inflationary pressures. Fintech companies dealing in trade finance and international payments and any cross-border transactions needs to monitor for regulatory changes. Incentives may be on the table for targeted sectors to help them through tough times and diversify to new markets and supply chains.
Long-Term Structural Changes
Longer term, if inflation rises as expected, the Bank of Canada could be forced to raise interest rates, making borrowing more expensive for businesses and consumers. Canadian businesses should migrate supply chains away from the U.S., an opportunity for fintechs providing global solutions and alternative trade networks.
See: Canadian Fintech Booms with $9.5B Despite Global Slump
Smaller fintechs may struggle with stricter credit conditions, finding it harder and more expensive to raise capital, which could lead to larger players consolidating their market share. A prolonged trade war could result in an overhaul of financial regulations governing international payments and lending, as governments react to new trade realities.
How Fintechs Should Respond Now
Fintechs need to be proactive and stay on top of market trends and changes. Risk management is critical. Companies dealing with global transactions should monitor any changes to activity, capital flows and compliance changes. Fintechs dealing in foreign exchange and global payments could offer hedging tools to help companies manage currency fluctuations. Lenders should reassess credit exposure to sectors most affected by the trade war.
Companies should diversify to new markets urgently, and look for growth opportunities outside the U.S. by exporting and expanding into markets like Europe and Asia via agreements such as CETA and CPTPP. Look for partnerships in fintech friendly economies such as Singapore, Dubai, and London where trade tensions will be less impacted. Speak to your customers and partners and see how you can work together to mitigate risk and heightened costs. Opportunities for platforms offering lower cost fees, lending solutions with flexible capital, and digital finance tools to help track regulations and manage compliance.
Outlook for Fintechs in a Changing Global Economy
The trade war will change global economic relationships. Companies will reassess supply chains, governments will restructure trade agreements, and financial markets will react to increased risk and uncertainty. Fintechs need to come to grips that this is a new economic reality that will require companies to be agile, innovative and manage risk in a forward thinking manner.
See: Digital Export Trends and Global Trade Fintech Opportunities
Now is the time to secure funding and expand into less volatile markets and strengthen partnerships while providing cost effective financial solutions. Opportunities always exist for companies that move quickly to capture new market share. There's also a major risk that companies that fail to adapt will be left behind. Is your fintech ready for the new economic paradigm?
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, artificial intelligence, 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 Commissioner Peirce Consults on Crypto Regulations
Crypto Regulations | March 3, 2025
Image: Freepik/wirestock
A Rare Opportunity for the Crypto Industry to Shape Future Regulation
SEC Commissioner Hester Peirce is inviting the public to provide input on the future of crypto regulation. She's launched a consultation to gather insights on how digital assets should be classified, traded, and overseen. This consultation presents a rare opportunity for industry participants, investors, and policymakers to directly influence the regulatory framework governing digital assets. The results could have profound implications on how tokens are issued, traded, and managed in the U.S. and around the globe.
See: Trump’s U.S. Crypto Reserve Sparks Market Surge, Debate
Until now crypto regulation in America has been a patchwork of unclear policies, aggressive enforcement, and courtroom battles. The industry has long argued that the U.S. lacks a clear framework for digital assets, pushing innovation offshore. Peirce’s invitation opens the door. Regulators are asking for help and the crypto industry should answer.
Key Issues in the Consultation Scope
1. Crypto Asset Taxonomy
The SEC wants to create a transparent and clear system for categorizing crypto assets, defining what qualifies as a security, a tokenized security, an investment contract asset, or something else entirely. Right now, many crypto assets exist in a regulatory gray area which has led to legal uncertainty and enforcement actions. For example, stablecoins are widely used for payments and trading but regulators are still debating whether they should be qlassified as securities, commodities, or a new category altogether. A structured classification system could provide the much needed clarity for businesses and investors, reducing risks and uncertainty.
2. Public Offerings and Registration Challenges
The SEC is looking at whether existing securities laws are suitable for crypto offerings or if new set of registration rules are needed. Current regulations were designed for traditional stocks and bonds, which operate differently from decentralized crypto projects.
See: SEC Policy Reversals and Crypto Case Dismissals
Many blockchain startups struggle to fit into outdated frameworks, leading to legal uncertainty and high compliance costs. A more practical and transparent registration process would help businesses raise funds legally while ensuring investors receive the right level of protection.
3. Safe Harbour for Blockchain Development
One of Peirce’s earlier proposals called ‘Rule 195’ suggested giving blockchain projects a grace period to develop before facing full securities regulations. This is/was meant to address the uncertainty around when a token transforms from being a security to a decentralized asset. For example, Ethereum initially launched through a sale but was later recognized as decentralized. Without clear guidelines many projects face enforcement risks simply for trying to build innovative networks. A well designed and intentioned safe harbour could provide legal breathing room for legitimate projects to grow.
