BitFinex, a Hong Kong-based cryptocurrency exchange, is entering the security token offering (STO) industry by launching a new STO platform controlled in Kazakhstan
Hong Kong based cryptocurrency exchange BitFinex is stepping into the security token offering (STO) industry by bringing a new STO platform regulated in Kazakhstan. Bitfinex securities, Bitfinex’s blockchain-based investment product provider introduced its new investment exchange regulated in Kazakhstan’s national financial hub, the Astana international Financial Center (AIFC), the firm said on Monday.
The latest STO platform will operate under the AIFC Fintech Lab, a regulatory sandbox established in the AIFC by the Astana Financial Services Authority to help them create the financial industry. Bitfinex securities chief technology officer Paolo Ardoino said. “The financial framework of the AIFC is based upon the best standards from developed financial centers such as the UK, Singapore, Abu Dhabi and Dubai. 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.”
Bitfinex security is available 24 hours a day with giving investors more methods to diversify their portfolios by increasing capital for issuers trying to trade their tokenized securities publicly. “This meaningful step for the industry will widen access to a variety of innovative financial products, including notably blockchain-based equities and bonds, along with investment funds,” Bitfinex said.
Based on a legal statement presented, Bitfinex securities has a long list of jurisdictions and persons not allowing from trading on the platform. People who are not allowed are individuals from United States, citizens or residents of Canada, Switzerland, the British Virgin Islands, Venezuela, Austria and Italy. Kazakhstan has been receiving a lot of attention from the global cryptocurrency community as world’s largest crypto mining companies have been working with local entities to run mining facilities and services in the country. Kazakhstan’s government was working to help the local crypto industry development to improve country’s crypto regulations and strengthen the country’s position in the global crypto market.