Alberta government welcomes new digital safeguard for cryptocurrency investors

By MEDICINE HAT NEWS on October 24, 2024.

The province issued its second certificate of registration to a company that offers digital asset custodial services to investors in Alberta that include cryptocurrency and other digital assets.

Balance Trust Company was registered as an Alberta-based trust corporation on Oct. 17, only the second registered digital asset custodian after Tetra Trust, which was registered in 2021.

Finance Minister Nate Horner, who is also president of the Treasury Board, said with its registrations the province strengthens its position in the financial technology sector.

“Our commitment to the sector’s growth keeps us at the forefront of financial innovation, boosts our economy and provides greater security for investors,” states Horner in a press release.

The company leveraged the province financial services concierge, states the release, a service designed to guide financial services and fintech companies throughout the regulatory process.

“With Canada’s digital asset market continuing to grow, the presence of more licensed custodians reduces Canadian investors’ reliance on foreign entities, enhancing compliance and control over their investments,” states the release.

Balance Trust Company is a subsidiary of Balance, the country’s oldest and largest digital asset custodian.

According to president and CEO George Bordianu, public fund managers and restricted dealers have sent more than $5 billion of investor assets south of the border due to the lack of local custodians.

“It’s time to bring them back and I can’t think of a better home for those assets than Alberta,” says Bordianu.