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Bitfinex launches a platform in Kazakhstan


Bitfinex launches a platform in Kazakhstan. The Hong Kong-based Bitfinex cryptocurrency exchange has launched the Bitfinex Securities platform for trading blockchain-based tokenized stocks and bonds. Moreover, Kazakhstan’s national financial hub in Nur-Sultan, the Astana International Financial Center (AIFC) is regulating it.

Thus, companies will be able to place tokenized securities on Bitfinex Securities, and users will be able to invest and trade them. In other words, the platform’s purpose is for companies that want to go public by issuing tokens.

Representatives of Bitfinex Securities told that the platform has a limited license of the AIFC. Before obtaining a full license, the exchange will limit the amount of attracted capital to $15 million, and the number of participants to 1000.

Paolo Ardoino’s explanation

Paolo Ardoino, CTO at Bitfinex Securities, who holds a similar position at Tether, explained the choice of jurisdiction by the fact that Astana is becoming one of the financial capitals of Asia and has a “thorough” regulatory process. According to him, the new platform intends to be the world’s “most liquid exchange of its kind”. “Bitfinex Securities provides a regulated platform serving small and medium-cap companies. That are currently underserved by existing, inefficient capital markets,” he continued. He also added that the platform had been seeking a license from the AIFC for a year and a half.

At the same time, according to a legal statement, Bitfinex Securities will be unavailable to residents of the United States. As well, Canada, Switzerland, Venezuela, Austria and Italy. To trade on the platform, users need to pass KYC procedures.

Recall that a special legal regime is in effect on the territory of the center. Which allows launching cryptocurrency-related initiatives in Kazakhstan. The local “Association of Blockchain and Data Center Industry” stressed that the legislation allows residents of the AIFC to provide services not only to residents of the country.

Earlier, Kazakhstan tightened the tax burden on mining farms. We also note that later in July, the authorities of the country of Kazakhstan are going to issue permits to several banks to open accounts for transactions with cryptocurrencies.

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