Bitfinex Debuts its security token platform in Kazakhstan while the bitcoin mining processes in the region are dying down, as we can see further in today’s latest cryptocurrency news.
The major global crypto exchange Bitfinex debuts its STO platform in Kazakhstan and opened its first day of trading. The Bitfinex Securities investment platform is starting on Tuesday and the company representatives also announced the great news. Announced back in 2021, the new STO platform falls under the regulation in Kazakhstan and its national financial hub known as the Astana International Financial Center. The Bitfienx Securities will operate from a special economic zone in Kazakhstan that has an independent court system according to the Bitfinex Securities chief technology officer Paolo Ardoino however the platform won’t be available for Canadian and American users.
According to the announcement, Bitfinex Securities will debut trading with Blockchstream Mining Note which is a security token offering that is qualified for non-US investors as an option to mine BTC and also invest in mining stocks using the hash rate of BMN. The token is issued on the Liquid sidechain of BTC and will be trading against BTC and the US dollar which will enable accredited investors to obtain BTC exposure especially when it comes to mining. Ardoino also said that the company will work closely will local regulators and other companies that want to raise capital on the STO platform:
“This underlines a pent-up demand among accredited investors for the opportunity to obtain exposure to Bitcoin mining, made available by BMN’s enterprise-grade facilities.”
The Bitcoin mining industry has been fading away in Kazakhstan as the government terminated multiple mining operations and proposed energy prices hikes and new crypto mining taxes. The country Is also among the world’s biggest BTC mining countries in terms of hash rate distribution with over 18% of the global BTC hash rate, following the US according to the Cambridge Bitcoin Electricity Consumption index.
As recently reported, Kazakhstan is one of the world’s top BTC mining locations but now, the country could lose its BTC hash rate leadership with the next hash rate distribution update according to industry experts. According to Cambridge Bitcoin Electricity Consumption Index, Kazakhstan is home to over 18% of the world’s BTC hash rate following only the United States. The country’s BTC mining power increase was mainly driven by the huge Chinese miners’ exodus that was triggered by the Chinese crypto sector crackdown. Before falling to zero, China’s BTC hash rate power accounted for 75% back in 2019.
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