Tausi Insider

Samuel Bankman-Fried, founder and CEO of FTX, testifies during a Senate Committee on Feb. 9. SAUL LOEB/AFP/Getty Images Blair Wiley is chief legal officer of Wealthsimple, which offers cryptocurrency trading. Critics are quick to suggest that events like the recent collapse of FTX Ltd. make crypto a Wild West, without the regulatory oversight we take for granted in other industries. But in fact, in Canada, we do have a regulatory framework for crypto and it’s been working, and working well. Canadians are affected by the insolvencies of the Bahamas-based FTX, and New Jersey’s Celsius before it, largely because those companies have been operating in the country without conforming to its regulatory framework. It’s estimated that total losses from FTX could exceed US$10-billion, spread across a million creditors, including in Canada. More needs to be done to bring these foreign platforms under our regulatory framework and fast, otherwise Canadians will continue being victim to poor actor...

The head of the Canadian Bankers Association says more consumer protection is needed as new entrants in the fast-growing payments space get ahead of regulation. Speaking at a Canadian Club Toronto event, association president Anthony Ostler says there are now more than 2,000 non-bank payment services providers with more expected amid initiatives like the push for open banking. The payments space has grown with numerous technology companies such as Shopify, Square and PayPal offering options, while more recently there’s been tremendous growth in services like buy now, pay later. Ostler says that while competition is good, the payments marketplace is running in front of the regulatory environment and consumers aren’t being adequately protected. He says the federal government should add consumer protections to the Retail Payments Oversight Framework as they consider next steps. Ostler also says the government should do more to boost productivity, and raised concerns about the federal ta...

Binance chief executive officer Changpeng Zhao said on Friday regulation rather than opposition of the crypto sector is a better option for world governments as digital currencies become more mainstream. Regulation of crypto currencies has come into sharp focus following the collapse of several platforms, culminating in the crash of the FTX currency exchange earlier this month. “I think most governments now understand that adoption will happen regardless. It’s better to regulate the industry instead of trying to fight against it,” Zhao said, speaking at a Binance event in Athens. The opaque world of crypto came into the spotlight when FTX, a crypto exchange, filed for bankruptcy protection in the United States on Nov. 11 after traders pulled $6 billion from the platform in three days. The collapse has left an estimated 1 million creditors facing losses totalling billions of dollars. Nonetheless, Zhao said he expected the industry to recover. “(This year) was a very nasty year, the la...

The federal court of appeal says it will uphold all but one of the rules that bolster compensation for air passengers subjected to delayed flights and damaged luggage. The court on Tuesday dismissed the appeal that challenged the validity of the passenger bill of rights, with the exception of one regulation that applies to the temporary loss of baggage. Air Canada AC-T and Porter Airlines Inc., along with 16 other appellants that include the International Air Transport Association had argued that the passenger rights charter launched in 2019 violates global standards and should be rendered invalid for international flights. In court filings, the airlines argued the regulation exceed the Canadian Transportation Agency’s authority and went against a multilateral treaty by imposing compensation requirements for flight cancellations or lost baggage that were too stringent. The CTA and Attorney-General argued there is no conflict between the passenger protections and the treaty. The FCA i...

Although the threat of regulation certainly makes for good politics, it simply won’t result in lasting relief for small businesses. Banks will find ways to recoup those costs. Ryan Remiorz/The Canadian Press Ottawa is putting the credit-card industry on notice. If Visa, MasterCard, banks and payment processors won’t voluntarily slash credit-card processing fees for small businesses, then the Liberal government will drop the hammer of regulation in the new year. Deputy Prime Minister and Finance Minister Chrystia Freeland issued that warning as part of the government’s recent fall economic statement , setting the tone for talks at the bargaining table. With draft amendments to the Payment Card Networks Act already in her back pocket, Ms. Freeland is making it clear to industry players that she means business. Too bad that government regulation of credit-card transaction fees isn’t the solution to this vexatious problem. Although the threat of regulation certainly makes for good politi...

Ireland on March 15, 2022 imposed a fine on Facebook parent company Meta for breaching EU data privacy laws. OLIVIER DOULIERY/AFP/Getty Images Byron Holland is president and chief executive officer of the Canadian Internet Registration Authority. It seems that surveillance capitalism and hyper-personalized ads have become an inescapable part of our one-sided social contract with Big Tech. But last week, the European Union made clear to Meta (formerly Facebook) that some of its advertising practices won’t be tolerated, ruling that Facebook and Instagram can’t force users to accept personalized ads without their explicit consent. The EU ruling represents a blow to Meta’s surveillance-based business model. Canadians may wonder what it will take for our country to follow other jurisdictions’ lead and place our citizens’ privacy interests ahead of Big Tech’s financial interests. The EU’s landmark privacy legislation, the General Data Protection Regulation, created stronger privacy rights ...