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Alberta bill proposes regulatory ‘sandbox’ to help financial-tech companies grow

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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.

“In turn, it will further help diversify our economy and add to our growing reputation as a hub for world-class financial services.” 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 government would be free to change the rules to adjust to changing circumstances during testing.“ is carefully designed to ensure any companies participating in the sandbox operate in a safe and sound manner,” said Toews.

The province expects interest in a range of technologies, including blockchains, which are decentralized online record- keeping and authentication programs for cryptocurrency transactions.

 

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The Alberta government can not be relied upon to help anyone but their supporters.

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Alberta bill proposes regulatory ‘sandbox’ to help financial tech companies grow | Globalnews.caThe proposed regulatory 'sandbox' would allow companies to temporarily break or ignore some financial rules and regulations under close government supervision to test new programs.
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