Kazakhstan Launches Central Asia’s First Spot Bitcoin ETF on Astana International Exchange

Astana-based Fonte Capital has launched Central Asia’s first spot bitcoin exchange-traded fund (ETF), marking a major milestone for the region’s digital asset market. The Fonte Bitcoin Exchange Traded Fund OEIC (BETF) began trading on August 13 on the Astana International Exchange (AIX) and is priced in U.S. dollars.

The physically-backed fund offers regulated exposure to bitcoin and is custodied by U.S.-regulated BitGo, which insures up to $250 million in holdings. The crypto custodian utilizes secure offline cold storage and vault infrastructure to mitigate risks such as hacks and counterparty failures—features designed to attract both institutional and retail investors.

BETF is regulated by the Astana International Financial Centre (AIFC), which has positioned itself as a progressive digital asset hub. The AIFC framework allows for licensed exchanges, custodians, and crypto investment vehicles to operate within its jurisdiction, offering a potential haven from global sanctions and foreign regulatory uncertainty.

Kazakhstan, already a major player in the global bitcoin mining industry—bolstered by a surge in activity following China’s 2021 mining ban—continues to embrace digital assets. With abundant energy resources and crypto-friendly regulations, the country stands out as the most open crypto market in Central Asia. By contrast, neighbors like Uzbekistan and Kyrgyzstan have taken a more cautious stance.

The BETF allows in-kind settlements and is designed with a low total expense ratio and minimized tracking error relative to spot bitcoin prices. This structure ensures a more cost-efficient and transparent product for investors.

Fonte Capital, which registered with the AIFC in 2022 and manages diversified funds, emphasized that BETF will provide investors with a seamless, regulated pathway to add bitcoin exposure to traditional portfolios—without the operational complexities of handling private keys or using unregulated exchanges.

With its debut, Kazakhstan joins the ranks of jurisdictions like the U.S., Canada, and Hong Kong that have approved spot bitcoin ETFs, further integrating the country into the global digital asset ecosystem.