One of the seven countries in this region of Asia has announced impressive achievements, joined global teams, and provided key crypto assets in a regulated way.
Nearby countries are behind in terms of adoption, but they are taking a step in the right direction.
Regional First
At Kazakhstan and Central Asia news outlets, Fonte Capital, an investment manager based in the country’s capital, Astana, has announced the launch of the Fonte Bitcoin Exchange Traded Fund oeic (BETF), which trades with Astana International Exchange (AIX).
The fund is priced in US dollars, supported by Bitcoin, and regulated institutions and investors, ensuring access to major cryptocurrencies.
The fund’s custodian will be Bitgo Trust, an American company that manages capital up to $250 million. Bitcoin is located in a cold wallet and placed in a safe safe. These are safety precautions to prevent hacking attempts and risks from counterparties, AIX commented on the press release.
It is designed to keep low prices and minimize the risk of price discrepancies compared to Bitcoin prices. Local or international investors can purchase shares in BETF funds through AIX without having to manage their private keys or interact with cryptocurrency exchanges.
The fund is under the jurisdiction of the Astana International Financial Centre (AIFC) and provides the legal framework for digital assets in the Central Asia region.
The world’s largest landlocked country is now joining the US, Canada, Hong Kong and other parties, endorsing and operating BTC Exchange Sales Funds (ETFs), cementing its position as a pioneer in the Web3 Finance region.
The establishment of the Kazakhstan fund comes when Bitcoin ETFs have a great interest from institutions, governments and everyday investors. At the time of writing, these financial instruments have a market capitalization of over $160 billion, and have lived in about a year and a half.
Emerging markets
Though not as impressive as the development of Kazakhstan, several other countries in the region are exploring cryptocurrencies and their use cases.
Uzbekistan, for example, jumped a total of 54 spots, ranked 33rd in last year’s Global Crypto Adoption Report from Chainalysis. Furthermore, crypto mining and trading have been legalized, and is tax-free due to laws since 2018.
In particular, in Kyrgyzstan, Bitcoin is treated as a product through the trading and mining permitted under regulations.
Binance Free $600 (For cryptopotato only): Use this link to register a new account and receive an exclusive $600 welcome offer with Binance (detail).
Exclusive offer for Bybit’s Cryptopotato Leader: Use this link to sign up and open a free $500 position on your coin!
