First in the World, Brazil Gives Solana ETF Trading Green Light

Todaysgist.com, Jakarta Solana (SOL) is gaining popularity as one of the cryptocurrencies that is making inroads into the traditional investment market.

Quoting News.bitcoin.com, Sunday (11/8/2024) Brazil’s securities regulator (CVM), which is equivalent to the US Securities and Exchange Commission (SEC) has reportedly approved the launch of Solana’s spot exchange-traded fund (ETF) on the country’s market.

The product will be the first Solana spot ETF approved in the world, highlighting the Brazilian regulator’s pioneering and open attitude towards cryptocurrency products.

The product is an offering by QR, which has offered other cryptocurrency-based products such as QBTC11, one of the first bitcoin ETFs approved in 2021, and will be managed by Vortx.

The spot ETF will have the CME CF Solana Dollar Reference Rate as its price reference, which was developed by the Chicago Mercantile Exchange (CME) and Crypto Facilities (CF) to obtain accurate Solana price quotes based on prices from various centralized exchanges.

While there has been no official announcement regarding the launch date of the Solana Spot ETF, it is reported that the ETF will be listed within the next 90 days in Brazil.

While Brazilian regulators have shown openness to these crypto products, US regulators are still concerned.

The concerns come despite the approval of several Ethereum spot ETF products prompting consideration of an imminent launch of a Solana equivalent, with analysts divided on the likelihood of this happening.

Bloomberg’s Senior Crypto ETF Analyst Eric Balchunas has stressed that this would be a decision with a large political element, noting that if former President and Republican candidate Donald Trump wins the election, the chances of this happening would be higher.

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