Alberta
Alberta bill proposes regulatory ‘sandbox’ to help financial-tech companies grow
By Dean Bennett in Edmonton, Alberta, Canada
Alberta is proposing rules that would make it easier for entrepreneurs to test products in the emerging field of cryptocurrencies and online banking.
Finance Minister Travis Toews says a bill before the legislature calls for setting up what is known as a regulatory “sandbox.”
Companies would be allowed to temporarily break or ignore select financial rules and regulations under close government supervision to test new programs.
Companies would also be able to get access to Albertans’ private information, but only within strict parameters and only with that person’s permission.
Toews says the “sandbox” is being used in the United States, Australia and the United Kingdom to help create tech jobs and to keep those regions on the cutting edge of financial technology.
If the bill passes, companies could look at innovations in everything from cryptocurrencies to financial apps, security protections and real-time, multi-user financial accounting.
The government hopes to begin taking applications on July 1.
“This will be a strong incentive for fintech companies to move to Alberta and create jobs,” Toews said Wednesday before introducing the bill in the legislature.
“In turn, it will further help diversify our economy and add to our growing reputation as a hub for world-class financial services.”
The government says the legislation would make Alberta the first such “sandbox” jurisdiction in Canada.
Companies would have to have some physical presence in the province, such as an office or senior staff.
They would be offered certificates granting them permission to perform tests or functions normally declared out of bounds under the Loan and Trust Corporations Act, the Credit Union Act and other related rules governing finance.
The companies would have their names, details and programs on a public website.
The government would be free to change the rules to adjust to changing circumstances during testing.
Alberta’s information and privacy commissioner would have to sign off on exemptions.
“(The bill) is carefully designed to ensure any companies participating in the sandbox operate in a safe and sound manner,” said Toews.
Breaking the rules could result in fines up to $100,000 for a first offence and up to $200,000 for subsequent violations.
Toews said the province is seeking a higher profile and to gain benefits from the emerging fintech industry.
The province expects interest in a range of technologies, including blockchains, which are decentralized online record- keeping and authentication programs for cryptocurrency transactions.
There are also developments in software allowing apps to talk to each other and security precautions such as fingerprint and facial recognition.
There is emerging work in database accounting programs that can be shared in real time across multiple platforms.
This report by The Canadian Press was first published March 30, 2022.
From the YouTube channel of Alberta Premier Danielle Smith
Members of the media join Premier Danielle Smith for a round table on January 21, 2025.
Yakk Stack By Sheldon Yakiwchuk
Prior to Trumps inauguration event and announcement was made that Trump would not be imposing the 25% tariffs…
Which means, Canada seriously dodged a bullet here.
And while the Liberals will most likely frame this as, their success in showing, Bad Orange Man, that they’re tough and ready to burn down what is left of our economy, throwing Alberta under the bus, first…through a nuclear option…
Premier Smith rode this challenge out like the true champion we knew that she would be.
It’s hard to say if this was a legality matter in the grander scheme…or if the 25% tariffs would have truly been as big of an impact on the US…
One thing is clear, however…
Smith was ready to go to the tables with the Trump administration and opt for diplomacy over threats…which should be what we expect from our leaders.
And should these 25% tariffs have gone through…I’m more than sure a Plan B would have been brought out in civil conversations, over screeching rhetoric.
“She’s treasonous”, they screeched.
“She’s supporting her friends in Oil and Gas”, they relent.
“She should put Canada first”, they echo…
And let’s just address these…
Is Walmart beholden to Campbells soup? Fruit of the Loom? Kraft?
Or does Walmart sell products that helps keep their doors open?
Walmart is not beholden to any product…just like Premier Smith isn’t. We have 26% of our GDP – the largest portion – owed to Alberta O&G, something that we have a limited trade partner with, due to the Liberal – Anti-Alberta/Anti-O&G/Anti-Pipeline attitude that wants to spend us further in debt with unreliable and expensive “Renewables”.
What does Alberta get from renewables?
A higher cost for energy, in an affordability crisis, created by the same people who continue to push them…sounds like a terrible deal, for Albertans, and something a true leader would Not Favor.
When Walmart sits down to hash out a deal with Heinz, are they committing treason because they haven’t shown their allegiance to their own, ‘Great Value’ brand Ketchup?
No…other provinces have their own industries and resources, which they are free to continue developing independent of the federal government, as is suitable and supportive of their own economies…Alberta isn’t competing with them, nor Canada as a whole.
Alberta through industry and resource, actually supports Canada through a grand imbalance on “Equalization Payments”…
As do we through paying 50% more into the Canada Pension Plan, than we actually get out of the Canada Pension Plan…to the tune of a $334 Billion Dollars.
And as for this “Team Canada”, horseshit…
The title Premier of Alberta, should hold some clues as to who Premier Smith should be advocating for…as she is the Premier of Alberta and Not the Prime Minister, nor leader in the Liberal Party that has created this fiasco, to begin with.
Rail, as they may…other provinces can’t cast a vote in her support, either way…
None of the other provinces, through Members of Parliament, nor through Premiers, came to support Alberta and our economy through a number of Federal Bills that railed on our provincial resources…
Worse yet…these hypocrites cash cheques from our province, while telling us how to diversify our economy…to which I’d state one thing unequivocally…
If we wanted to be a Have Not Province…like you are…we’ll come and ask you for your advice.
Until then…
I’ll hold my Alberta Flag Higher than my Canadian…
And be proud today, of having the only Premier in the country of Canada, worthy of any praise today!
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