In August, Brazil’s Securities and alternate commission (CVM) has permitted the second one Solana ETF, which strengthens the placement of Brazil as the us of a with a hastily developing criminal framework for making an investment in cryptocurrencies.
The newly accredited fund is the “Hashdex Nasdaq Solana Index Fund,” launched via Hashdex, a outstanding crypto asset supervisor, in partnership with BTG Pactual, a Brazilian funding financial institution. The fund is still in its pre-operational stage.
This approval comes at the heels of the listing of Brazil’s first Solana ETF through QR Asset management on August eight. Theodoro Fleury, CIO of QR Asset, stated that the approval was a superb step for Brazil to grow to be a leader in the regulated crypto market.
B3, Brazil’s stock exchange, has been worried inside the crypto market already, offering ETFs and ETF receipts connected to cryptocurrencies. In January this year, B3 released the iShares Bitcoin believe ETF (IBIT) from BlackRock and commenced providing Bitcoin futures in April to fulfill the growing demand for crypto derivatives.
At the same time as Brazil is progressing in the crypto ETF market, the U.S. Has troubles. Even as spot Bitcoin and Ether ETFs were these days authorised, the efforts to launch a Solana-based totally spot ETF were halted.
VanEck and 21Shares submitted an application for a Solana ETF in June as a way to alternate at the Cboe BZX exchange. But, the filings have on the grounds that been eliminated from the exchange’s website and this has raised a number of questions in their whereabouts.
Brazil’s second ETF released with the aid of Solana is a clean indication that the country is liberal in terms of regulating cryptocurrencies. This step indicates that Brazil is extreme approximately becoming the sector’s chief in the volume of transactions with cryptocurrencies for the acquisition of regulated securities.
