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

CRYPTOCURRENCY AND BLOCKCHAIN

At McMillan, our cryptocurrency and blockchain practice encompasses a comprehensive understanding of the existing compliance requirements for cryptocurrency, digital assets and blockchain-based businesses. We use an integrative, pragmatic, and proactive approach when providing counsel in this ever-changing regulatory landscape through our participation in, and support of, regulatory hackathons, FinTech, as well as technology associations in Canada’s major business centers.

Given its multifaceted nature, a cryptocurrency or blockchain-based business requires a well-rounded approach to fulfilling business, legal and regulatory compliance goals. As such, our team includes specialists in a wide variety of fields such as tax, capital markets/securities, mergers and acquisitions, technology, privacy and cybersecurity, intellectual property, consumer protection, anti-money laundering and litigation.

Our lawyers also advise issuers and dealers with respect to initial coin or token offerings (ICOs and ITOs); CSA Sandbox Applications; advise blockchain-based platforms which are designed to issue cryptocurrency by participating members; advise cryptocurrency exchanges on terms of service, privacy policy, and securities compliance; and 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.

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 (40 Posts)

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
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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
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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
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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
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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
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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
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2020 Fintech Year in Review: Canadian Regulatory Developments

2020 Fintech Year in Review: Canadian Regulatory Developments

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Feb 10, 2021
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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

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Oct 6, 2016
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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
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Tips for Startups – Understanding Debt vs. Equity Investments

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Jul 5, 2016
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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