Bitfinex migrates to Central Asia – As the falling price of Bitcoin (BTC) rattles the cryptosphere, Bitfinex is set to launch a new platform. The exchange will set up Bitfinex Securities, a platform specializing in security tokens
Kazakhstan, the new mecca of the cryptosphere?
Kazakhstan has taken significant steps to open up to the crypto ecosystem. As early as 2019, French operators
began to set up shop in the country to take advantage of its low-cost green electricity.
Nevertheless, thecountry’s openly pro-crypto attitude
only dates back to this year. On the one hand, soaring digital asset prices have made the ecosystem more attractive. On the
other hand, China’s regulatory attacks on crypto-currencies and mining have prompted other countries to open up to crypto-currencies, in order to take advantage of China’s downgrade.
Canaan publication – Source: Twitter As a
result, Kazakhstan has published a roadmap to boost the development of the crypto-currency and blockchain industry in the region. And this strategy seems to be paying off, as mining giant Canaan has announced its relocation to Kazakhstan.
According to data published by the Cambridge Centre for Alternative Finance, Kazakhstan has increased its BTC mining capacity by a factor of 6
, over the past 2 years. In fact,
in September 2019, the country accounted for 1.4% of the world’s hashrate, compared to the current 8.2%
Bitfinex moves to Kazakhstan
The Bitfinex exchange is regularly under fire for digital asset disputes. That’s certainly why the giant behind USDT is launching a subsidiary in Kazakhstan.
domiciled in the country. For now, only the Bitfinex Securities platform will be based in Kazakhstan. The rest of the exchange’s activities remain domiciled in Hong Kong.
As a reminder, security tokens
Bitfinex Securities will be regulated by theAstana International Financial Center
(AIFC). In addition, the STO platform will operate under the AIFC Fintech Lab, a regulatory sandbox aimed at supporting the development of the financial industry.
The platform is aimed at two types of clients. It will allow companies to list their stocks, bonds or tokenized funds and raise capital. Subsequently, users will be able to trade these tokenized securities
“Kazakhstan is an emerging hub in Asia, well placed geographically to serve our Asian and European markets and the country is well positioned to play a major role in this emerging alternative financial system. “
Paolo Ardoino, CTO (Chief Technology Officer) of Bitfinex Securities
are becoming more
and more popular, and exchanges have understood this. Indeed, Binance, FTX and now Bitfinex have all launched some kind of security tokens
. However, these assets are highly regulated in many jurisdictions, which can cause regulatory concerns for exchanges.
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