VANCOUVER , April 27, 2020 /CNW/ - Cascadia Blockchain Group Corp. ("Cascadia" or the "Company") (CK.CN) is pleased to provide an update on its application for a full FinTech License to operate a cryptocurrency exchange and provide custodian services in Kazakhstan .
In July 2019 , the Company's wholly owned subsidiary, Eurasia Blockchain Fintech Group Limited ("EBFG"), received a conditional FinTech License from Astana Financial Services Authority ("AFSA") to operate a cryptocurrency exchange and provide custodian services in Kazakhstan . Certain licence conditions need to be fulfilled before and while providing services to customers in the course of carrying out activities permitted by the FinTech License. EBFG has finalized and adopted through its board of directors all necessary policies and procedures such as Know Your Customer ("KYC"), Anti-Money Laundering ("AML"), and Combating the Financing of Terrorism ("CFT") to comply with the regulations this month. EBFG's Chief Executive Officer, Chief Financial Officer, and Compliance Officer have all completed their background check and received status of Approved Individual by AFSA.
Currently, EBFG is working on a technical launch for summer of 2020, in particular conducting system tests to ensure the smooth running of the cryptocurrency exchange named Eurasia Blockchain eXchange ("EBX"). In order to go live, EBX also needs to obtain permission to conduct IT activities from AFSA. EBX will provide cryptocurrency exchange services to its customers right after the technical launch.
Yerbol Akhmetbekov, the regional Chief Executive Officer of EBFG, stated that, "we have made significant progress this month as we have completed most of the key developments of the trading platform and all the compliance documentation has been submitted to AFSA. We will start the system testing next month and we believe EBX will be ready to go live in summer this year. We are also aiming to exit FinTech regulatory sandbox regime by obtaining a full license this year."
Cascadia is an early stage fintech and blockchain technology company listed on the Canadian Securities Exchange (CK.CN).
Astana Financial Services Authority is an independent regulator of financial services and related activities in the Astana International Financial Center ("AIFC"). AIFC is the financial center of Central Asia , the Caucasus, EAEU, the Middle East , Western China and Europe . AIFC operates under English law and aims to develop financial markets. AIFC has a separate economic system with an independent judicial system based on common laws. It has relaxed foreign exchange control and capital environment. Companies incorporated under the jurisdiction of AIFC are entitled to 50 years of exemption from corporate, personal income, land and property taxes.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Cascadia Blockchain Group Corp.
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