Kazakhstan has witnessed the launch of its first exchange-traded fund tracking the price of Bitcoin, marking an important step for investors in the region.
Launch of Bitcoin ETF in Kazakhstan
The Astana International Exchange (AIX) announced the public listing of the first Bitcoin exchange-traded fund in Central Asia. This fund, launched by Fonte Capital, provides investors with the opportunity to access Bitcoin without the need for direct ownership. Trading of the fund's shares commenced with a Ring the Bell ceremony, and it is designated with the ticker BETF priced in U.S. dollars. BETF offers investors regulated access to Bitcoin, reflecting the cryptocurrency's price dynamics.
Expansion of the Crypto Market in Kazakhstan
Kazakhstan has established itself as a major hub for crypto mining for several years following China's restrictions. The authorities have been implementing measures to regulate the sector, including tax guidelines and licensing for exchanges. According to Yerzhan Musin, CEO of Fonte Capital, the fund will provide investors a secure way to add Bitcoin to their portfolios.
Role of AIFC in Financial Technology Development
The Astana International Financial Center (AIFC) serves as a financial hub for the development and implementation of new technologies in the digital finance sector. The fund is structured as a public fund under AIFC jurisdiction, giving broad opportunities for participation from various classes of investors, including retail.
The launch of the Bitcoin fund underscores Kazakhstan's growing role as a hub for digital assets and represents a significant step in the development of its financial market.
