Kazakhstan’s Fonte Capital Introduces Central Asia’s First Spot Bitcoin ETF
Main Idea
Kazakhstan’s Fonte Capital has launched Central Asia’s first spot Bitcoin ETF, BETF, which will trade on the Astana International Exchange, offering regulated, physically backed bitcoin access to investors.
Key Points
1. The BETF fund, custodied by BitGo, provides physically backed bitcoin and is insured up to $250 million, using offline cold storage and secure vaults.
2. The ETF starts trading on August 13 on the Astana International Exchange (AIX) and is priced in dollars.
3. The fund is regulated by the Astana International Financial Centre (AIFC), which has introduced a legal framework for crypto products in its jurisdiction.
4. BETF allows in-kind settlements and aims to keep fees low, aligning Kazakhstan with other jurisdictions like the U.S., Canada, and Hong Kong that have approved spot bitcoin ETFs.
5. Fonte Capital, registered with AIFC in 2022, manages the ETF, offering investors a straightforward way to gain bitcoin exposure without managing private keys.
Description
Kazakhstan, one of the world’s largest bitcoin mining countries, has become the location of central Asia's first spot bitcoin (BTC) exchange-traded fund (ETF). Astana-based Fonte Capital said the Fonte Bitcoin Exchange Traded Fund OEIC (BETF) will start trading Aug. 13 on the Astana International Exchange (AIX). The ETF will be priced in dollars. Kazakhstan shot up the bitcoin mining rankings after China banned the industry in 2021, pushing operations abroad. Kazakhstan benefited from its abunda...
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