Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Fintech Regulations
Equity Crowdfunding and Fintech Legal Issues
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: ncfacanada.org
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May 4, 2026 | NCFA Fintech Market Activity | Digital Assets Blockchain And Tokenization, Payments And Money Movement CADD Brings Regulated 24/7 CAD Settlement On Chain On May 4, 2026, Tetra Trust Company, through its agent CAD Digital Inc., launched CADD, a payment stablecoin backed 1:1 by Canadian dollars. Alberta Treasury Board and Finance approved the model, making CADD Canada’s first CAD backed stablecoin issued by a regulated financial institution. CADD runs on Base, Ethereum, and Tempo, and Tetra expects Solana support next. The product gives Canadian dollars a regulated on chain settlement rail at a time when most stablecoin activity still runs through U.S. dollar assets. Canada’s payment systems cleared and settled more than $424 billion every business day in 2024, which shows the scale of domestic payment activity that still needs faster, more programmable settlement options. The reserve structure is the core trust feature. Tetra says all funds used to mint CADD are held in trust and dedicated only to redemption. That gives institutions a clearer reserve, redemption, and asset protection model than offshore or loosely governed tokens. It also keeps the product grounded in Canadian law, Canadian reserves, and regulated trust company oversight. Didier Lavallée, Founder and ...
May 4, 2026 | NCFA Fintech Insight | Digital Assets Blockchain And Tokenization Segmented Markets, Investment Driven Demand, And Push Towards Utility On Apr 29, 2026, NCFA published a resource post on crypto adoption data across 11 European markets, based on the ARI10 Report Cryptocurrency Adoption in Europe 2026. The data points to a market that's moved past early awareness but hasn’t yet settled into consistent daily use just yet. That gap is where the next phase of competition starts. Key Metrics The study surveyed 11,068 respondents across 11 countries between Jan 9 and Jan 15, 2026: It found 39.44% had some exposure to crypto assets 31.47% qualified as investors, and 64.6% saw potential uses for crypto Poland led country exposure at 47.10%, followed by Norway at 45.42%, Spain at 42.38%, and Romania at 42.23%. France ranked lowest at 30.41%, while Sweden stood at 35.16%. Among investors, 48.65% cited potential value growth as a reason for entering the market, and 68.4% cited financial motives overall. The top barriers were risk and volatility at 33.3%, lack of funds at 32.1%, lack of technical knowledge at 31%, and lack of trust in exchanges at 28.6%. Adoption Has Scale But Uneven Roughly four ...
May 4, 2026 The crypto market is characterized by fast changes in the value of currency, which at times can be extremely favorable but at other times creating disastrous effects. Different from the stock market, the prices of cryptocurrencies often react more quickly to events, changes in the mood of investors, and global economic factors. For those just starting out, this constant fluctuation may seem chaotic but for ones who have been trading for a while, volatility is the element which makes their trading plans workable. A lot of new investors that want to work with crypto prop trading make their first experience which leads them to the realization that volatility is not a monster to be chased away but the fact that should be looked in the eye. Firstly, before learning how to open a trading account with a crypto prop firm or how to make a start in crypto prop trading, you have to realize why the prices of the markets swing so wildly in one direction and how the traders can exercise self control in dealing with the reactions instead of letting their feelings take the lead. What Market Volatility Means in Crypto The term market volatility ...
May 4, 2026 The ability to hire the best available talent regardless of geography has become a baseline expectation for competitive companies. Engineering teams, creative departments, and commercial roles are increasingly filled by professionals located in countries where the hiring company has no operational presence. The problem is not identifying those candidates; it is employing them legally. Establishing a local legal entity in a foreign market typically takes three to six months, requires ongoing administrative maintenance, and creates permanent compliance obligations that are difficult to unwind if the market does not develop as planned. For companies that need to hire now rather than after completing a multi-month incorporation process, this gap between hiring intent and legal readiness represents a real cost, in delayed product development, lost candidates, and competitive disadvantage. That's why global EOR services have moved from a niche HR solution to a standard tool in the international workforce strategy of companies across sectors. What Are Global EOR Services? An employer of record (EOR) is a third-party company that legally employs workers on behalf of a client organization in a foreign jurisdiction. The EOR holds the employment contract, processes payroll, withholds taxes, administers benefits, and maintains compliance with local ...
