October 1, 2022

Alberta Intends To Become The New Hub For Cryptocurrency Entrepreneurs

The maverick industry of cryptocurrency has now found its bearing in all of the Canadian provinces. Alberta is one of these provinces that has now set its sight on cryptocurrency. 

The province which prides itself in its entrepreneurial history of oil and gas has now touted its ambition to become a North American hub for a lot of companies trading in Bitcoin and offering other services related to cryptocurrency. 

In a speech given by the head of the province, the UCP government has now declared its – now obvious intentions – to address legislation aimed at promoting innovation in the financial service sector. They intend to achieve this by allowing companies to test new products and services. 

The throne speech which was made last month through which the intent of the government was communicated, also contained more interesting points. The province head spoke extensively on future legislation that will strengthen Alberta’s reputation “modern electricity powerhouse and a center for investment in emerging technology such as Cryptocurrency and – more extensively – data storage.”

Does Alberta Already Have An Established Cryptocurrency Industry?

Although the details of the forthcoming legislation are yet to be revealed, a lot of cryptocurrency-related companies have already begun to show strong interest in the province in the last couple of months. This was revealed by the minister of Jobs, Doug Schweitzer. 

The minister went on to state that the crypto industry is still very much in its infancy. “However, I think that there is an opportunity for the province – Alberta – to play a leadership role in Canada by creating a home for these crypto venture companies.” Said Doug.

A lot of Bitcoin miners find the province of Alberta as an attractive destination to excel at crypto mining. Consequently, cryptocurrency miners have also set up a number of operations at various locations throughout the province.

Alberta’s deregulated electricity system and abundant supply of natural gas have made it a magnet for Bitcoin and general crypto miners. This is due to the ease of powering their supercomputers for mining at a relatively low cost.

Apart from the mining attraction, Alberta is fast becoming home to a wide range of other cryptocurrency-related firms. From those involved with the storage of digital assets to manufacturers of cryptocurrency equipment like immersion cooler containers. 

Currently, a company in Alberta has made it its mandate to make sure that there are over 200 Bitcoin ATMs in Canada. This is a good development for Alberta as it looks to expand its hold on the crypto industry.

Against The Norm?

Brian Mosoff, the CEO of Toronto-based Ether Capital – which launched the very first Bitcoin ETF last year alongside Purpose Investments – has stated in an interview the intensity of challenges faced by a lot of cryptocurrency companies in terms of regulations. Mosoff went on to express his concerns about Canada not knowing how exactly to categorize digital assets in the country. 

Mosoff went on to say that the cryptocurrency industry is already a multi-trillion industry and as such jurisdictions that are able to be innovative and create a regulatory framework that doesn’t push away crypto businesses, will stand to benefit a lot.

Conclusively, it is quite possible for Alberta to achieve its dream of becoming one of the most industrial crypto hubs. The framework needed is already in place and all they need is a proper regulatory framework.

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