4. Trading and Secondary Markets
The SEC is examining whether crypto exchanges should have their own regulatory category instead of being forced into existing stock exchange rules. Crypto trading platforms operate differently, often using automated market makers and decentralized networks rather than traditional dealer-broker arrangements and structures. Applying outdated regulations could stifle innovation or push trading platforms offshore. A regulatory framework that acknowledges these differences could foster safer, more efficient crypto markets while still addressing fraud and investor protection concerns.
5. Custody Rules for Crypto Assets
The SEC is reviewing how investment firms, brokers, and custodians should handle crypto assets securely. Unlike traditional securities, crypto assets can be self-custodied or held on platforms that may not meet the same regulatory standards as banks. High profile failures like FTX have already exposed the risks in unregulated custody practices, making it clear that rules are a priority. Institutional investors need certainty about how to hold and protect digital assets without violating SEC regulations.
6. Crypto Lending and Staking
The SEC is questioning whether crypto lending and staking services should be classified as securities. Many platforms allow users to earn rewards for locking up tokens or lending them out but the legal status of these services is unclear. Some regulators argue that certain staking rewards resemble unregistered securities offerings, which should lead to enforcement actions, however a clear stance on how these services should be regulated would prevent legal uncertainty and ensure fair treatment for both businesses and investors.
7. Tokenized Securities and Settlement
The SEC is evaluating how blockchain-based assets like tokenized stocks and bonds should be regulated. Traditional securities are settled through clearinghouses in one or two days (T+1 or T+2) but blockchain technology allows for almost instant settlement.
See: Insights from the Tokenization Report Act of 2024 Hearing
This makes financial markets more efficient and reduces costs but current regulations don’t account for these innovative developments. If policymakers can create securities rules to accommodate tokenized assets, it would lead to a more modern financial system.
8. Regulatory Sandbox for Innovation
The SEC is considering a regulatory sandbox, which would allow crypto projects to operate in a controlled environment with regulatory oversight before launching fully. Other countries, such as the UK, Singapore and Canada already have sandboxes, to varying degrees of success, to encourage financial technology innovation. A U.S. regulatory sandbox could give blockchain startups a legal framework to test compliance measures while reducing regulatory risk. This approach would lead to better rules that support both innovation and consumer protection.
What This Means for Canada
Although this consultation is happening in the U.S., its impact will be felt here in Canada and around the globe. Canadian regulators are sure to be paying close attention to how the SEC approaches crypto, and any major changes in U.S. policy could influence Canada’s own regulatory direction. For Canadian fintech companies, this is a chance to push for clearer rules that align across borders rather than having a confusing mix of multiple regulations that companies need to comply with, slowing down innovation while increasing costs.
Outlook
Peirce’s request for input opens the door for stakeholders to use their experience and expertise to present viable modern solutions. If the industry doesn’t engage, policymakers may proceed with restrictive measures that fail to address crypto’s many unique characteristics. Industry leaders, fintech startups, and investors should not sit on the sidelines. The best way to counter regulatory uncertainty is to be part of the new rule making process. The SEC is listening and now is the time to speak up!
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, artificial intelligence, 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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[Osaka Finance Forum, March 13]: Global Talent Development
Fintech Event | March 3, 2025
Osaka Finance Forum to Highlight Global Talent Development
The Osaka Prefectural Government in collaboration with Osaka City is hosting the annual Osaka Finance Forum on Thursday, March 13, 2025, at GRAND FRONT OSAKA Umekita SHIP HALL from 4:00PM - 7:30PM (JST). The theme of the event this year will focus on developing highly skilled professionals in the financial sector, with participation from experts across academia and industry. By registering for this event, you will receive a digital recording.
Free Registration Here
Highlights
- Learn from industry experts/leaders about how developing skilled talent can help grow Osaka’s financial sector
- Meet and network with professionals from FinTech companies, universities, and other financial organizations to build connections
- See exhibits and booths from the latest financial innovations from companies and universities
- Attend in-person or watch virtually (real-time English interpretation available)
- Free to Register by Wednesday, March 12, 2025. Sign Up Here
Good to Know
The Osaka Finance Forum is a great opportunity for financial professionals, entrepreneurs, and investors looking to grow their business in Japan. Osaka has several programs that support foreign companies and skilled professionals:
See: Digital Export Trends and Global Trade Fintech Opportunities
- Financial support for foreign businesses who can receive up to ¥1.1 million for research on setting up a business in Osaka and up to ¥10 million to help with business establishment costs
- Companies that start operations in Osaka may qualify for corporate tax incentives and reductions for up to 10 years more
- Receive help with financial regulations, licensing, legal advice, and even daily life support in Osaka- see One stop support centre
- For those unable to attend live, a recording of the event will be available afterward on YouTube
Why It Matters
Osaka is building its reputation as a major financial center, and this event works towards attracting and developing top talent and businesses to the region. With financial incentives, tax breaks, and business support programs, it’s a great opportunity for FinTech companies and investors to explore new possibilities in Japan’s financial market.