Apr 29, 2026 | NCFA Resource | Digital Assets Blockchain And Tokenization, Risk Compliance And Regtech Investor Behaviour And Market Penetration Trends The ARI10 Cryptocurrency Adoption in Europe 2026 report provides a large scale view of crypto asset exposure, investor behaviour, regulatory concerns, and market confidence across Europe. The study draws on more than 100,000 individual responses from over 11,000 respondents across 11 European countries, including Poland, France, Italy, Germany, the Netherlands, the United Kingdom, Norway, Sweden, Hungary, Romania, and Spain. The study was developed with Dr Grzegorz Sobiecki of the Warsaw School of Economics and conducted by UCE Research. What It Does In Practice In practice, this gives fintechs and digital asset firms a clearer view of where crypto adoption sits across European markets. The public findings point to nearly 40% of respondents having some exposure to cryptocurrencies, about 31% actively investing, and more than 56% identifying unclear regulation as a barrier to further adoption. For exchanges, wallets, payment providers, compliance teams, and investor education platforms, the report helps connect adoption demand with trust, regulation, and user experience. Who Gets Value This is most useful for teams that need market level evidence before making product, compliance, or expansion decisions ...
Apr 29, 2026 | NCFA Fintech Market Activity | Digital Assets Blockchain And Tokenization, Banking And Credit Infrastructure KOHO And Wealthsimple Compete On Crypto Access On Apr 29, 2026, KOHO launched KOHO Crypto powered by Ndax, giving users a way to buy, hold, and manage digital assets inside the KOHO app. KOHO brings crypto trading into a money management app already used by more than 2.5 million Canadians. The pricing is the main user hook. KOHO Crypto starts at 0.5% per trade for KOHO Everything members, 1% for Extra and Essential members, and 1.5% for non members. Users can start with as little as $1, access more than 20 crypto assets, and fund purchases instantly from their KOHO balance. See: Crypto Self Custody Growth And User Behaviour Data KOHO is also using an incentive to bring existing Bitcoin holders into the app, offering a limited time 3% BTC transfer match up to $150 for eligible Bitcoin moved into KOHO powered by Ndax. Feature KOHO Crypto Wealthsimple Crypto Base trading fees 0.5% to 1.5% based on KOHO plan. Users can start with $1. 2.0% for Core, 1.0% for Premium, and 0.5% for Generation. Volume pricing KOHO does not list volume tiers ...
NCFA Fintech Whisperer | Apr 25 to May 1, 2026 This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, February 21-27, 2026, February 28-March 6, 2026, March 7-13, 2026, March 14-20, 2026, March 21-27, 2026, March 28-April 3, 2026, April 4-10, 2026, April 11-17, 2026, April 18-24, 2026). Weekly Fintech Market Intelligence Apr 25 - May 1, 2026 Open Banking Open Finance And Data Sharing FCA Publishes Assessment For Open Banking Standards Body May 1, 2026, United Kingdom The FCA publishes KPMG’s independent assessment of proposals to lead the establishment of a future open banking standards setting ...
May 1, 2026 | NCFA Fintech Market Activity | Risk Compliance And Regtech, Artificial Intelligence And Data AI Driven Compliance And Cyber Risk Platform On May 1, 2026, Datavault AI and CyberCatch announce a binding letter of intent for Datavault AI to acquire 100% of CyberCatch in an all stock transaction structured as a court approved plan of arrangement under the Business Corporations Act (British Columbia). The proposed deal values CyberCatch at about CAD $136.8 million (CAD $5.11 per share). CyberCatch shareholders would hold about 7.52% of the combined company, with Datavault AI shareholders holding about 92.48% on a non fully diluted basis. CyberCatch CYBE is listed on the TSX Venture Exchange and OTCQB US Venture Market, focuses on continuous compliance and AI driven cyber risk testing. Its platform uses generative AI to assess whether controls are in place, then uses agentic AI to simulate attack scenarios and produce a Cyber Breach Score. The model is built around continuous validation rather than periodic audit cycles. See: Anthropic Mythos Redraws AI Cyber Risk Boundaries Timing aligns with rising demand for continuous security assurance. The release cites Gartner estimates that global information security spending will reach $240 billion in 2026, while AI driven ...
