Crypto-exchange Bitfinex to launch operations in Kazakhstan

Kazakhstan was barely known to the cryptocurrency community, until a few month ago. It has now become a sought after destination for cryptocurrency mining. Kazakhstan was among the regions that made the most  of the shutting down of cryptocurrency mining activities in China. Post this exodus, it now ranks #3 in global cryptocurrency production.

Latest development

Hong Kong-based cryptocurrency exchange Bitfinex, as per its official press release

, is launching a new STO (Security Token Offering) platform in Kazakhstan. As per the official statement, Bitfinex’s blockchain-based investment product provider, Bitfinex Securities,

“…has launched its regulated investment exchange in the AIFC (Bitfinex Securities), aiming at increasing accessibility to a large set of financial products for members who wish to diversify their portfolio.”

 

See more

Bitfinex Securities Ltd. has launched its regulated investment exchange in the AIFC. Bitfinex Securities aims to increase accessibility to a large set of financial products for eligible members who wish to diversify their portfolio.

Find more details⬇️ https://t.co/G4Or9xiJHd

— Bitfinex (@bitfinex) September 6, 2021

Bitfinex Securities platform will operate out of Kazakhstan’s national financial hub, the Astana International Financial Center (AIFC). It will allow small and medium-sized companies to list their tokenized equities, bonds, or funds and raise capital. In turn, its customers will be able to invest in and trade tokenized securities.

Meanwhile, Bitfinex Securities Chief Technology Officer, Paolo Ardoino opined on the importance of this region. He stated,

“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.”

Exploring Kazakhstan further 

Kazakhstan, has been taking significant steps to widen the scope of the cryptocurrency sector in the country. Post the China ban, some of the world’s largest crypto mining companies have been setting up mining operations in the coutry. For instance, major Chinese cryptocurrency miner provider Canaan recently announced

its relocation to Kazakhstan.

Meanwhile, the local government also welcomed such developments. As part of this efforts toward the same, it released a roadmap to stimulate the development of the cryptocurrency industry and blockchain technology in the region.