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By rdnewsNOW Staff

SECURING CRYPTOCURRENCY, DIGITAL ASSETS

Alberta registers Balance as official trust corporation

Oct 22, 2024 | 3:54 PM

Alberta investors should now have more options for securing cryptocurrency and other digital assets now that Balance Trust Company has officially been registered as an Alberta-based trust corporation under the Loan and Trust Corporations Act,

The Government of Alberta issued the company’s registration on Oct. 17, enabling it to offer cryptocurrency and other digital asset custodial services to investors in Alberta and other authorized jurisdictions.

“We are proud to support innovative companies like Balance Trust Company. With its registration, Alberta strengthens its position as a leader in the finance and 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,” commented Nate Horner, president of the treasury board and minister of finance.

Government officials note that Balance Trust Company leveraged Alberta’s financial services concierge, a service designed to guide financial services and fintech companies through the province’s regulatory landscape. Alberta’s government says it established the financial services concierge and regulatory sandbox to help companies set up shop in Alberta.

As Canada’s digital asset market continues to grow, the presence of more licensed custodians should reduce Canadian investors’ reliance on foreign entities. Government officials add that Balance Trust Company’s presence in Alberta should promote healthy competition, attract further investment and reinforce the province’s reputation as a hub for financial innovation.

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“Since 2021, public fund managers and restricted dealers have sent more than $5 billion worth of investor assets to the U.S. 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. We’re grateful to Minister Horner and the entire team at the Alberta Treasury Board and Finance for recognizing the criticality of this task and for enabling us to bring this much-needed infrastructure to our local ecosystem,” commented George Bordianu, president and CEO of Balance.

Balance Trust Company is a subsidiary of Balance, Canada’s oldest and largest digital asset custodian. It is Alberta’s second registered digital asset custodian, after Tetra Trust which was registered in 2021.