May 1, 2026 | NCFA Insight | Capital Markets And Market Infrastructure, Regulation And Policy Multilateral Defence Financing Platform For Supply Chains On Apr 29, 2026, Canada confirmed progress on the Defence, Security and Resilience Bank after multilateral negotiations in Montréal concluded on the proposed charter. Participating countries unanimously support Canada as host country for the future headquarters once the institution is ratified. The initiative isn't a bank yet but it's making progress. Ratification, capital commitments, governance design, and member alignment is still ahead. But the structure already points to something bigger. It brings sovereign credit, bank balance sheets, defence procurement, SME finance, and private capital into one coordinated financing layer. How The Defence Bank Model Works The DSRB aims to deliver long term, low cost financing for defence, security, and resilience projects across supply chains. Finance Canada says the focus includes small and medium sized enterprises and member governments that face real financing gaps. The model itself relies on targeted guarantees and risk assessments to reduce investment risk in defence and dual use sectors. That changes how capital flows. Instead of direct public spending alone, the DBSR bank lowers financing risk. Member countries provide credibility. Commercial banks and capital ...
May 1, 2026 | NCFA Market Activity | Payments And Market Infrastructure £550M Funding Deepens Bank-led Infrastructure For Global Trade Flows On Apr 30 2026, Santander confirmed Ebury secured about £550M in funding led by Centerbridge Partners, with Santander, Vitruvian Partners, and 83North reinvesting. Santander will retain a 55% stake and positions Ebury as its core SME cross-border payments platform. Ebury was founded in 2009 in London and focuses on cross border payments, foreign exchange, and trade finance for small and mid sized businesses. According to Santander, the platform serves more than 27,000 businesses, operates in over 160 countries, supports 140 currencies, and is active across more than 30 regulated markets. The company has delivered more than 30% annual revenue growth since 2020, reflecting sustained demand for SME-focused global payment infrastructure. The model is built around consolidation of fragmented workflows. Businesses use Ebury to move funds, manage FX exposure, and access working capital in one system instead of relying on multiple banks and intermediaries. That reduces settlement friction, improves pricing transparency, and shortens execution time across cross border transactions. This competitive positioning targets a structural gap. Large banks tend to focus on multinational corporates, while many fintechs focus on consumers ...
May 4, 2026 | NCFA Fintech Market Activity | Digital Assets Blockchain And Tokenization, Payments And Money Movement CADD Brings Regulated 24/7 CAD Settlement On Chain On May 4, 2026, Tetra Trust Company, through its agent CAD Digital Inc., launched CADD, a payment stablecoin backed 1:1 by Canadian dollars. Alberta Treasury Board and Finance approved the model, making CADD Canada’s first CAD backed stablecoin issued by a regulated financial institution. CADD runs on Base, Ethereum, and Tempo, and Tetra expects Solana support next. The product gives Canadian dollars a regulated on chain settlement rail at a time when most stablecoin activity still runs through U.S. dollar assets. Canada’s payment systems cleared and settled more than $424 billion every business day in 2024, which shows the scale of domestic payment activity that still needs faster, more programmable settlement options. The reserve structure is the core trust feature. Tetra says all funds used to mint CADD are held in trust and dedicated only to redemption. That gives institutions a clearer reserve, redemption, and asset protection model than offshore or loosely governed tokens. It also keeps the product grounded in Canadian law, Canadian reserves, and regulated trust company oversight. Didier Lavallée, Founder and ...
May 4, 2026 | NCFA Fintech Insight | Digital Assets Blockchain And Tokenization Segmented Markets, Investment Driven Demand, And Push Towards Utility On Apr 29, 2026, NCFA published a resource post on crypto adoption data across 11 European markets, based on the ARI10 Report Cryptocurrency Adoption in Europe 2026. The data points to a market that's moved past early awareness but hasn’t yet settled into consistent daily use just yet. That gap is where the next phase of competition starts. Key Metrics The study surveyed 11,068 respondents across 11 countries between Jan 9 and Jan 15, 2026: It found 39.44% had some exposure to crypto assets 31.47% qualified as investors, and 64.6% saw potential uses for crypto Poland led country exposure at 47.10%, followed by Norway at 45.42%, Spain at 42.38%, and Romania at 42.23%. France ranked lowest at 30.41%, while Sweden stood at 35.16%. Among investors, 48.65% cited potential value growth as a reason for entering the market, and 68.4% cited financial motives overall. The top barriers were risk and volatility at 33.3%, lack of funds at 32.1%, lack of technical knowledge at 31%, and lack of trust in exchanges at 28.6%. Adoption Has Scale But Uneven Roughly four ...
