stack of multicolored credit cards, close up view with selective focus
stack of multicolored credit cards, close up view with selective focus
stack of multicolored credit cards, close up view with selective focus

PAYMENT & FINTECH 

Financial technology, or “FinTech”, has changed the way the world considers finances. McMillan’s payments and money services lawyers have the experience, technical expertise and industry knowledge to help clients gain competitive advantage among emerging opportunities while navigating the risks FinTech brings. We have deep regulatory and transactional experience in all parts of Canada’s financial services industry, in regulatory oversight and in public policy.

In a rapidly evolving industry, our lawyers have gained significant FinTech experience advising institutional lenders, tech companies and regulators on a wide array of FinTech matters including cryptocurrencies (such as bitcoin), the payments ecosystem and peer to peer payment systems, mobile payments and deposits, virtual wallets, online lending, trading and investments and financial planning “Robo-advisors”. We also negotiate on behalf of clients the complex intersection of cybersecurity, data privacy, banking and securities regulatory compliance, consumer protection and other regulatory and transactional requirements.

BLOCKCHAIN, CRYPTOCURRENCY AND DIGITAL ASSETS

McMillan has a comprehensive understanding of blockchain, cryptocurrency, digital assets and other decentralized technologies. We use an integrative, pragmatic, and proactive approach when providing counsel in connection with an ever-changing regulatory landscape.

Our cross-disciplinary team brings together specialists across many fields, including litigation, securities regulation, capital markets, investment funds and asset management, mergers and acquisitions, derivatives, technology, privacy and cybersecurity, intellectual property, consumer protection, anti-money laundering, financial services, tax, and bankruptcy and insolvency.

McMillan provides Canada’s most sophisticated entrepreneurs, financial institutions, venture investors, asset managers, platforms, exchanges, third-party software service providers, and financial technology companies with the expertise to help evaluate, implement, invest in, and protect blockchain-based technologies and digital assets.  McMillan has advised on a wide variety of matters in this industry, including:

  • Civil and regulatory proceedings in the digital assets and blockchain space;
  • Cryptocurrency fraud, forensic investigations, asset tracing, enforcement, and seizure of digital assets, including with respect to cross-border matters;
  • Advising clients and working with courts, monitors and custodians with respect to the valuation, transfer, custody, maintenance, and disposition of digital assets in all manner of proceedings;
  • Initial coin or token offerings (ICOs and ITOs);
  • Securities registrations and applications for exemptive relief (including with respect to crypto asset trading platforms (CTPs));
  • Regulatory enforcement proceedings with respect to CTPs and digital assets generally;
  • Cybersecurity and privacy;
  • Securities regulatory compliance;
  • Consumer protection and other regulatory and transactional requirements;
  • Money services business (MSB) regulatory guidance, registration, and licensing;
  • Formation of funds that invest in digital assets and blockchain-related businesses;
  • Disputes about, and regulation of, Non-Fungible Tokens (NFTs), digital collectibles, and virtual goods;
  • Brand protection;
  • Registration of trademarks covering NFTs;
  • Drafting patent applications pertaining to blockchain and metaverse-related inventions;
  • Decentralized Autonomous Organizations (DAO) projects;
  • Web3 blockchain applications, decentralized finance (DeFi), and staking;
  • Tax matters;
  • Smart contracts; and
  • Recovery of distressed assets.

PAYMENTS & MONEY SERVICES

McMillan’s payments, money and financial services lawyers specialize in helping corporate clients navigate this dynamic payments industry. Our practice draws on the firm’s expertise across a wide variety of practice areas to provide our clients with a unique perspective on the Canadian and international payments ecosystem.

McMillan’s payments practice regularly advises merchants, payments processors, card companies (payment network providers), digital payments companies, regulators, industry groups, technology providers, cross-border payments facilitators and payment clearing and settlement providers. Our payments, money and financial services lawyers offer expertise on anti-money laundering and economic sanctions, regulatory compliance, financial services, consumer protection, privacy and data protection, and information technology. We combine industry knowledge with a deep understanding of payment and financial market infrastructures to provide a full range of services to clients in the payments, funds transfer, foreign exchange, virtual currency and Paytech sectors.

Our lawyers have negotiated with regulators and various parties in the Canadian payments system, including the Office of the Superintendent of Financial Institutions and Payments Canada, to clear the regulatory hurdles associated with bringing an innovative payment functionality to the Canadian marketplace.

