Kazakhstan has become the first country in Central Asia to launch a spot bitcoin exchange-traded fund (ETF), strengthening its position as a regional crypto leader. Astana-based Fonte Capital announced that the Fonte Bitcoin Exchange Traded Fund OEIC (BETF) began trading on August 13 on the Astana International Exchange (AIX), priced in U.S. dollars. Unlike exchange-traded notes, BETF directly holds bitcoin, with custody provided by U.S.-regulated BitGo, which insures up to $250 million and stores assets in offline cold storage vaults.

The fund is regulated by the Astana International Financial Centre (AIFC), which offers legal protections against sanctions-related freezes and supports licensed digital asset operations. Kazakhstan rose to global prominence in bitcoin mining after China’s 2021 ban, attracting investors with cheap, coal-powered energy and favorable regulations. BETF aims to offer low costs, in-kind settlements, and minimal tracking error versus bitcoin’s price.

With this move, Kazakhstan joins countries like the U.S., Canada, and Hong Kong in approving spot bitcoin ETFs, giving both local and foreign investors an easy, regulated way to add bitcoin to their portfolios without directly handling crypto assets.