Category Archives: Press Releases

MintGreen to make North Vancouver world’s first city heated by bitcoin

Vancouver Tech Journal | William Johnson | Oct 14, 2021

mintgreen leadersrhip team

Bitcoin mining company MintGreen to deliver innovative low-carbon mining waste solution to heat City of North Vancouver.

As part of an effort to reduce its urban carbon footprint, the City of North Vancouver and Lonsdale Energy Corporation (LEC), its district energy utility, will be introducing a novel heat source to their district energy system. MintGreen, a Burnaby-based cleantech cryptocurrency miner, will be working with LEC to provide heat to North Vancouver from bitcoin mining.

How will this work?

Bitcoin mining facilities produce significant amounts of heat, which until recently, would have been considered an undesirable output. To combat this, miners have gone so far as to invest in venting and cooling infrastructure to remove this heat. MintGreen, however, has built a proprietary solution to capture this heat and sell it to buyers of heat

See:  El Salvador taps renewable energy from volcanoes to start mining bitcoin

MintGreen calls this tech their “Digital Boilers” and says it can recover more than 96% of the electricity used for bitcoin mining in the form of heat energy that can be used to sustainably heat communities and service industrial processes. Because cryptocurrency miners run at full capacity 365 days a year, this creates a unique opportunity to provide a reliable and clean heating baseload for North Vancouver's district energy system.

“Being partners with MintGreen on this project is very exciting for LEC, in that it's an innovative and cost-competitive project, and it reinforces the journey LEC is on to support the City's ambitious greenhouse gas reduction targets,” said Lonsdale Energy Corporation CEO, Karsten Veng, in a statement.

A partnership two and a half years in the making

The partnership didn't happen overnight. In fact, MintGreen has been working with LEC for nearly three years, according to MintGreen CEO Colin Sullivan, who spoke to Vancouver Tech Journal over the phone. “When we were sort of in our proof of concept phases, we did a bunch of cold calls for district energy companies,” said Sullivan, and LEC picked up.

LEC had certain demands related to temperature thresholds and other hardware considerations — and MintGreen essentially built their product to meet them. “That was kind of the technical challenge that we had to deal with, so you know, flash forward, two years later, and we have an MOU,” Sullivan explained.

See:  How blockchain and cryptocurrencies can help build a greener future

“It’s really exciting,” he added.” I mean, I feel like we have a very exciting opportunity to sort of go against the narrative of ‘excessive consumption of bitcoin.’ In our work, we're contractually obligated to provide 96% of our energy in the form of heat. We think we can do better than that.”

The deal with North Vancouver comes nearly half a year after MintGreen closed its seed round, a USD$2.5 million injection of cash which valued the company at USD$25 million. The round was led by Nelson Investments and CoinShares, as well as a dozen more of MintGreen’s pre-seed investors.

MintGreen has already deployed its tech on a smaller scale, including with Campbell River’s Shelter Point Distillery (which interestingly, has also taken in funding from Nelson Investments). Now the firm gets to operationalize its innovation on a much larger platform.

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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Liquid Avatar Technologies Partners with the Ontario Convenience Stores Association (OCSA) to Provide Digital Age-Verification Solutions to Over 8,000 Stores

Liquid Avatar Technologies | Cara Buckspan | Oct 6, 2021

Convenience store ID and age verification

Partnership will create Smart Age program utilizing Liquid Avatar’s LAVCE platform to provide the capability for the OCSA and all convenience stores in Ontario to implement digital verification solution for age-restricted sales.

Toronto, Canada – TheNewswire - October 6, 2021 -Liquid Avatar Technologies Inc. (CSE:LQID) / (CNSX:LQUID.CN) / (OTC:LQAVF) / (FRA:4T51) a global blockchain, digital identity and fintech solutions company,together with the Ontario Convenience Stores Association (OCSA), announce that they have signed an initial agreement, effective September 27, 2021, to support digital innovation in the c-store industry and develop Smart Age, a digital age verification program to help Ontario-based local, regional, and national convenience retailers verify the age of their patrons, as these operators dispense age-restricted products.

With daily foot traffic of over 3 million people in convenience stores and over 96% positive verification of age by individual convenience stores according to the OCSA, the opportunity to use digital verification tools and services to improve the customer and vendor experience and the quality of verification is critical to the industry as it looks to expand current age-restricted product sales. These include single sport betting and other lottery products, future opportunities with alcohol-based beverages, and other emerging categories.