Primary Contacts

View All Contacts

Darcy Ammerman

Partner, Financial Services | Banking & Finance | Insurance

Shahen A. Mirakian

Partner, Structured Finance, Derivatives & Securitization

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Insights (57 Posts)

Featured Insight

Registration Roundup: The Development of Securities Regulation of Crypto Trading Platforms (CTPs) in Canada

The Canadian Securities Administrators have continued to develop the securities regulatory framework applicable to crypto trading platforms.

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May 17, 2023
Featured Insight

AI Regulatory Roundup – International Developments in AI Law and Policy

An overview of recent Canadian and international developments related to the regulation of artificial intelligence technologies.

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May 2, 2023
Featured Insight

Caught in the Sanctions Crossfire: Canada’s Proposed New Control Test Has Broad Repercussions on Businesses with Any Nexus to Russia

Proposed "deemed ownership" test under Canadian sanctions laws and convergence of AML and sanctions regulation in Canada.

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Apr 26, 2023
Featured Insight

Trends and Developments in Cryptocurrency: What the Experts are Seeing in the Tracing, Seizing and Safeguarding of Digital Assets, and Why So Much Value is Being Lost

Together with Lowenstein Sandler, join McMillan for a series of engaging panels with industry leaders who will share valuable insights into the newest crypto trends and developments, with a particular emphasis on the below areas of risk.

Details
Tuesday, April 25, 2023
Featured Insight

Ask Not for Whom the Bell Tolls….The Clock is Ticking for Unregistered Crypto Trading Platforms Operating in Canada as CSA Announce Enhanced Pre-Registration Undertakings

CSA Staff Notice 21-332: Increased compliance standards for crypto exchanges and guidance on the application of Canadian securities laws to crypto assets.

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Mar 8, 2023
Featured Insight

Capital Markets Podcast: Why Businesses Should Care About Greenwashing

This podcast episode dives into the risks and impact of greenwashing on businesses. Ouvedi Rama Naiken and Patricia Chehadé, from our Capital Markets & Securities Group, speak with corporate commercial litigator and regulatory lawyer, Talia Gordner on the current regulatory framework of greenwashing.

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Dec 20, 2022
Featured Insight

Capital Markets Podcast: The Clash Between Securities Law and Crypto

Are you curious about the intersection of crypto and securities law? This podcast dives into the future of crypto law and the current state of crypto regulations in Canada.

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Nov 24, 2022
Featured Insight

Prepare for Regulation: Bank of Canada Introduces New Retail Payments Supervisory Framework

This bulletin provides an overview of the Bank of Canada’s new retail payments supervisory framework.

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Nov 17, 2022
Featured Insight

The Road to Canada’s Open Banking Framework: Updates from the Working Group Meetings

Four working groups have been working to develop common rules, accreditation criteria, and technical standards for open banking in Canada.

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Nov 2, 2022
Featured Insight

Payments Canada hits Refresh on Pre-Authorized Debit Framework with Updates to Rule H1

Payments Canada implements changes to Rule H1 for Pre-Authorized Debit transactions, effective October 3, 2022.

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Oct 26, 2022
Featured Insight

Can they really do that? Understanding the limits of governmental permitting and compliance powers

While every company strives to achieve constructive relations with regulators, sometimes this is not enough. In such cases, understanding the rules that apply to regulators and the limits of their powers can be essential to levelling the playing field.

Details
Wednesday, November 9, 2022
Featured Insight

Open Banking: What it is and what it means for you

As we have received a number of questions from clients regarding our open banking bulletins, we are putting together an interdisciplinary panel of experts to take a deep dive into the implications of an open banking system in Canada, exciting developments & expectations for further progression.

Details
Thursday, June 2, 2022
Featured Insight

Mandatory COVID-19 Vaccination Policy Upheld

An Ontario arbitrator upheld an employer's vaccine mandate for both a site where a 3rd party obligation existed and a related site with no such obligation.

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Jan 12, 2022
Featured Insight

Ontario Arbitrators Continue to Uphold Terminations of Employees who Breach COVID-19 Safety Protocols

A recent decision by an Ontario arbitrator further affirmed the notion that dishonesty during COVID screening protocols by an employee can lead to termination.

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Jan 12, 2022
Featured Insight

Clearview AI Ordered to Comply with Provincial Regulators’ Privacy Recommendations

Canada’s provincial privacy regulators have issued orders against Clearview AI forcing it comply with the
recommendations of a 2020 joint investigation.

