Brazil’s Securities and Exchange Commission (CVM) approved the second Solana ETF, which strengthens the position of Brazil as the country with a rapidly developing legal framework for investing in cryptocurrencies.
The newly approved fund is the “Hashdex Nasdaq Solana Index Fund,” launched by Hashdex, a prominent crypto asset manager, in partnership with BTG Pactual, a Brazilian investment bank. The fund is still in its pre-operational stage.
This approval comes on the heels of the listing of Brazil’s first Solana ETF by QR Asset Management on August 8. Theodoro Fleury, CIO of QR Asset, said that the approval was a great step for Brazil to become a leader in the regulated crypto market.
B3, Brazil’s stock exchange, has been involved in the crypto market already, providing ETFs and ETF receipts connected to cryptocurrencies. In January this year, B3 launched the iShares Bitcoin Trust ETF (IBIT) from BlackRock and started offering Bitcoin futures in April to meet the increasing demand for crypto derivatives.
While Brazil is progressing in the crypto ETF market, the U.S. has issues. While spot Bitcoin and Ether ETFs have been recently approved, the efforts to launch a Solana-based spot ETF have been halted.
VanEck and 21Shares submitted an application for a Solana ETF in June with the intention to trade on the Cboe BZX Exchange. However, the filings have since been removed from the exchange’s website and this has raised a lot of questions about their whereabouts.
Brazil’s second ETF launched by Solana is a clear indication that the country is liberal when it comes to regulating cryptocurrencies. This step shows that Brazil is serious about becoming the world’s leader in the volume of transactions with cryptocurrencies for the purchase of regulated securities.
Also Read: VanEck’s Solana ETF Plans Stay on Track Despite Cboe Filing Removal
