The Brazilian Securities and Exchange Commission approves Solana ETF, but still awaits approval from

Brazil approves Solana ETF

According to Cointelegraph, the Brazilian Securities and Exchange Commission (CVM) has approved the launch of the Solana ETF, which will be offered by Brazilian asset management company QR Asset and managed by Vortx, a local fintech company specializing in capital markets.

According to CVM's database, the ETF is currently in the pre operational stage, but due to regulatory reasons, it still needs approval from the Brazilian Stock Exchange B3 before it can be officially listed for trading. Although the specific launch date of the fund has not been determined, it is expected to be launched within 90 days.

In addition, this Solana based ETF will use the CME CF Solana Index as the reference exchange rate. This index is developed in collaboration with the Chicago Mercantile Exchange (CME) and Crypto Facilities (CF), aiming to provide standardized and accurate quotes for Solana prices based on trading data from major cryptocurrency exchanges.

Solana spot ETF in the United States is far away

Shortly after the succes**ul launch of Bitcoin and Ethereum spot ETFs in the United States, Solana ETF began to become the next focus of attention for ETF issuers and investors. Among them, investment management company VanEck was the first company to apply for Solana spot ETF in the United States.

However, due to the current regulatory policies of the US Securities and Exchange Commission (SEC), Solana ETF may find it difficult to obtain approval in the short term. VanEck CEO Jan van Eck pointed out that the approval of Solana spot ETF will depend on changes in the US political government, especially the election of a president who is more cryptocurrency friendly, in order to have a chance of approval.