Alberta’s government has welcomed the launch of Balance Trust Company, a newly registered digital asset custodian that aims to strengthen investor protection in the growing cryptocurrency sector. Registered on October 17 as an Alberta-based trust corporation, Balance Trust becomes only the second such entity in the province, following Tetra Trust’s certification in 2021.
This move is part of Alberta’s larger push to support innovation within financial technology. Finance Minister Nate Horner, who also serves as the president of the Treasury Board, highlighted the significance of the registration, emphasizing Alberta’s commitment to both economic growth and investor security. “Our commitment to the sector’s growth keeps us at the forefront of financial innovation, boosts our economy, and provides greater security for investors,” said Horner in a press release.
The statement also noted that Balance Trust Company utilized the province’s financial services concierge, a service created to assist fintech companies with navigating regulatory requirements. By fostering a supportive regulatory environment, Alberta aims to attract more digital asset custodians, ensuring that Canadian investors have local options for secure digital asset management.
With Canada’s digital asset market rapidly expanding, Alberta’s registration of local custodians reduces Canadian investors’ dependency on foreign services. “The presence of more licensed custodians reduces Canadian investors’ reliance on foreign entities, enhancing compliance and control over their investments,” the release stated, reflecting the province’s stance on financial autonomy in the digital asset realm.
Balance Trust Company is a subsidiary of Balance, Canada’s oldest and largest digital asset custodian. George Bordianu, president and CEO of Balance, underscored the importance of retaining investor assets within Canada. He revealed that, due to the limited availability of local custodians, public fund managers and restricted dealers have previously directed more than $5 billion in investor assets to custodians outside Canada. “It’s time to bring them back, and I can’t think of a better home for those assets than Alberta,” Bordianu affirmed.
This development is seen as a pivotal step in Alberta’s fintech landscape, positioning the province as a trusted hub for digital asset management. The registration of Balance Trust Company reflects the government’s dedication to fostering a secure and innovation-friendly environment for digital finance in Canada.
