On October 5, 2023, the Canadian Securities Administrators published guidance on dealing in Stablecoins, including by imposing updated terms and conditions for crypto asset trading platforms that offer Stablecoins, and requiring issuers of certain Stablecoins to provide undertakings in a form substantially acceptable to the regulators by December 1, 2023.
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Usman Sheikh is Chair of the Blockchain, AI & Fintech Practice (Canada). He is a Partner in Baker McKenzie's Toronto office, a member of the Firm's Transactional Practice Group and is also a member of the Litigation and Government Enforcement Practice Group. He leads the Firm's blockchain team (consisting of over 150 lawyers) globally, and co-leads the Firm's artificial intelligence (AI) team in North America. A highly regarded thought leader on emerging technology, Usman is often called upon globally by heads of governments, as well as key regulatory and governmental bodies, to provide insight and strategic input on legal and regulatory developments relating to emerging technologies, including FinTech, blockchain technology / digital assets, artificial intelligence (AI), Web2/Web3, quantum computing and the internet of things (IoT).
Michael serves as the head of the Financial Services Regulatory Practice for Canada and is a Transactional Partner in Baker McKenzie's Toronto office. His practice focuses on financial regulation and compliance for fintechs, financial institutions and market participants and their business in Canada. When not acting for clients, Michael lectures students at the University of Montreal on corporate and securities laws and in preparing for case competitions. He is a co-author of the Annotated Bank Act (2023 edition) and the Jurisclasseur en valeurs mobilieres, a leading publication on securities laws. Michael is a chartered professional accountant and has worked as an inspector with the Autorité des marches financiers (AMF) and an auditor with the Office of the Auditor General of Canada.
Jae is an Associate in the Transactional group at Baker McKenzie's Toronto office. Jae's practice focuses primarily on financial regulation and compliance involving fintechs, financial institutions, and market participants and their business in Canada. Prior to joining the Firm, Jae completed her Ontario Articles of Clerkship at the Toronto office of a large multinational law firm, where she returned as an associate. Jae completed her J.D. at the University of Ottawa, where she received both the William J. Miller Prize and the Annaline Lubbe Prize in competition law. Prior to law school, Jae completed her bachelor of commerce at Queen's University's Smith School of Business.