Solana

United

Bitcoin ETF

All eyes have focused on the Brazilian Securities and Exchange Commission (CVM) as crypto stakeholders anticipate the green light from the regulatory authority on a significant digital product.<a href="https://exame.com/future-of-money/cvm-aprova-1o-etf-de-solana-no-brasil-e-sai-na-frente-dos-eua/" rel="noopener noreferrer nofollow"> As per a report by Exame</a>, a leading Brazilian journal, the CVM nod will signal approval for the launch of the country’s maiden Solana exchange-traded fund (ETF).
<h2 id="b-qr-asset-management-leads-the-charge-b">QR Asset Management Leads the Charge</h2>
The application for the Solana ETF filed by QR Asset Management is managed by Vortx, a crucial figure in Brazil’s finance and technology sector. QR Asset, a major player in the ecosystem has well over R$876 million in assets under management and more than 100,000 clients – comprising both direct and indirect.
The ETF will serve to expose<a href="https://thecoinrise.com/toncoin-ton-bleeds-as-crypto-traders-migrate-to-solana-sol-and-rco-finance-rcof/" rel="noopener noreferrer nofollow"> Brazilian investors with exposure to Solana</a>. According to Theodoro Fleury, Chief Investment Officer of QR Asset, the launch of the Solana ETF confirms its commitment to providing diversity to the country’s 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,” Fleury stated.
<h2 id="b-solana-etf-to-debut-on-brazil-s-major-exchange-b">Solana ETF to Debut on Brazil’s Major Exchange</h2>
Although the specific date of debut remains unknown, the fund will trade on Brazil’s major stock exchange, B3. Notably, B3 handles the trading of iShares Bitcoin Trust BDR (IBIT39), BlackRock’s first Brazilian Bitcoin ETF which debuted in March of this year.
As per available information, the investment product’s pricing will use the CME CF Solana Dollar Reference index. This collates different transaction data from major crypto exchanges to provide a reliable valuation of SOL.
<h2 id="b-is-brazil-taking-a-regulatory-leap-ahead-of-the-u-s-b">Is Brazil Taking a Regulatory Leap Ahead of the U.S.?</h2>
An approval by the<a href="https://thecoinrise.com/brazils-largest-bank-opens-bitcoin-trading-for-all-users/" rel="noopener noreferrer nofollow"> Brazilian Securities and Exchange Commission will position the South American nation as a trailblazer</a> in the regulated crypto investment ecosystem. Analysts say it would put Brazil ahead of the United States which has only granted regulatory approval for Bitcoin ETF and Ethereum ETF.
Although a couple of asset managers such as VanEck and 21Shares have indicated interest by filing applications with the U.S. Securities and Exchange Commission,<a href="https://thecoinrise.com/sec-keeps-solana-security-status-unclear-heres-what-experts-say/" rel="noopener noreferrer nofollow"> the SEC’s position on Solana remains vague</a>. A notable lawsuit between Binance and SEC offers a glimmer of hope for Solana that it would not be classified as a security.&nbsp; However, the ruling requires further explanations.
The post <a href="https://thecoinrise.com/brazil-to-launch-first-solana-etf-outpacing-the-united-states/" rel="noopener noreferrer nofollow">Brazil to Launch First Solana ETF, Outpacing the United States</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Brazil to Launch First Solana ETF, Outpacing the United States

Table of Contents

TheCoinrise Media

Other articles published on Aug 8, 2024

Trump’s Bitcoin Plan for US Debt

Nasdaq and NYSE Proposes ETH ETF Options : SEC’s Green Signal is awaited

Coinbase Premium for BTC Is Back, Data Says

Toncoin (TON) Price Surges After Binance Announces Token Listing

Surviving the Storm: Top Altcoins That May Resurrect Post-Market Crash

SEC Moves to Amend Complaint Against Binance, Binance.US, and Zhao: Solana (SOL) May Be Impacted

Join our free newsletter for daily crypto updates!