Astana International Exchange (AIX) officially listed the first-ever spot Bitcoin ETF in Kazakhstan and the entire Central Asian region.
Operating under the Astana International Financial Centre (AIFC), AIX announced the listing of the Fonte Bitcoin Exchange Traded Fund (BETF), the first spot Bitcoin ETF in Kazakhstan and Central Asia, managed by Fonte Capital Ltd.
Birzhan Astayev, Chief of Markets and Products at AIX, noted that the launch of BETF represents an important strategic milestone for the development of digital finance in Kazakhstan. He expressed confidence that the investment product will open new opportunities for the national capital market and further integrate digital assets into mainstream investments. Yerzhan Mussin, CEO of Fonte Capital, highlighted the ability to invest in BTC without the complexities of custody and asset transfer.
BETF is fully backed by BTC held with BitGo Trust, a U.S.-regulated custodian and subsidiary of BitGo. This collaboration also marks the first instance of providing institutional-level digital asset custody services for investors in Central Asia. BitGo Trust also services spot Bitcoin ETFs from ARK Invest and 21Shares in the U.S., enhancing investor confidence in the custodian among Asian clients.
BETF’s listing provides Kazakhstani and international investors with a regulated instrument to access BTC price movements without directly owning the asset. BitGo’s involvement further strengthens trust and technical reliability of the fund.
However, in terms of infrastructure, it’s important to note that while BitGo is a key player in custody services for ETF products, ensuring asset security, its participation raises questions about infrastructure concentration. On one hand, the custodian’s reputation instills investor confidence; on the other hand, it highlights the risk of dependency on a global provider. An ideal model for the Asian market would be the development of local custodians meeting international standards, which would enhance market sovereignty and resilience.
AIX also plans to implement blockchain technologies in Kazakhstan’s stock market. Meanwhile, national authorities are introducing comprehensive legislation aimed at creating a full-fledged digital asset ecosystem, strengthening control over crypto circulation, investing in digital assets, and launching a state-backed crypto reserve based on confiscated digital assets.