May 4, 2026 The crypto market is characterized by fast changes in the value of currency, which at times can be extremely favorable but at other times creating disastrous effects. Different from the stock market, the prices of cryptocurrencies often react more quickly to events, changes in the mood of investors, and global economic factors. For those just starting out, this constant fluctuation may seem chaotic but for ones who have been trading for a while, volatility is the element which makes their trading plans workable. A lot of new investors that want to work with crypto prop trading make their first experience which leads them to the realization that volatility is not a monster to be chased away but the fact that should be looked in the eye. Firstly, before learning how to open a trading account with a crypto prop firm or how to make a start in crypto prop trading, you have to realize why the prices of the markets swing so wildly in one direction and how the traders can exercise self control in dealing with the reactions instead of letting their feelings take the lead. What Market Volatility Means in Crypto The term market volatility ...
May 4, 2026 The ability to hire the best available talent regardless of geography has become a baseline expectation for competitive companies. Engineering teams, creative departments, and commercial roles are increasingly filled by professionals located in countries where the hiring company has no operational presence. The problem is not identifying those candidates; it is employing them legally. Establishing a local legal entity in a foreign market typically takes three to six months, requires ongoing administrative maintenance, and creates permanent compliance obligations that are difficult to unwind if the market does not develop as planned. For companies that need to hire now rather than after completing a multi-month incorporation process, this gap between hiring intent and legal readiness represents a real cost, in delayed product development, lost candidates, and competitive disadvantage. That's why global EOR services have moved from a niche HR solution to a standard tool in the international workforce strategy of companies across sectors. What Are Global EOR Services? An employer of record (EOR) is a third-party company that legally employs workers on behalf of a client organization in a foreign jurisdiction. The EOR holds the employment contract, processes payroll, withholds taxes, administers benefits, and maintains compliance with local ...
Apr 29, 2026 | NCFA Resource | Digital Assets Blockchain And Tokenization, Risk Compliance And Regtech Investor Behaviour And Market Penetration Trends The ARI10 Cryptocurrency Adoption in Europe 2026 report provides a large scale view of crypto asset exposure, investor behaviour, regulatory concerns, and market confidence across Europe. The study draws on more than 100,000 individual responses from over 11,000 respondents across 11 European countries, including Poland, France, Italy, Germany, the Netherlands, the United Kingdom, Norway, Sweden, Hungary, Romania, and Spain. The study was developed with Dr Grzegorz Sobiecki of the Warsaw School of Economics and conducted by UCE Research. What It Does In Practice In practice, this gives fintechs and digital asset firms a clearer view of where crypto adoption sits across European markets. The public findings point to nearly 40% of respondents having some exposure to cryptocurrencies, about 31% actively investing, and more than 56% identifying unclear regulation as a barrier to further adoption. For exchanges, wallets, payment providers, compliance teams, and investor education platforms, the report helps connect adoption demand with trust, regulation, and user experience. Who Gets Value This is most useful for teams that need market level evidence before making product, compliance, or expansion decisions ...
Apr 29, 2026 | NCFA Fintech Market Activity | Digital Assets Blockchain And Tokenization, Banking And Credit Infrastructure KOHO And Wealthsimple Compete On Crypto Access On Apr 29, 2026, KOHO launched KOHO Crypto powered by Ndax, giving users a way to buy, hold, and manage digital assets inside the KOHO app. KOHO brings crypto trading into a money management app already used by more than 2.5 million Canadians. The pricing is the main user hook. KOHO Crypto starts at 0.5% per trade for KOHO Everything members, 1% for Extra and Essential members, and 1.5% for non members. Users can start with as little as $1, access more than 20 crypto assets, and fund purchases instantly from their KOHO balance. See: Crypto Self Custody Growth And User Behaviour Data KOHO is also using an incentive to bring existing Bitcoin holders into the app, offering a limited time 3% BTC transfer match up to $150 for eligible Bitcoin moved into KOHO powered by Ndax. Feature KOHO Crypto Wealthsimple Crypto Base trading fees 0.5% to 1.5% based on KOHO plan. Users can start with $1. 2.0% for Core, 1.0% for Premium, and 0.5% for Generation. Volume pricing KOHO does not list volume tiers ...
