AIX of Kazakhstan Collaborates with Intebix, Solana Foundation, and Jupiter to Develop Tokenized Securities Model for the Stock Market.
Kazakhstan is pioneering the application of blockchain technology in the stock market through an ambitious initiative aimed at modernizing the national financial system. This move reflects the global trend of integrating digital technology into traditional financial markets.
The Astana International Exchange (AIX), Kazakhstan's primary stock market, recently signed a Memorandum with three strategic partners in the blockchain and digital asset field. This alliance includes Intebix – a regulated crypto exchange, Jupiter – a decentralized exchange, and Solana Foundation.
The primary goal of the cooperation agreement is to develop a dual listing model in initial public offerings. Under this model, securities will be listed simultaneously on the traditional exchange and in the form of tokenized securities on the Solana blockchain. This parallel approach aims to combine the safety of the traditional financial system with the transparency and efficiency of blockchain technology.
Assel Mukazhanova, AIX Chairman, stated that this collaboration will open opportunities to integrate digital assets into Kazakhstan's managed financial infrastructure. She emphasized that this is an important step in modernizing the country's capital market and enhancing international competitiveness.
Within this cooperation, Intebix will play the role of a bridge between AIX and the Web3 sector, leveraging experience in operating a compliant exchange. Solana Foundation and Jupiter will provide technological expertise in tokenization and decentralized trading, ensuring technical solutions meet high security and performance standards.
Careful and Controlled Process
AIX emphasizes that this memorandum does not immediately bind the parties to implement solutions, but serves as an initial step for joint analysis, testing, and evaluating technology application within the current legal framework. This cautious approach reflects an understanding of the legal and technical challenges in integrating blockchain into the managed financial system.
Specific project goals include assessing the legal and technical feasibility of listing securities in tokenized form, enhancing transparency and efficiency for the stock market through blockchain technology, and expanding investment tool accessibility through digital solutions.
Talgat Dossanov, Intebix CEO, assessed this as a strategic move that could reshape Kazakhstan's financial market and the global market. Akshay BD, Solana Foundation's Strategic Marketing Director, said that cooperation with AIX will help build a legal framework supporting a new generation of IPOs, in line with modernization and digital transformation trends in the capital market.
This initiative occurs against the backdrop of Kazakhstan actively promoting digital transformation in the financial sector. Previously, the President of Kazakhstan announced plans to launch a special pilot zone for cryptocurrency application in various economic sectors, demonstrating the government's commitment to exploring blockchain technology's potential.
