Brazil’s regulator has admitted the second SOL ETF to trading

The product was created by the investment company Hashdex jointly with the bank BTG Pactual

21.08.2024 - 12:41

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3 min

What’s new? Brazil’s Securities and Exchange Commission (CVM) has admitted the second exchange-traded fund (ETF) based on the native token of the Solana (SOL) blockchain to trading. The new product, which is in the pre-launch phase, will be offered by local company Hashdex with $962 million in assets under management in conjunction with investment bank BTG Pactual.

The regulator’s website

What else is known? Hashdex has previously launched a fund based on the US Nasdaq stock exchange’s crypto index, as well as ETFs based on bitcoin and Ethereum. The new product, like the previous ones, will be available on B3, Latin America’s largest stock exchange.

The first SOL ETF was approved by Brazil’s regulator in early August, is managed by investment firm QR Asset in conjunction with fintech company Vortx, and is backed by the CME CF Solana Dollar Reference Rate index created by CF Benchmarks and backed by the Chicago Mercantile Exchange (CME).

Brazil’s tax authority will ask foreign crypto exchanges for information about clients and operations

The country’s tax on crypto income has been set at 15% since the beginning of the year

As for the United States, on August 20, securities regulator SEC rejected applications to launch spot SOL ETFs from VanEck and 21Shares. Officials expressed concerns that the asset may fall under the definition of a security, and therefore commodity funds cannot be launched based on it.

Bloomberg analyst Eric Balchunas said on this occasion that now the chance of launching such products in the US in 2024 is close to zero. There is an equally slim chance of them being allowed into the market in 2025, assuming Kamala Harris wins the presidential election.

Source: X.com