NCFA Fintech Whisperer | Apr 25 to May 1, 2026 This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, February 21-27, 2026, February 28-March 6, 2026, March 7-13, 2026, March 14-20, 2026, March 21-27, 2026, March 28-April 3, 2026, April 4-10, 2026, April 11-17, 2026, April 18-24, 2026). Weekly Fintech Market Intelligence Apr 25 - May 1, 2026 Open Banking Open Finance And Data Sharing FCA Publishes Assessment For Open Banking Standards Body May 1, 2026, United Kingdom The FCA publishes KPMG’s independent assessment of proposals to lead the establishment of a future open banking standards setting ...
May 1, 2026 | NCFA Fintech Market Activity | Risk Compliance And Regtech, Artificial Intelligence And Data AI Driven Compliance And Cyber Risk Platform On May 1, 2026, Datavault AI and CyberCatch announce a binding letter of intent for Datavault AI to acquire 100% of CyberCatch in an all stock transaction structured as a court approved plan of arrangement under the Business Corporations Act (British Columbia). The proposed deal values CyberCatch at about CAD $136.8 million (CAD $5.11 per share). CyberCatch shareholders would hold about 7.52% of the combined company, with Datavault AI shareholders holding about 92.48% on a non fully diluted basis. CyberCatch CYBE is listed on the TSX Venture Exchange and OTCQB US Venture Market, focuses on continuous compliance and AI driven cyber risk testing. Its platform uses generative AI to assess whether controls are in place, then uses agentic AI to simulate attack scenarios and produce a Cyber Breach Score. The model is built around continuous validation rather than periodic audit cycles. See: Anthropic Mythos Redraws AI Cyber Risk Boundaries Timing aligns with rising demand for continuous security assurance. The release cites Gartner estimates that global information security spending will reach $240 billion in 2026, while AI driven ...
May 1, 2026 | NCFA Insight | Capital Markets And Market Infrastructure, Regulation And Policy Multilateral Defence Financing Platform For Supply Chains On Apr 29, 2026, Canada confirmed progress on the Defence, Security and Resilience Bank after multilateral negotiations in Montréal concluded on the proposed charter. Participating countries unanimously support Canada as host country for the future headquarters once the institution is ratified. The initiative isn't a bank yet but it's making progress. Ratification, capital commitments, governance design, and member alignment is still ahead. But the structure already points to something bigger. It brings sovereign credit, bank balance sheets, defence procurement, SME finance, and private capital into one coordinated financing layer. How The Defence Bank Model Works The DSRB aims to deliver long term, low cost financing for defence, security, and resilience projects across supply chains. Finance Canada says the focus includes small and medium sized enterprises and member governments that face real financing gaps. The model itself relies on targeted guarantees and risk assessments to reduce investment risk in defence and dual use sectors. That changes how capital flows. Instead of direct public spending alone, the DBSR bank lowers financing risk. Member countries provide credibility. Commercial banks and capital ...
May 1, 2026 | NCFA Market Activity | Payments And Market Infrastructure £550M Funding Deepens Bank-led Infrastructure For Global Trade Flows On Apr 30 2026, Santander confirmed Ebury secured about £550M in funding led by Centerbridge Partners, with Santander, Vitruvian Partners, and 83North reinvesting. Santander will retain a 55% stake and positions Ebury as its core SME cross-border payments platform. Ebury was founded in 2009 in London and focuses on cross border payments, foreign exchange, and trade finance for small and mid sized businesses. According to Santander, the platform serves more than 27,000 businesses, operates in over 160 countries, supports 140 currencies, and is active across more than 30 regulated markets. The company has delivered more than 30% annual revenue growth since 2020, reflecting sustained demand for SME-focused global payment infrastructure. The model is built around consolidation of fragmented workflows. Businesses use Ebury to move funds, manage FX exposure, and access working capital in one system instead of relying on multiple banks and intermediaries. That reduces settlement friction, improves pricing transparency, and shortens execution time across cross border transactions. This competitive positioning targets a structural gap. Large banks tend to focus on multinational corporates, while many fintechs focus on consumers ...
