Thursday, December 1, 2022
HomeBTCKazakhstan to witness Bitfinex security token platform trading

Kazakhstan to witness Bitfinex security token platform trading

Bitfinex will be launching its security token platform (STO) network with a BTC mining-related token, at the time when bitcoin mining trading is declining in Kazakhstan. Bitfinex, which is a major cryptocurrency exchange worldwide, is beginning trading on its STO network in Kazakhstan. Bitfinex Securities formally launched the STO network on Tuesday, company executives told the source. The new STO platform announced in September 2021 would be governed by Kazakhstan’s main financial hub, the Astana International Financial Center (AIFC). According to Bitfinex Securities chief technical officer Paolo Ardoino, the company works from a special economic zone in Kazakhstan with an autonomous court system. Citizens and residents of Canada and the United States are not permitted to use the platform.

According to the information, Bitfinex Securities will begin trading with the Blockstream Mining Note (BMN), a security token that allows eligible non-US investors to mine Bitcoin or invest in BTC mining equities using the BMN’s related hash rate. The token will be traded against BTC and the US dollar on the Bitcoin Liquid sidechain, allowing accredited investors to get exposure to Bitcoin mining.

The Bitcoin mining business appears to be dying in Kazakhstan, with the local authorities cancelling many mining companies and seeking energy price increases as well as additional crypto mining tariffs.

According to the Cambridge Bitcoin Electricity Consumption Index, Kazakhstan was one of the world’s largest BTC mining countries in terms of hash rate distribution in August 2021, hosting over 18% of the worldwide BTC hash rate, trailing only the United States.

 

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