For more details, check out the event flyer.
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, artificial intelligence, 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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Trump’s U.S. Crypto Reserve Sparks Market Surge, Debate
Crypto | March 3, 2025
Image: Freepik
Reactions Pour In as U.S. Moves Toward Crypto Reserve
On March 2, 2025, U.S. President Trump shook the financial world by announcing on Truth Social that the digital assets executive order signed in January directing the presidential working group to investigate a U.S. bitcoin reserve will now move forward with a strategic U.S. crypto reserve that includes XRP, SOL, ADA, BTC, and ETH. The initial post excluded BTC and ETH but in a follow-up post Trump added the inclusion of the two largest cryptocurrencies globally.
Within hours of the announcement, crypto prices soared with Bitcoin jumping over 12% reaching $94.5k, Ethereum climbing 10%, XRP over 30%, Solana and Cardano catapulting 14% and 47% respectively. Public stocks tied to crypto jumped too such as Coinbase and Marathon Digital, as investors rushed to capitalize on the bullish news. However, volatility remains high given that the mechanics of the reserve are still unclear. Additional details are expected on this Friday's Crypto Summit at the White House to take place this Friday, March 7, 2025 as announced by U.S. crypto czar David Sacks on X.
See: Vancouver’s Bitcoin Vision: A New Era for City Finances
President Trump on Truth Social:
“A U.S. crypto reserve will elevate this critical industry after years of corrupt attacks by the Biden administration, which is why my executive order on digital assets directed the presidential working group to move forward on a crypto strategic reserve that includes XRP, SOL, and ADA," Trump posted to his Truth Social account, referring to Ripple’s XRP, solana and cardano and without mentioning bitcoin.
“I will make sure the U.S. is the crypto capital of the world. We are making America great again.”
“Obviously, bitcoin and ethereum, other valuable cryptocurrencies, will be the heart of the reserve. I also love bitcoin and ethereum.”
Market Reactions
1. Bitcoin Maximalists and Advocates Divided
Hunter Horsley BitWise CEO criticized the inclusion of multiple cryptocurrencies in the reserve saying, "Bitcoin alone should be the standard. By adding altcoins, the reserve risks becoming speculative rather than a stable asset". While Ripple/XRPs CEO Brad Garlinghouse, naturally applauded the diversified approach arguing that a mutli-chain future is inevitable.
See: SEC Policy Reversals and Crypto Case Dismissals
Bitcoin advocate, Anthony Pompliano (Pomp) also criticized the reserve’s altcoin holdings as it strays from Bitcoin’s role as “hard money”. He argued that the U.S. government shouldn't be speculating on technology assets which he equates crypto holdings like ETH, SOL, XRP, and ADA to, compared to strategic reserves like gold or oil.
2. Political Stunt or Financial Revolution?
Former U.S. Treasury Secretary Janet Yellen expressed skepticism, stating that the decision lacks clear regulatory backing, warning, "While digital assets have their place, tying them to a national reserve without a defined framework could lead to regulatory headaches and instability in traditional markets."
3. Traditional Finance Sees It as a Threat
Warren Buffett, Berkshire Hathaway CEO called the move an "act of war" against traditional financial systems. "Crypto remains a speculative asset, and tying it to a national reserve could create economic instability in ways we haven't seen before".
4. Brian Armstrong on Institutional Adoption
Coinbase CEO Brian Armstrong reacted enthusiastically, stating on X that this move will force financial institutions to integrate digital assets. "Crypto is no longer a fringe asset class—governments are now recognizing its strategic importance". However, he also warned that regulatory clarity must accompany the initiative.
5. A Race for Global Crypto
El Salvador’s President Nayib Bukele who made Bitcoin legal tender in his country hailed the announcement. However, to secure a $1.4 billion loan from the International Monetary Fund, his administration had to adjust its Bitcoin policies, amending its Bitcoin Law to make acceptance voluntary, no longer accepting tax payments in Bitcoin, and restricting public sector involvement in cryptocurrency activities.
See: 10 Fintech and Crypto IPOs 2025 – Boom or Bubble?
These concessions reflect a balance between maintaining Bitcoin’s role in El Salvador’s economy while addressing the IMF’s financial stability concerns. "This is validation at the highest level. If the U.S. moves forward with this seriously, expect other nations to follow suit," he said. Meanwhile, the Czech National Bank announced it is studying Bitcoin's feasibility as a reserve asset.
Conclusion
The U.S. Crypto Reserve could accelerate digital asset adoption and alter financial regulations but there are a lot of details outstanding and it would require congressional approval. The world is no doubt watching.
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, artificial intelligence, 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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