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Jan 5, 2022
Featured Insight

Protection of Virtual Goods Through Tokenized Technology

Real world brands are increasingly looking to NFTs and virtual online presences as the next frontier to market their products.

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Nov 17, 2021
Featured Insight

Privacy Commissioner Releases More Guidance for Video Teleconferencing Companies

Video teleconferencing companies face unique cybersecurity and data privacy risks. The OPC has new guidance on how these companies can best address them.

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Nov 3, 2021
Featured Insight

NFTs and Implications Under Canadian Securities Law

This article discusses the treatment of non-fungible tokens (NFTs) as securities and related regulatory considerations in Canada.

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Aug 16, 2021
Featured Insight

Watch as that Trust is Swept Away

Suppliers and subcontractors in the construction industry should be mindful of a recent unreported decision of the Ontario Superior Court of Justice.

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Jul 30, 2021
Featured Insight

Who is Caught by Canada’s New Retail Payment Systems Regulation?

Canada's proposed retail payments systems regulatory regime requires payments service providers to be registered. Who exactly is a payments service provider?

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May 31, 2021
Featured Insight

Canadian Privacy Commissioners Issue Joint Guidance on Vaccine Passports

Commissioners warn that privacy considerations must be “front and centre” as organizations develop and implement vaccine passports in the coming months

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May 25, 2021
Featured Insight

Canadian Government Expands National Security Guidance

On March 24, 2021, Canada’s Minister of Innovation, Science and Industry announced that the government updated its National Security Guidelines.

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Mar 25, 2021
Featured Insight

Canada Updates Official Terrorist Entities List – What It Means for Your Business

The Canadian government has placed the Proud boys on the list of terrorist entities. This announcement has certain key implications for Canadian companies.

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Feb 23, 2021
Featured Insight

2020 Fintech Year in Review: Canadian Regulatory Developments

2020 Fintech Year in Review: Canadian Regulatory Developments

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Feb 10, 2021
Featured Insight

B.C. Technology Sector Makes the Grade – But Not Yet Top of the Class

In November 2020, KPMG released the B.C Tech Report Card 2020. The Report Card outlined the current state of the British Columbia technology sector.

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Dec 2, 2020
Featured Insight

The Intersection between Drop-Shipping and Patent Infringement

The drop-shipping business model is picking up steam in the online world. But is it immune from the reaches of patent law? Find out in this bulletin.

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Nov 4, 2020
Featured Insight

Mandatory Indoor Face Coverings: What Ontario Employers Need to Know

Mandatory Indoor Face Coverings: What Ontario Employers Need to Know

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Oct 6, 2020
Featured Insight

COVID-19 Realities Push Ontario Government to Launch Public Consultation to Improve the Province’s Privacy Laws

The Ontario government launched public consultations to guide their modernization of private-sector privacy laws within the province.

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Aug 19, 2020
Featured Insight

Bill 64: Modernizing Québec’s Privacy Regime

Bill 64: Modernizing Québec's Privacy Regime

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Jul 23, 2020
Featured Insight

Federal Court Defends CASL, Says Prohibition on Spam is Constitutional

he FCA ruled that CASL's provisions relating to the regulation of commercial electronic messages are constitutional, despite challenge from CompuFinder

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Jul 1, 2020
Featured Insight

Material Adverse Effect Clauses in a COVID-19 World

Review and analysis of recent developments where parties try to rely on MAE clauses as a mechanism to avoid closing a transaction.

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Jun 23, 2020
Featured Insight

Making B.C. an Emerging Economy Leader

Review of the BC Emerging Economy Task Force Report and how BC companies can position themselves to take advantage of the emerging economy of the future.

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Jun 23, 2020
Featured Insight

COVID-19: Alberta Government Announces List of Essential Services

Alberta's Government has published lists of essential services and non-essential places of business not permitted to
offer or provide services to the public.

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Mar 29, 2020
Featured Insight

How Should AI be Regulated in Canada? Speak now, or forever hold your peace!

Many organizations recognize the potential benefits that artificial intelligence can bring to their business. Canadian regulations coming sooner than later.

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Feb 24, 2020
Featured Insight

Contact Information Posted on Websites Not Necessarily Up for Grabs

Investigation findings of the Office of the Privacy Commissioner highlight issues surrounding the use of personal contact information posted on websites

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Dec 19, 2019
Featured Insight

Ontario Court Suggests Terminated Salespeople are Fish Out of Water

Recent Ontario decision calls into question prior holdings about the transferability of salespersons' skills.

