Mongolia’s Cryptocurrency Exchange AIS-X (operated by the National Investment Exchange LLC) announced that it will start functioning in March 2019.
Three financial institutions have entered into partnerships with AIS-X. The 1st financial is the National Investment Bank of Mongolia (“NI BANK”). Through the partnership with NI BANK, AIS-X’s clients will be able to make deposits and withdrawals in legal tender from all around the world, and the option of managing fixed-term deposits with high interest (e.g. USD, EUR, MNT, CNY, JPY) will be provided. Also, by making it possible to issue NI BANK debit cards, AIS-X will strive to further enhance customer convenience when making withdrawals.
The 2nd financial institution is National Securities which holds a full license enabling it to be the lead manager for an IPO. Through the partnership with National Securities, AIS-X’s clients will be able to buy and sell securities around the world. Looking ahead, there are plans for a securities trading service where AIS-X exchange tokens are used directly.
The 3rd financial institution is Express Finance Service (EFS), which is an institution that conducts loan operations. Through the partnership with EFS, AIS-X’s clients will be able to receive loans in cryptocurrency and legal tender, using cryptocurrency as collateral. By making use of such loans, clients will no longer need to sell the cryptocurrency in their possession in situations where funds are required, releasing them from the tax risk involved at the time of selling.