See:  The dream of a low-friction financial system is just the beginning

The Smart Age program will consist of in-store and out-of-home awareness campaigns, digital verification review at the point of purchase and, where applicable, integration into existing point-of-sale and payment terminals that will use verified credentials to confirm that the customer is of legal age to purchase restricted products. No personally identifiable information will be exchanged with the vendor. The OCSA and Liquid Avatar Technologies are establishing a working group to develop best practices to bring the product to c-stores, and it is expected that the program will be available as both a Software as a Service monthly subscription and as a pay-as-you-go verification model with minimum requirements.

liquid avatar and osca smart age verification program

Published December 2020, The OCSA State of the Industry report showed that, in Ontario alone, there are over 72,000 full- and part-time employees selling almost $3 billion in lottery sales, representing 17% of all convenience store purchases. Over 75% of all lottery sales in Ontario are purchased at convenience stores.  In 2019, convenience store operators earned approximately $218 Million in commissions for the sale of lottery tickets.

While lottery sales are only one of several age-restricted sales categories available in convenience stores today, failure to always comply with verification can lead to enforcement violations for the sale of future age-restricted products and include fines, and loss of the ability to sell certain product, both of which may result in potential loss of income or business. As the industry looks to the future opportunities to increase sales of age-restricted products, transparency and enhanced verification tools will become increasingly important to c-store business.

See:  Liquid Avatar Releases Major Update to their Digital Identity Mobile App

“The OCSA wholly supports the need for verification for the sale of age-restricted products and is working with the industry to achieve a 100% success rate. Together with Liquid Avatar, our goal is to implement the Smart Age solution in over 8,000 c-stores across the province and leverage easy-to-use technology to better protect families in their respective communities,” said Dave Bryans, CEO of the OCSA. “We believe this digital solution will help our sector modernize and further enhance the trust that c-stores have already established in their own neighbourhoods.”

Liquid Avatar Technologies has developed the Liquid Avatar Verifiable Credential Ecosystem (LAVCE) and a digital wallet that supports digital credentials for age verification. As this program becomes available in Canada, Liquid Avatar Technologies will be one of the first to provide true blockchain-enabled, W3C compliant, digital identity-verified age verification solutions for all parts of the digital identity ecosystem, including individuals or Holders, issuers like governments, and verifiers like convenience stores and other businesses. The LAVCE platform allows users to leverage government issued digital ID to verify who they are at healthcare facilities, testing labs, government agencies, schools, sports arenas, transportation, trade shows, age-restriction programs, and workplaces.

Recently the Ontario government announced its intention to move forward with issuing digital government ID credentials through interoperable digital wallets that conformed to certain guidelines such as providing self-sovereign identity and open standards models and Liquid Avatar Technologies believes that it aligns with the current requirements and the projected roadmap technologies and standards of Ontario’s programs.

See:  Open data for finance as an emerging source of GDP growth

“We are very excited to have formalized this partnership with the OCSA,” said David Lucatch, CEO Liquid Avatar Technologies. “The LAVCE platform together with the Liquid Avatar digital wallet is perfect for age-verification functions for small businesses. C-stores sell more age-restricted products than any other retail setting and are provided with the least number of resources. We know that our modern and cost-efficient tool will give confidence to these operators that not only is the patron who they claim to be, but that they are, indeed, of age.”

 

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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Forward Security Earns Select Tier Consulting Partner Designation from Amazon Web Services program

FWD Security | Release | Sep 28, 2021

AWS-Select-FWDSEC-Badge

Forward Security Inc., a Vancouver-based application & cloud security consulting company, is proud to announce that it has earned the Select tier Consulting Partner designation from Amazon Web Services (AWS) through the AWS Partner Network (APN) program.

"We are very excited to be recognized as a Select tier Consulting Partner in the APN. Strong partnerships such as this enable us to deliver best-in-class application & cloud security consulting services to both AWS and Forward’s clients," said Farshad Abasi, CSO and Founder of Forward Security.

