Brazil’s Securities and Exchange Commission has approved the launch of the world’s first spot exchange-traded fund (ETF) based on Solana (SOL).
Trading of the spot Solana-ETF in Brazil will begin almost immediately. For now, the financial instrument awaits final approval from the main Brazilian exchange, B3.
Brazil Wants to Become a Crypto Market Leader
The application for launching the spot SOL-ETF was submitted by the Brazilian company QR Asset. Another company, Vortx, will be engaged in operations on the instrument.
The Solana ETF will replicate all dollar-denominated price movements of SOL based on the CME CF Solana Index.
QR Asset Chief Investment Officer Teodoro Fleury was enthusiastic about the launch of the Solana ETF in Brazil:
Brazil has shown an increasing interest in innovative financial products in recent years. B3 has played a key role in embracing crypto trends. The exchange listed several Bitcoin (BTC) and Ethereum (ETH) ETFs three years ago. In March of this year, it began offering BlackRock’s iShares Bitcoin Trust ETF (IBIT).
The news of the launch of the world’s first spot SOL-ETF in Brazil did not have a significant impact on the price of Solana. According to CoinGeckoat the time of writing, the asset is trading at $154.85, having risen in price by only 1.8% over the past 24 hours.
In the United States, meanwhile, there has been no progress in approving spot SOL ETFs. In June, two investment giants, VanEck and 21Shares, filed applications with the U.S. Securities and Exchange Commission (SEC) to launch a similar instrument. In addition, in July, the Chicago Board Options Exchange (CBOE) filed a Form 19b-4s with the SEC for a Solana ETF.
Overall, the outlook for regulation of altcoins like SOL is improving in the US. The SEC recently amended its lawsuit against Binance to delist Solana from the securities list.
Many industry experts are optimistic about these changes, which they say could make it much easier to approve Solana-based ETFs in the future.
Stay up to date! Subscribe to World Stock Market on Telegram.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
