Calgary, Alberta–(Newsfile Corp. – December 15, 2022) – Brane Inc. (“Brane”), a Canadian fintech company recognized as one of Canada’s leading digital asset technology companies, welcomes the Canadian Securities Administrators’ (CSA) December 12th announcement that CSA’s member regulators will consider enforcement action to bring certain crypto trading platforms into compliance with Canadian securities law.
“In the wake of the FTX collapse, protecting Canadian investors from high-risk crypto platforms has never been more urgent,” said Matt Pierce, interim President of Brane Trust. “With this announcement, regulators have placed a spotlight on the importance of regulated digital asset custody to keep investor assets safe — and that’s exactly the challenge that Brane is built to solve.”
Brane Trust, a wholly owned subsidiary of Brane Inc., is a trust company regulated by the Government of Alberta for the purpose of digital asset custody. Incorporated in September 2021, Brane Trust is progressing toward registration by Alberta’s Ministry of Treasury Board and Finance and status as a qualified custodian under Canadian securities law, which will enable the company to provide industry-leading, regulated custody for crypto asset trading platforms and exchange-traded funds (ETFs) as required by the CSA.
The CSA’s recent announcement pertains to crypto trading platforms (commonly referred to as “exchanges”) that are accessible by Canadians, even if their operations are located outside of Canada. While a growing number of crypto exchanges have engaged with securities regulators to bring their operations into compliance, Canadian investors remain at risk from un- or under-regulated exchanges with questionable asset management and custodial practices.
“Thanks to the work of our securities and financial institution regulators, Canada is a global leader in balancing investor protection with blockchain innovation,” said Pierce. “We look forward to continued collaboration with regulators and industry partners to bring trust, confidence, and stability to Canada’s digital asset sector.”
Founded in 2017, Brane Inc. is a carbon neutral Canadian fintech company dedicated to setting the standard in digital asset custody. Brane Vault, its core digital asset custody technology, is third-party certified to stringent global standards including SOC 2 Type 1, ISO 27001, ISO 27017, and NIST CSF Tier 4, and insured against theft and crime. Brane has been recognized as one of Canada’s Best Workplaces in Financial Services and Start-Ups categories by Great Place to Work®, and one of Canada’s 10 Best and Brightest Companies by Canadian Business magazine.
This press release contains forward-looking information and forward-looking statements (together, “forward-looking statements”) within the meaning of applicable securities legislation, which reflect Brane’s current expectations regarding future events, including statements relating to: the ability of Brane to become carbon neutral, the ability of Brane and other market participants to reduce greenhouse gas emissions. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of words or phrases such as “create”, “continue to”, “expand”, “accelerate”, “enhancing”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” occur. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Brane’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. All forward-looking statements made in this press release are made as of the date hereof and Brane does not undertake any obligation to update such forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.