Founded in 2018, Forward's highly accomplished team delivers Cybersecurity solutions with focus on application and cloud security to mid-sized organizations in the Finance, Health, E-commerce, and Technology sectors. Services range from security risk assessment and pentesting, to DevSecOps and training, delivered by a team who has experience with some of world’s largest organizations such as HSBC, Intel, HP, and Motorola all the way to medium sized enterprises and even local start-ups. Forward’s Security Consultants have software development backgrounds and work closely with client’s teams to tackle security following a systematic approach, leveraging standards based and repeatable processes.

See: 

ISED: Cyber Security and Policy Statements

Fintech Fridays Podcast EP52: Technology Due Diligence Process and Cyber Security Risks


Forward Security’s Select tier Partner Status represents a high level of expertise with AWS, and will contribute to helping customers design, build, and manage secure cloud solutions on AWS.

“Your Code Security Experts”

Company Contact:

Dennis Oudijk
Director of Business Development
& Strategic Alliances Forward Security Inc. Phone: 604.505.6894
Email: d.oudijk@fwdsec.com

 


The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Maureen Jensen joins OBSI Board to become next Chair

Ombudsman for Banking Services and Investments (OBSI)| Release | Sep 23, 2021

Maureen JensenTORONTO, Sept. 23, 2021 /CNW/ - OBSI's Board of Directors is pleased to announce the appointment of Maureen Jensen to the board effective immediately. Ms. Jensen has also been selected to be nominated as the next Chair of OBSI's Board of Directors at the next Annual General Meeting of the organization to be held in March 2022. Ms. Jensen will succeed Jim Emmerton, whose term as Chair will be coming to an end following 12 years of service.

Ms. Jensen has been a leader in the investment industry and securities regulation for more than 20 years. She is the past Chair and Chief Executive Officer of the Ontario Securities Commission (OSC). Prior to her service in that role, Ms. Jensen was the OSC's Executive Director and Chief Administrative Officer. Ms. Jensen has also held senior roles at the Investment Industry Regulatory Organization of Canada (IIROC), the Market Regulation Services Inc. and was a director of the Toronto Stock Exchange.

See:  Maureen Jensen to step down from OSC

"It is my pleasure to welcome to the board Maureen Jensen, who has been a strong supporter of OBSI throughout the years as well as a long-standing proponent of investor protection as a critical pillar of a prosperous financial services sector. She is an exceptional leader and an excellent addition to the board," said Mr. Emmerton. "This is an important time for Canada's financial consumer protection framework and for OBSI. The Liberal Government committed in its election platform to establish a single banking ombudsman with binding authority to replace the current system where banks can choose the referee for complaints. And Canadian securities regulators are working with OBSI to establish binding authority for investor complaints. Federal and provincial governments and regulators are clearly recognizing the critical role an ombudsman service can play. I am delighted to be able to welcome such a strong and effective leader to OBSI to help shepherd the organization through the years to come."

See:  Canada: Budget 2021’s Impact On The Canadian Financial Sector

"As a supporter of OBSI dating back to my years of leadership at the OSC, I look forward to working with the board and OBSI stakeholders to support OBSI's public interest mandate and its ongoing efforts to inspire confidence in Canada's financial services system," said Ms. Jensen. "Especially now, as Canadian governments both federally and provincially are undertaking key initiatives to strengthen financial consumer protection and ensure that an effective and fair financial ombudsman service is in place for Canadian consumers and industry."

Ms. Jensen's appointment follows an intensive search led by the board's Governance and Human Resources Committee which began earlier this year.

OBSI's board and staff congratulate Ms. Jensen on her appointment and look forward to working with her in her new role.

View release:  here


The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Sep 23, 2021: CSA and IIROC Issue Joint Guidance (Staff Notice 21-330) for Crypto-Trading Platforms Related to Advertising and Social Media

CSA and IIROC | Staff | Sep 23, 2021

CSA and IIROC

Staff notice 21-330 issued today - Select summary below:

Summary of securities legislation and IIROC Rules in relation to false or misleading advertising

A number of provisions in securities legislation and IIROC rules apply to prohibit false or misleading statements in advertising or marketing materials. These prohibitions can apply to the making of statements

  • that suggest that a CTP [Crypto Trading Platform] is registered under securities legislation where this is not the case
  • that suggest that a securities regulatory authority or regulator has approved or endorsed the CTP, any products offered on the CTP or any disclosure or other representation made by the CTP; or
  • about any matter that a reasonable investor would consider relevant or important in deciding whether to enter into or maintain a trading or advising relationship with the CTP if the statement is untrue or omits information necessary to prevent the statement from being false or misleading in the circumstances in which it is made.