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Dec 16, 2019
Featured Insight

Amendments to the CCAA, BIA and CBCA Now in Force

Authors discuss changes in 2019 to Canadian corporate and restructuring statutes and their possible implications for insolvency practice in Canada

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Nov 19, 2019
Featured Insight

Top of the Class: New Cybersecurity Program to Certify Privacy-Minded Businesses

The federal government has launched a new cybersecurity certification program aimed at helping small and medium-sized businesses protect against cyber threats.

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Aug 14, 2019
Featured Insight

TOP TWELVE THINGS TO KNOW – New Canadian Trademarks Act June 17, 2019

On June 17, 2019 major changes to Canada’s Trademarks Act will come into force.

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Jun 4, 2019
Featured Insight

Proposed Digital Charter Could Bring Sweeping Changes to Canadian Privacy Laws

On May 21, 2019, the Canadian federal government released a proposed Digital Charter

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May 23, 2019
Featured Insight

Protecting Your Trademarks in the World of Online Retail Platforms

In the digital age, many vendors have expanded beyond brick and mortar shops and now sell their goods and services online.

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Apr 13, 2019
Featured Insight

CSA Reinforces Position that Securities Laws Apply to Cryptocurrency Offerings, Confirms Regulatory Scrutiny for Industry Participants

Jun 11, 2018, CSA published Staff Notice 46-308 – Securities Law Implications for Offerings of Tokens providing regulatory guidance on token and coin offerings.

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Jul 19, 2018
Featured Insight

Significant Changes for Businesses Making Taxable Supplies into Québec

A proposal to amend the QST Act in the 2018 Québec budget will impose QST registration and collection agent compliance obligations on out-of-province businesses

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Jul 10, 2018
Featured Insight

Seller Beware: The Dangers of Sales Language

Winning a bid dangerous when materials use exaggerated hyperbolic language and contain injudicious claims to performance suitability reliability and functionality of goods or services offered

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Jan 19, 2018
Featured Insight

OSC Grants Exemptive Relief to Token Funder Inc.

OSC Grants Exemptive Relief to Token Funder Inc.

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Nov 1, 2017
Featured Insight

CSA Provides Guidance to Registrants on Cyber Security and Social Media

CSA Provides Guidance to Registrants on Cyber Security and Social Media

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Nov 1, 2017
Featured Insight

Divergent Regulatory Approaches to Cryptocurrency Offerings: Developments in Canada, the United States, and China

Divergent Regulatory Approaches to Cryptocurrency Offerings: Developments in Canada, the United States, and China

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Oct 9, 2017
Featured Insight

BCSC Improves Crowdfunding Rules

BCSC Improves Crowdfunding Rules

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Oct 3, 2017
Featured Insight

McMillan Advises on First Initial Coin Offering Granted Exemptive Relief by Canadian Securities Regulators

McMillan Advises on First Initial Coin Offering Granted Exemptive Relief by Canadian Securities Regulators

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Sep 4, 2017
Featured Insight

CASL Private Right of Action Delayed; Enforcement by CRTC Continues

CASL Private Right of Action Delayed; Enforcement by CRTC Continues

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Jun 7, 2017
Featured Insight

Are You Ready for CASL’s Private Right of Action?

Are You Ready for CASL's Private Right of Action?

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Jan 30, 2017
Featured Insight

Fintech at the Crossroads: Regulating the Revolution

Fintech at the Crossroads: Regulating the Revolution

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Oct 30, 2016

FinTech Forum: Innovation, Regulation or Both

At the FinTech Forum, experts from across the financial services spectrum will come together to analyze key challenges and opportunities to develop a roadmap forward.

Featured Insight

CSA Publish Update on Cybersecurity for Market Participants

CSA Publish Update on Cybersecurity for Market Participants

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Oct 6, 2016
Featured Insight

Tips for Startups – Understanding the Stages of Equity Financing

Tips for Startups – Understanding the Stages of Equity Financing

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Jul 11, 2016
Featured Insight

Tips for Startups – Understanding Debt vs. Equity Investments

Tips for Startups - Understanding Debt vs. Equity Investments

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Jul 5, 2016
Featured Insight

CRTC Imposes $1.1 Million Penalty for Alleged CASL Violation

CRTC Imposes $1.1 Million Penalty for Alleged CASL Violation

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Mar 7, 2015