Canada    FinTech Guide    Chapter 11    Canada

11. Identification
Canada  Canada

Canada is open to the provision of these types of services.

In March 2016 the Canadian Federal government published a Guideline on Identity Assurance to support its Standard on Identity and Credential Assurance. This Guideline sets out guidelines to enable digital delivery/identification. This shows a recognition by the Canadian government that digital identification is something that needs to be adopted.

Legal Affairs

There are no special requirements (including licenses) required to offer these services.

Economic Conditions

We do not have information as to the total size of the Canadian identification services industry.

In 2017, Toronto based SecureKey Technologies announced that it was working on a digital identity network powered by IBM’s blockchain technology. Many of Canada’s large banks (including RBC, TD, Soctiabank, CIBC, BMO and Desjardins) have joined SecureKey’s digital identity ecosystem and have collectively invested nearly $30 million in the Company. SecureKey counts both the Canadian and US governments among its customers.

Contributing Authors

Miller Thomson LLP

Nora F. Osbaldeston
Toronto, Canada

Shibley Righton LLP

William L Northcote
Toronto, Canada

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1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018