Brazil’s Securities and Exchange Commission has approved its first Solana-based Exchange-Traded Fund.
Brazil’s approval on 7 August puts it ahead of many other countries. This includes the United States where the Solana ETF approval process is still in the early stages and has uncertain futures.
Brazil’s Solana ETF Gets Preliminary approval
Exame, an independent local newspaper, reports that the recently approved Solana ETF currently is in its preparatory phase and needs to receive the greenlight from B3, the Brazilian stock exchange before it can be officially launched.
It is not known when the ETF will be approved and enter the Brazilian market.
Theodoro Fleury is the QR Asset Investment Manager. “This ETF reaffirms our commitment to offering quality and diversification to Brazilian investors. We are proud to be global pioneers in this segment, consolidating Brazil’s position as a leading market for regulated investments in crypto assets.”
The CME CF Solana Reference Rate will be used to index this ETF, which was developed in conjunction with CME by CF Benchmarks.
Brazil has made a significant advancement in the crypto-investment landscape. adding Since 2021, the government will add Ether (Ethereum) and Bitcoin to its current funds as well as multi-asset funds which cover a variety of cryptocurrencies.
Solana ETF Speculation
CVM gives the green light amid increasing market anticipation of a potential Solana ETF approvals The United States. In January, the U.S. Securities and Exchange Commission – SEC – approved Bitcoin ETFs and Ether ETFs.
It was a surprise that the latter received approval, since Ether used to be classified as a financial instrument rather than as a commodity. Analysts and investors have been wondering if Solana would also receive ETF approval under this new interpretation.
VanEck, Franklin Templeton and other asset managers have shown interest in Solana ETFs being launched in the U.S. Cboe officially launched its ETFs in July. requested The SEC will allow VanEck to launch an ETF based on Solana.
Even with these efforts, approval is still uncertain. JPMorgan suggests that the SEC’s current classification The likelihood that Solana or other crypto-currencies will be approved as securities in the future is reduced.
A recent GSR Markets study suggests that the opposite is true. shows Support from former president Trump and other figures has helped to ease Democratic opposition. This led to bipartisan support for crypto regulation, which is paving the road for Solana ETF approval.
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Source: cryptopotato.com