- Bitfinex’s new security token platform will let users invest in blockchain-based stocks, bonds, and mutual funds
- Bitfinex Securities’ chief technical officer Paolo Ardoino told that the exchange is based in Kazakhstan’s special economic zone, which has its own legal framework
- On Monday, Bitfinex Securities released public landing pages and began KYC verification, with the goal of completing Know Your Customer identification in the next four weeks
Bitfinex’s new security token platform will let users invest in blockchain-based stocks, bonds, and mutual funds. Bitfinex, a Hong Kong-based cryptocurrency exchange, has launched a new security token offering (STO) platform that is regulated in Kazakhstan. Bitfinex Securities, Bitfinex’s blockchain-based investment product provider, said on Monday that the Astana International Financial Center (AIFC), Kazakhstan’s main financial hub, has opened its investment exchange. The AIFC Fintech Lab, a regulatory sandbox established in the AIFC by the Astana Financial Services Authority to assist financial sector growth, will host the new STO platform.
Bitfinex Securities’ chief technical officer Paolo Ardoino said that the exchange is based in Kazakhstan’s special economic zone, which has its own legal framework. The AIFC’s financial structure is built on the best practices of mature financial centers including the United Kingdom, Singapore, Abu Dhabi, and Dubai. Kazakhstan is a developing Asian center that is well-positioned geographically to serve our Asian and European customers, and it is set to play a key role in the alternative financial system.
Bitfinex Securities will be available 24 hours a day, seven days a week, giving investors new options to diversify their portfolios while also generating cash for issuers looking to openly trade their tokenized securities. Bitfinex stated in the release that this significant move for the sector will provide access to a number of new financial instruments, including notably blockchain-based stocks and bonds, as well as investment funds.
On Monday, Bitfinex Securities released public landing pages and began KYC verification, with the goal of completing Know Your Customer identification in the next four weeks. On Liquid Securities, a platform developed on top of the Bitcoin (BTC) sidechain Liquid Network, the exchange intends to begin trading with Exordium (EXO), a security token representing ownership and profit-sharing rights. Bitfinex Securities, according to a legal declaration, has a long list of territories and individuals that are barred from trading on the platform.
Individuals in the United States, nationals or residents of Canada, Switzerland, the British Virgin Islands, Venezuela, Austria, and Italy are among those who are prohibited. Any jurisdiction subject to a comprehensive embargo imposed by Kazakhstan, the United States, the British Virgin Islands, or the United Nations, including Iran, Cuba, the Crimea area, and others, is included in the list of prohibited jurisdictions.
Kazakhstan has lately attracted the interest of the global cryptocurrency community, as some of the world’s top crypto mining businesses have partnered with local organizations to operate mining facilities and services in Kazakhstan. Crypto mining behemoths like Canaan moved operations and started new firms in Kazakhstan in June, despite a crypto mining ban in China.
Kazakhstan’s government was working on a roadmap to promote the growth of the local crypto sector earlier this year, with the goal of improving the country’s crypto legislation and bolstering the country’s position in the global crypto market.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.