Findings of the Blockchain and Emerging Financial Technologies: Positioning British Columbia as a Global FinTech Hub.

Policy challenges and roadblocks in being more “business friendly” towards FinTech

“FinTech and Blockchain start-up enterprises (profit and not-for-profit) currently require unusual resilience, grit and persistence in opening up for trade in BC. Several industry executives explained that opening a business banking account for their companies could take almost 18 months to two years while navigating a highly regulated and risk averse financial ecosystem of traditional banking incumbents.”

Without the ability to adequately access commercial financial services and other business services, such as accounting and tax, similar to other industries and therefore conduct business in BC, other positive factors such as a modern regulatory framework, BC will not attract nor retain crypto and blockchain business.

The aim of this roundtable is for dialogue and engagement to identify current roadblocks and opportunities crypto and blockchain business experience to access commercial financial and other business services. Where possible, this roundtable facilitates engagement with the financial services industry to understand how to address their concerns while providing education to key stakeholders to improve access to financial services such as banking and insurance.

Contact us if you want to participate.