Wednesday, July 24, 2024

Kazakhstan has launched the Bitfinex security token platform.

Bitcoin mining and trading activities have gone down in Kazakhstan but that has not stopped launching of new crypto projects. A token tied to BTC mining has debuted on the STO (security token) platform of Bitfinex, a major global crypto exchange platform.

The company’s blockchain-based platform for investment, Bitfinex Securities started operating on Tuesday, according to an announcement made by its company representative. The STO platform will work under the regulations of national financial hub of Kazakhstan – Astana Financial Center. This special Kazakhstan economic zone has its own court setup, according to Paolo Ardoino, the CTO of Bitfinex Securities. Citizens and residents of the United States, Canada and some other countries cannot use this platform.

Non-US investors meeting the investor criteria of this platform can access Blockstream Mining Note security token that started trading on Bitfinex Securities. Investors can invest in the stocks of BTC mining or mine BTC with BMN’s hash rate. The token issued on bitcoin’s Liquid sidechain will trade against the US dollar and BTC, allowing accredited investors exposure to BTC mining.

Accredited investors have been demanding opportunities in bitcoin mining. Now the enterprise level facilities of BMN will give them access to those opportunities, according to Ardoino. He said the company will work with the local regulators and raise capital through this STO platform.

BTC mining industry that made Kazakhstan the top country in this field has been fading due to proposed hikes in energy prices and government’s directives to terminate several mining operations. The industry has also been affected by the government’s decision to introduce many new taxes on cryptocurrency mining.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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