The process typically runs 60 to 90 days from start to finish; however, specific timelines can vary depending on the jurisdiction and individual project requirements.
Step-by-Step Listing Process
1. Initial Consultation & Introduction (Approx. 1 Week)
Description: Contact us. Introductory call to understand the issuance. Our team will provide an overview of tokenized securities and how Bitfinex Securities can facilitate your issuance. We'll also discuss potential jurisdictions (El Salvador or AIFC) based on your requirements.
Issuer Action: Prepare to discuss your issuance in detail and ask any questions you may have.
2. Application Submission
Description: Once a jurisdiction is determined, you will complete and submit the relevant Listing Application form. This form captures essential information about your company and the proposed security.
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Issuer Action:
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Complete the:
Bitfinex Securities El Salvador Listing Application(for El Salvador)
Bitfinex Securities AIFC Listing Application (for AIFC)
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Review our:
AIFC and/or El Salvador Business Rules
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3. Onboarding & Account Creation (Approx. 1-2 Weeks)
Description: This step involves document collection, counterparty, and/or user onboarding.
Issuer Action:
Create a Bitfinex account and complete securities verification:
Create a fully verified Bitfinex account and complete securities verification.
A document checklist for corporate account creation is available here.
4. Offering Documents Preparation (Variable, typically 3-6 Weeks)
Description: This stage involves preparing the necessary legal and informational documents for your security offering. The specific requirements vary by jurisdiction:
El Salvador: You will need to prepare a Relevant Information Document (RID) and a Certifier Report. The RID requires specific items outlined by the regulator.
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Resources:
Certifiers are independent, third parties, licensed under CNAD to review the financial, legal, technical, and administrative details of each issuance as described in the Relevant Information Document. CNAD maintains a list of approved certifiers. We can offer introductions to certifiers that we have worked with in the past.
Example RID: RID Example,
Example Offering Document: Bitfinex Securities Admission to Trading | Offering Overview
CNAD (regulator) guidance on RID content: CNAD Template
AIFC: Standard offering documents are typically accepted for professional-only offerings. Full prospectuses are required for retail offerings.
Refer to: AIFC Business Rules
Example Prospectus Summary - 1.4.-prospectus-summary
Example Securities Note & Registration Document - 1.5. The Registration Document and the Securities Note
Issuer Action: Work with your legal counsel to draft and finalize your offering documents in accordance with the chosen jurisdiction's requirements.
5. Listing Committee Review, Legal Agreements & Feedback (Approx. 2-3 Weeks)
Description: Once all required materials (application, onboarding complete, offering documents) & agreements ( (1) listing agreement with Bitfinex Securities and (2) sale agreement with investors) are submitted & signed respectively, the Bitfinex Securities listing committee will review the offering and provide any necessary feedback or requests for additional information. Listing Committee review can also run in parallel with document collection, onboarding, and the drafting of agreements.
Issuer Action: Respond promptly to any queries or feedback from the Listing Committee.
6. Provisional Acceptance from Listing Committee
Description: Upon successful review and addressing any feedback, the Listing Committee will issue a provisional acceptance of your listing. This signifies that your application has met our internal criteria, pending final regulatory approval.
Issuer Action: Await confirmation from the Listing Committee.
7. Regulatory Submission & Assessment Report (Approx. 3-5 Weeks)
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Description: This step involves submitting your application and offering documents to the relevant financial regulator.
El Salvador: Submission to the Comisión Nacional de Activos Digitales (CNAD).
AIFC: We will prepare an assessment report for submission to the Astana Financial Services Authority (AFSA) alongside your documentation.
Issuer Action: Provide any necessary signatures or authorizations for regulatory submission.
8. Market Communications (Recommended 1 Month, Issuer Decides)
Description: While we recommend a month for effective outreach, the exact duration is decided by the issuer. Our primary concern is ensuring there are sufficient investors for your offering.
Issuer Action: Develop and execute your marketing and investor relations strategy. Bitfinex Securities can offer guidance and support in this area.
9. Listing and/or Capital Raise (Variable, typically 2 Weeks - 1 Month)
Description: The duration of the capital raise can be set for any period, though most previous raises have been between 2 weeks to 1 month.
Issuer Action: Monitor your capital raise and manage investor relations.