See:  Crypto in Canada: Where are we today, and where are we heading?

In addition, registered CTPs should consider their advertising and marketing strategies in the context of their obligation to treat their clients fairly, honestly and in good faith under securities legislation and, if applicable, IIROC rules.  Moreover, a registered CTP should consider how the advertising and marketing affects its obligations under Part 13 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and, if applicable, equivalent requirements in IIROC rules relating to:

  • know-your-client, know-your-product and assessing suitability, and
  • identifying and responding to conflicts of interest in the best interest of the client.

Concerns over improper "gambling style" promotions and schemes

We have recently noted some CTPs using advertising or marketing strategies that include contests, promotions, bonuses and time-limits to encourage investors to engage in trading and to act quickly for fear of missing out on an investment opportunity or a reward.  For example, a promotion involving a bonus scheme may offer a financial reward or a bonus interest in a particular type of crypto asset for the first 500 investors who take an action within the next 24 hours.

We are concerned that some of these strategies may inappropriately encourage investors to engage in excessively risky trading, taking on risks that they would normally avoid.

See:  Crypto fraud and breaches on pace to exceed $3 billion in 2021

We wish to remind CTPs that registered dealers have an important role as gatekeepers of the integrity of the capital markets. They should not, by act or omission, engage in or facilitate conduct that brings the market into disrepute.  Advertising and marketing strategies designed to encourage excessively risky trading may, depending on the circumstances, violate the registrant’s obligation to treat clients fairly, honestly and in good faith.

Compliance and supervisory expectations for firms using social media

We expect registered CTPs to consider compliance and supervision when using social media websites and platforms (social media sites) as a means of communicating with clients and the general public for business purposes. They must maintain records of their business activities, financial affairs and client transactions.  The use of social media sites increases the risk that registered CTPs may not be retaining adequate records of their business activities and client communications. This is the result of interactive social media web sites that include the posting of both real time and static content. Registered CTPs must design systems that allow for compliant record retention as well as retrieval capability.

See:  Decentralized Finance—Risks, Regulation, and the Road Ahead

The use of social media web sites is also challenging in terms of supervision, and CTPs must determine the level or extent of supervision necessary, particularly considering the provisions in securities legislation relating to the use of misleading and false statements. This may include the use of a risk-based approach to determine whether a CTP’s review of electronic communications is sufficient to meet its supervisory obligations. These supervisory obligations are not just restricted to social media use by the CTP but also by its directors, officers, employees, shareholders and other third-parties acting on behalf of the CTP.

View the joint staff notice 21-330 --> here


The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Liquid Avatar Technologies Supports Ontario’s Approach to Technology and Standards for Digital Identity

Liquid Avatar Technologies | Cara Buckspan | Sep 13, 2021

Ontario announces covid verification initiativeSelf-Sovereign Identity (SSI), Interoperability, Open Standards Central to Enabling Liquid Avatar Technologies and Others to Participate in Government’s Digital Credential Project

Toronto, Canada - TheNewswire - September 13, 2021 -Liquid Avatar Technologies Inc. (CNSX:LQID.CN) (OTC:LQAVF) (FRA:4T51) (“Liquid Avatar Technologies” or the “Company”), a global blockchain, digital identity, and fintech solutions company, today congratulates the Province of Ontario on the recent release of its technology and standards for a Digital Identity ecosystem. This government guideline “encourages private-sector market innovation” and should enable companies like Liquid Avatar Technologies who have existing digital wallets and digital identity solutions to carry government issued credentials provided they meet certain standards and requirements. Among these are: solutions that adhere to the highest online technology and security standards, adhere to key principles that support user privacy, enable self-sovereign identity to empower and protect users, are interoperable, and which incorporate open standards.

“Ontario is one of the first jurisdictions in North America to announce that it will issue and enable digital credentials"

See:  Can Liquid Avatar end fake COVID vaccine cards?

