Bitfinex, a major cryptocurrency exchange worldwide, is now moving ahead with its security token platform in Kazakhstan (STO), and opening the first day for trading.
Bitfinex Securities, Bitfinex’s blockchain-based investment platform is now officially open, according to Cointelegraph representatives.
The new STO platform was announced in September 2021. It is managed by Kazakhstan’s Astana International Financial Center, (AIFC). According to Paolo Ardoino, chief technology officer at Bitfinex Securities, Bitfinex Securities operates specifically from a special economic area in Kazakhstan that has its own court system. The platform is not accessible to residents or citizens of other countries, such as Canada and the United States.
The announcement by Bitfinex Securities states that trading will begin with the Blockstream Mining Note, a security token that allows qualified non-U.S. investors to mine Bitcoin and invest in BTC mining stocks through the associated hash rate. The token will trade against BTC or the U.S. Dollar, making it accessible to accredited investors who want to mine Bitcoin.
Ardoino stated that this demonstrates a high demand from accredited investors to have exposure to Bitcoin mining. BMN’s enterprise grade facilities make it possible. He said that the company is still working closely with local regulators and companies looking to raise capital via the STO platform.
Related: Kazakhstan to lose Bitcoin leadership in the next index update
Cointelegraph reported that the Bitcoin mining industry in Kazakhstan has been slowly dying recently. The local government had stopped multiple mining operations, and proposed energy price increases as well as new crypto mining tax.
According to the Cambridge Bitcoin Electricity Consumption Index, Kazakhstan was the second largest BTC mining country in terms of distribution. It had 18% of the global BTC haveh rate.
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