Kazakhstan Debuts First Spot Bitcoin ETF

On August 13, the first spot exchange in Central Asia debuted in Kazakhstan. bitcoin ETF. About the listing of the Fonte exchange-traded fund Bitcoin (BETF) announced the Astana International Exchange, a stock exchange operating within the Astana International Financial Centre (hereinafter referred to as the Centre).

BETF, managed by Fonte Capital, a company registered in the Centre, offers investors, including retail ones, the opportunity to indirectly invest in BTC through the Astana International Exchange.

BETF is reportedly physically backed by bitcoins held in custody by BitGo Trust, a US subsidiary of BitGo, which is known for providing BTC custody services to major US issuers. bitcoin ETFIncluding ARK Invest and 21Shares.

Kazakhstan is entering a new era of digital assets, BitGo said.

The US firm also added that it would provide asset storage services in a «secure, US-regulated vault.»

Experts say BitGo’s involvement instantly boosts confidence in Bitcoin- a fund that made its debut in Kazakhstan.

Ideally, countries should strive to create local depositories that meet the same security standards. In this way, you are not just importing financial infrastructure, but also developing it at home, providing the market with sovereignty and sustainability, — believes digital identity innovator and co-founder of human.tech by Holonym Shady El Damati.

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