– and it has been a great experience working with the government on this both directly and through our role in membership organizations like the Trust Over IP Foundation, the DIACC and the Covid Credential Initiative,” said David Lucatch, CEO and co- founder of Liquid Avatar Technologies. “This is a fast-moving, exciting space to be in, and with the direction the province has set with these guidelines we believe the government, the public, and Ontario’s growing tech sector will all benefit.”

Liquid Avatar Technologies has been a part of the ongoing consultations around the province’s plan to introduce a digital identification credential by the end of 2021 – Digital ID.  Earlier this year, Liquid Avatar Technologies began to test its Liquid Avatar Verifiable Credentials Ecosystem (“LAVCE”) and Liquid Avatar mobile application to drive the provision of a digital wallet and digital identity, management and control solution for individuals and entities. These incorporate a fully functioning, self-sovereign platform that adheres to current technology standards and supports many of the themes and requirements articulated as both current and under consideration in last week’s Digital ID announcement.

On September 9th, the Company participated in the Linux Foundation Public Health Cardea project’s “interop-athon” and successfully demonstrated the LAVCE’s ability to issue, exchange, and verify digital health data with credential systems from other companies in the Cardea community. This accomplishment means that LAVCE’s ability to create and manage credentials for digital health information, such as proof of a valid COVID-19 test, vaccination, and/or exemption, can be used across multiple systems and platforms, thereby helping people to resume school, work, and travel in a way that increases public safety while preserving privacy and preventing fraud.

See:  COVID-19: Making the case for robust digital financial infrastructure

LAVCE’s successful demonstration illustrated the power of interoperable verifiable credentials as a way that can transform how we share and trust digital health and other information. The LAVCE platform can be easily integrated into healthcare facilities, testing labs, government agencies, schools, sports arenas, transportation, trade shows, and workplaces to confirm health status in a privacy preserving way and assist in efforts to reduce new outbreaks.

Liquid Avatar Technologies is a steering committee and voting member of the Trust over IP foundation, founding and steering committee member of Cardea, Node Operator for the Indicio Network, member of the Linux Foundation, DIACC, the Covid Credential Initiative and other industry foundations, ecosystems, networks, and utilities.

“The province of Ontario has acknowledged that the private sector has a role to play in expediting their goal of issuing a secure digital credential by the end of the calendar year,” said Lucatch. “The LAVCE platform, which enables users to manage their digital wallet and digital identification solution has completed its industry and interoperability testing towards availability to individuals. We are excited and believe that we are ready to leverage our infrastructure to enable the success of industry, business and government digital identity and verifiable credential programs.”

As part of the Company’s efforts to support our communities, Liquid Avatar Technologies has become a partner in the Toronto Region Board of Trade’s We’re Ready Toronto initiative to support the ensure a safe and sustainable reopening and recovery in the region and will be conducting a member only workshop on September 23, 2021, from 11 am to 12 pm Eastern titled, Vaccine Passports and Future Digital Credentials – How to protect employees, customers, and businesses.

Continue to the view the original release --> here


The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Alberta and Saskatchewan securities regulators adopt new small business financing prospectus exemption

ASC and FCAA | Aug 31, 2021

Raising capital – new exemption

Calgary – The Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) today adopted a new prospectus exemption designed to facilitate greater access to capital for Alberta and Saskatchewan businesses.

“This exemption joins the self-certified investor prospectus exemption adopted in March 2021, and is the next step in our broader efforts to support innovation and diversification in our provinces,” said Stan Magidson, Chair and CEO of the ASC. “This initiative is intended to address challenges faced by small and early stage businesses in accessing capital, while still addressing investor protection,” added Roger Sobotkiewicz, Chair and CEO of the FCAA.

The new small business financing prospectus exemption allows Alberta and Saskatchewan businesses to raise up to $5 million from the public using a simple, streamlined offering document. The exemption has tiered offering limits depending on whether financial statements are provided to investors.

See:  Canadian securities regulators adopt new nationally harmonized start-up crowdfunding rules

To mitigate the risks to investors, investments are limited, with higher limits possible if financial statements are provided or if the investor either has a certain minimum income or has received investment advice from a registered dealer. The investment limits do not apply to investors who qualify to invest under certain other common prospectus exemptions.

The exemption is being implemented on a three-year pilot basis. Details of the new exemption are set out in CSA Multilateral Notice of Implementation 45-539 Small Business Financing available on the websites of the ASC and the FCAA.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

View the original release --> here


The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter