Brazil’s Securities and Exchange Commission （CVM） approves the country’s first Solana ETF, marking a significant development in crypto investments.
Points
- Brazil’s CVM approves Solana ETF, awaiting final approval from Brazil’s B3 exchange.
- QR Asset and Vortx will manage the ETF.
- Solana ETF is among the first globally, with similar products launched in Switzerland.
The Brazilian Securities and Exchange Commission （CVM） has approved a Solana ETF （exchange-traded fund）, the first investment product of its kind in the country. This significant development underscores Brazil’s proactive approach to embracing innovative financial instruments.
Following the disclosure in the CVM’s central database on August 7, the product is still in its pre-operational phase, awaiting final approval from Brazil’s main stock exchange, B3.
Local Asset Manager: QR Asset will offer the ETF, while Brazilian fintech Vortx will serve as the product’s manager.
SOL Barely Reacts to Brazil’s Solana ETF Approval
The approval of the Solana ETF in Brazil is a notable step, yet SOL’s price showed little reaction. Local asset manager QR Asset will offer the ETF, while Brazilian fintech Vortx will manage it. This new fund is among the first launched globally, with Swiss investment product provider 21Shares launching the first Solana ETF on the SIX Swiss Exchange in June 2021.
US SEC Has Until March 2025 to Deny or Approve SOL ETFs
In the US market, VanEck and 21Shares submitted applications to launch their Solana-based ETFs in June. At the start of July, the Chicago Board Options Exchange （CBOE） submitted two 19b-4 filings for the two asset managers to the US Securities and Exchange Commission （SEC）.
With still a few months before the SEC has to reveal its decision, Bitwise’s chief compliance officer Katherine Dowling stated in a July 9 interview with Bloomberg that the SEC has been open to discussions regarding ETFs for cryptos other than Bitcoin and Ethereum.
Conclusion
Brazil’s approval of the first Solana ETF marks a significant milestone in the country’s financial landscape. As it awaits final approval from Brazil’s B3 exchange, the ETF’s introduction is expected to boost Solana’s visibility and accessibility among investors. The
move also highlights Brazil’s growing role in the regulated crypto investment market.
解説
- Exchange-Traded Fund （ETF）: A type of investment fund and exchange-traded product, meaning they are traded on stock exchanges.
- Brazilian Securities and Exchange Commission （CVM）: The government body responsible for regulating the securities market in Brazil.
- B3 （Brasil Bolsa Balcão）: The main stock exchange in Brazil.