Bitfinex Securities launched trading in Kazakhstan

The company operates from a special economic zone in the country

02.03.2022 - 13:05

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1 min

What’s new? Bitfinex Securities, Bitfinex’s blockchain-based investment platform, has started operating in Kazakhstan. Announced in September 2021, the new security token platform (STO) is regulated within Kazakhstan’s national financial hub, known as the Astana International Financial Center (AIFC).

Information on the Cointelegraph website

What does the company’s representative say? According to Paolo Ardoino, chief technology officer of Bitfinex Securities, the company operates from a special economic zone in Kazakhstan. The platform starts with security token trading, Blockstream Mining Note (BMN). Ardoino said that the company continues to work closely with the local regulators as well as companies looking to raise capital on the STO platform. He added:

“This underlines a pent-up demand among accredited investors for the opportunity to obtain exposure to Bitcoin mining, made available by BMN’s enterprise-grade facilities.”

What is the situation with cryptocurrency mining in the country? The bitcoin mining industry in Kazakhstan is fading as the local government suspends mining and proposes electricity price increases and new taxes. As of August 2021, Kazakhstan was one of the largest BTC mining regions. It accounted for more than 18% of the world’s BTC hashrate, second only to the United States, according to the Cambridge Bitcoin Electricity Consumption Index.

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