Cryptocurrency exchanges are exploring new markets. Bitfinex, a Hong Kong-based cryptocurrency exchange has launched a new STO platform in Kazakhstan. The company has already secured the necessary permissions to operate its STO platform.
The Asian crypto investment and trading platform, Bitfinex had been strategically planning to expand in new markets. The new investment exchange platform in Kazakhstan will be operating from the country’s national financial hub, the Astana International Financial Center (AIFC).
AIFC Fintech Lab will be monitoring and regulating the operations of Bitfinex’s new investment platform. The regulatory body was established by Astana Financial Services Authority with the sole purpose of monitoring and regulating crypto investment services in the country.
In an interview with Coin Telegraph, Bitfinex Securities chief technology officer Paolo Arduino said: “The financial framework of the AIFC is based upon the best standards from developed financial centres 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.”
“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 in the announcement.
Bitfinex has already started moving forward with establishing KYC procedures for potential customers. Initially, the exchange will start by offering a trade of “Exordium (EXO), a security token representing equity and profit-sharing rights on Liquid Securities, a platform built on top of Bitcoin (BTC) sidechain Liquid Network,” reports Coin Telegraph.
The new STO platform will accept investment from investors from various countries across the globe. However, people from many countries are also prohibited from participating in Bitfinex STO. The new development is a part of the Kazakhstan government’s policy to welcome blockchain startups and crypto exchanges.