British Virgin Islands-based major global cryptocurrency exchange Bitfinex officially started Bitfinex Securities, its blockchain-based investment platform in Kazakhstan from March 2, 2022 and opened the first day of trading, as reported to Cointelegraph. The crypto exchange is pacing forward with its security token platform (STO) in the country. The plan to launch the Securities token platform in Kazakhstan was announced for the first time on September 7, 2021. The new STO platform is administered and regulated within Astana International Financial Center (AIFC), Kazakhstan’s national financial hub.
The announcement further gave the following details about the new services :
The announcement further gave the following details about the new services :
- Bitfinex Securities will work from a special economic zone in Kazakhstan, which has an independent court system, according to Bitfinex Securities Chief technology officer Paolo Ardoino.
- The new services will however not be available to citizens or residents of countries like Canada and the United States.
- The announcement explains that Bitfinex Securities is debuting trading with the Blockstream Mining Note (BMN), a security token offering qualified non-US investors an option to mine Bitcoin or invest in BTC mining stocks using the associated hash rate of BMN.
- The token is issued on the Liquid sidechain of Bitcoin and will be trading against BTC and the US dollar, allowing accredited investors to obtain exposure to Bitcoin mining.
- In September 2021, during the announcement of launching Securities token services, Bitfinex had detailed the following functions of the new services :
- Bitfinex Securities will be available 24/7, providing investors with more ways to diversify their portfolios by raising capital for issuers seeking to trade their tokenized securities publicly.
- This meaningful step for the industry will widen access to a variety of innovative financial products, including notably blockchain-based equities and bonds, along with investment funds.
Ardoino had commented in September on the launching of the new service “Kazakhstan is an emerging hub in Asia well placed geographically to service our Asian and European markets and it’s poised to play an important role in this emerging alternative financial system.”
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