A few months ago, the crypto industry was shaken up by the news of the mass exodus of miners from China. At the end of May 2021, it became known that the Chinese authorities were going to ban Bitcoin (BTC) mining, bringing the already existing regulatory pressure on miners to a breaking point. The list of banned operations includes purchasing cryptocurrencies, as well as any related investment activities, crypto trading and exchange. The People’s Bank of China had held substantive consultations with banks and payment systems and then the largest Chinese financial institutions were told to stop speculative trading — …

Virgin Islands-based cryptocurrency exchange Bitfinex is moving into the security token offering (STO) industry by launching a new STO platform regulated in Kazakhstan. Bitfinex Securities, Bitfinex’s blockchain-based investment product provider, has launched its investment exchange regulated in Kazakhstan’s national financial hub, the Astana International Financial Center (AIFC), the firm officially announced on Monday. The new STO platform will operate under the AIFC Fintech Lab, a regulatory sandbox established in the AIFC by the Astana Financial Services Authority to support development in the financial industry. Bitfinex Securities chief technology officer Paolo Ardoino told Cointelegraph that Bitfinex Securities is operating from a …

Crypto mining firm BIT Mining, which recently announced it would be expanding out of the Chinese market, plans to purchase 2,500 Bitcoin miners for deployment in Kazakhstan. In a Wednesday announcement, BIT Mining said it had entered a $6.6 million agreement to buy 2,500 Bitcoin (BTC) mining rigs. The firm has already put 3,819 BTC miners into operation at data centers in Kazakhstan, with another 4,033 machines on the way. Once all are deployed, the addition of the recent mining purchase is expected to increase BIT Mining’s hash rate capacity to roughly 458 petahashes per second. Though based in the …

The government of Kazakhstan is reportedly planning to officially authorize local banking institutions to open bank accounts for cryptocurrency transactions. Several banks in Kazakhstan will soon be officially approved to service companies and businesses providing exposure to cryptocurrencies like Bitcoin (BTC), local news channel Khabar 24 reported Sunday. Citing executives from the Data Center Industry and Blockchain Association of Kazakhstan, the report notes that it is unclear what financial institutions or banks would participate in the pilot project. Cryptocurrency exchanges will be able to cooperate with banks by signing up for the project at Astana International Financial Centre, a major …

Shenzhen-based crypto mining firm, Bit Mining, is raising $50 million to fund an expansion out of the Chinese market. Announced on July 12, the firm has entered into an agreement with select institutional and accredited investors to raise $50 million through a private placement. Bit Mining is raising the funds in response to the Chinese Communist Party’s crackdown on crypto mining in May, noting plans to “acquire additional mining machines, build new data centers,” and expand its infrastructure overseas. US$50 Million Private Placement! Ready for greater expansion! — BIT Mining Limited (@BITMining_BTCM) July 13, 2021 Bit Mining is owned by …

As Kazakhstan becomes increasingly popular for cryptocurrency mining, the country’s president has signed a new law introducing an extra levy for crypto miners. President of the Republic of Kazakhstan Kassym-Jomart Tokayev recently signed last a new law that imposes an additional tax fee for energy utilized by crypto miners operating in the country. The new fees will take effect starting in January 2022. According to local news agency Kursiv, the new law introduces an additional fee of 1 Kazakhstan tenge ($0.00233) per kilowatt-hour used by cryptocurrency miners. The additional tax levy is part of a series of legislative amendments to …

Major Chinese cryptocurrency miner provider Canaan has posted an update on its crypto mining business in Kazakhstan amid an ongoing crackdown on Bitcoin (BTC) mining in China. Canaan announced Monday that the company has rolled out its own crypto mining business in Kazakhstan using its latest Avalon Miner units. The firm’s move to Kazakhstan comes as part of the company’s broader strategic plans in the country. Canaan previously opened its first overseas service center in Kazakhstan earlier this month to provide local customers with after-sales services like machine testing, warranty services, maintenance and technical consultations. Canaan chairman and CEO Nangeng …

Edward Evenson, head of business development at Slush Pool owner Braiins, reported that a large number of Chinese Bitcoin (BTC) mining machines equivalent to Quebec’s entire output will be moving to North America and Europe. For those interested in the #Bitcoin mining news coming out of China I’ve had 300-400MW of mining machines contact me to help them distribute their machines across NA and some parts of EU. Some have also begun shipping machines to Kazakhstan. — Edward Evenson (@WillHash4Coins) May 27, 2021 In a Twitter thread on Friday, Evenson revealed that some Chinese BTC miners also have their eyes …

Kazakhstan’s government is forming a roadmap to stimulate the development of the cryptocurrency industry and blockchain technology in the country. State authorities have reviewed proposals to address the crypto industry’s development and reconsider the state’s approach to regulating crypto operations, according to a Tuesday announcement on the website of the prime minister of Kazakhstan. Officials have proposed to run crypto exchanges via a major national financial hub, the Astana International Financial Centre. The government also suggested establishing standards, by which crypto exchanges can interact with local banks and clients. The new initiative aims to provide transparency and organization for the …

Kazakhstan’s central bank is planning to examine the potential benefits and risks of adopting a state-backed digital currency. The National Bank of Kazakhstan, or NBRK, published Wednesday a report on a digital tenge pilot project and opened a public consultation on the potential central bank digital currency. According to the report, the digital tenge would be a new form of money issued by the NBRK to enable the “further development of the national payment system and reduce reliance on cash settlement using unique technical features.” The bank emphasized that the CBDC is not intended to replace either cash or cashless …

Member states of the Eurasian Economic Union, or EAEU, have been struggling to come up with a shared stance regarding cryptocurrency regulations, according to an official. Iya Malkina, assistant chairman of the Eurasian Economic Commission Board, stated that EAEU member states did not support a recent initiative for a uniform cryptocurrency regulatory framework within the union. In a press briefing Wednesday, Malkina explained that the Eurasian Economic Commission received several proposals to synchronize regulations in the industry of blockchain and crypto. The EEC also recommended developing a basic uniform regulatory framework within the EAEU with a single glossary and principles. …

The COVID-19 pandemic has served both as an x-ray onto existing vulnerabilities in the global financial system, and as an accelerator for destabilizing tendencies, including higher sovereign and consumer debt in emerging markets. At an online meeting of the Central Bank Governors' Club, hosted this week by Bank of Russia Governor Elvira Nabiullina, representatives were unanimous in their expectations of the far-reaching consequences of the current crisis. At the meeting, the 26 central bank representatives that convened from Central Asia, the Black Sea region, the Balkan countries and beyond, also noted the pandemic-induced expansion of e-commerce, as well as digital …