Home News Bitfinex security token platform goes live in Kazakhstan

Bitfinex security token platform goes live in Kazakhstan

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Bitfinex, a major global cryptocurrency exchange, has launched the first day of trading in Kazakhstan for its security token platform (STO).

On Tuesday, Bitfinex Securities, the company’s blockchain-based investing platform, will go live. Furthermore, the new STO platform, announced in September 2021. And it is under the governance of the Astana International Financial Center, Kazakhstan’s primary financial hub (AIFC). Additionally, according to Bitfinex Securities’ chief technical officer Paolo Ardoino, Bitfinex Securities works from a special economic zone in Kazakhstan with its own court system. Citizens and residents of Canada and the United States are unable to access the platform.

Bitfinex Securities is launching trading with the Blockstream Mining Note (BMN). A security token that allows qualified non-US investors to mine Bitcoin or invest in Bitcoin mining stocks using the BMN hash rate. The token will trade against BTC and the US dollar. And will be issued on the Liquid sidechain of Bitcoin, allowing approved investors to participate in Bitcoin mining.

“This demonstrates a pent-up demand among accredited investors for access to Bitcoin mining, which BMN’s enterprise-grade facilities provide,” Ardoino said. He went on to say that the company is continuing to engage closely with local regulators. As well as companies wanting to raise cash through the STO platform.

As previously reported, Kazakhstan’s Bitcoin mining business appears to be dwindling. With the local authorities shutting down many mining companies. And proposing energy price hikes as well as new crypto mining levies.

According to the Cambridge Bitcoin Electricity Consumption Index, Kazakhstan was one of the world’s largest BTC mining countries in terms of hash rate distribution as of August last year. Hosting over 18% of the worldwide BTC hash rate, second only to the United States.

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