Solana ETF Approval Boosts Brazil’s Crypto Investment Hub Status
The post Solana ETF Approval Boosts Brazil’s Crypto Investment Hub Status appeared on BitcoinEthereumNews.com.
On August 7, Brazil’s Securities and Exchange Commission (CVM) approved the country’s first Solana ETF. This ETF, one of the first in the world, is still awaiting the final nod from B3. This move helps Brazil advance its position as a hub for crypto investments in the international market. Brazil’s Solana ETF Tracks CME CF Rate The Solana-based ETF tracks the CME CF Solana Dollar Reference Rate. Developed by CF Benchmarks in partnership with the CME, this ETF reflects Brazil’s leading financial market. The CVM noted that Brazil had already launched investment funds in Bitcoin and Ether in 2021, which opened the door for more crypto investment. MartyParty, a crypto analyst, stated that the ETF has begun raising funds and establishing contracts and will likely launch within the next 90 days. This development shows Brazil is more aggressive than the U.S. SEC regarding Solana ETF approval. QR Asset and Vortix are instrumental in forming and administrating the ETF. The QR Asset’s Chief Investment Officer, Theodoro Flerry, affirmed the company’s plans to provide various services in the digital asset market. This initiative proves that Brazil is at the forefront of regulated crypto investments. This is seen in the previous Ethereum and Bitcoin ETFs listings on B3 between 2021 and 2022. BlackRock’s iShares Bitcoin Trust ETF (IBIT) was launched in March 2024. These steps strengthen Brazil’s leadership in the crypto investment market. U.S. SEC Faces Crypto ETF Challenges 21Shares and VanEck have pending requests to the U.S. SEC for Solana ETFs. According to JPMorgan’s analyst Nikolaos Panigirtzoglou, approval from the U.S. SEC would not be possible unless policymakers consider cryptocurrencies non-securities. Given the uncertainty of Ethereum’s classification, this further complicates the process of approving crypto ETFs in the US. Maarten de Jong, the founder and managing partner at EskensCrypto, estimated that the…
Filed under: News - @ August 8, 2024 9:24 pm