Hong Kong approves its first spot Solana ETF forward of US

Hong Kong authorised its first Solana spot exchange-traded fund (ETF), marking the third crypto spot ETF authorised by town after Bitcoin and Ethereum.

On Wednesday, the Hong Kong Securities and Futures Fee (SFC) granted approval for the China Asset Administration (Hong Kong) Solana ETF, which might be listed on the Hong Kong Inventory Change, in line with a report by the Hong Kong Financial Instances.

The product will embody each RMB counters and USD counters, which means it may be traded and settled in each currencies. Every buying and selling unit will encompass 100 shares, with a minimal funding of about $100. The fund is predicted to debut on Monday.

The ETF’s digital asset buying and selling platform might be operated by OSL Change, whereas OSL Digital Securities will function sub-custodian. ChinaAMC has set a administration payment of 0.99%, with custody and administrative charges capped at 1% of the sub-fund’s internet asset worth, leading to an estimated annual expense ratio of 1.99%.

Associated: Solana founder brews up new perp DEX ‘Percolator’

Hong Kong strengthens lead in crypto ETFs

ChinaAMC (Hong Kong) is already identified for launching Asia’s first Bitcoin (BTC) and Ether (ETH) spot ETFs, each of which had been authorised earlier this yr.

Hong Kong’s approval of spot Solana (SOL) ETFs comes amid comparable strikes by different jurisdictions. Final yr, Brazil grew to become the primary nation to debut buying and selling of its spot Solana ETF on the Brazilian inventory alternate, forward of different world jurisdictions.

In April, spot Solana ETFs additionally launched in Canada. On the time, the Ontario Securities Fee (OSC) greenlighted asset managers Objective, Evolve, CI and 3iQ to subject ETFs holding Solana.

Extra not too long ago, Kazakhstan launched its first spot Bitcoin ETF, the Fonte Bitcoin Change Traded Fund (BETF), on the Astana Worldwide Change, with BitGo serving because the regulated crypto custodian.

The USA stays behind, with no confirmed Solana spot ETF authorised or launched.

Associated: How excessive can SOL value go if a spot Solana ETF is authorised?

Bitwise: Solana might be Wall Road’s go-to community

Bitwise chief funding officer Matt Hougan mentioned Solana is poised to develop into the first blockchain for stablecoins and real-world asset tokenization, calling it “the brand new Wall Road.”

Talking with the Solana Basis’s Akshay BD earlier this month, Hougan mentioned conventional finance gamers see Bitcoin as too summary, however acknowledge the huge potential of stablecoins to remodel funds and tokenization to revolutionize markets for shares, bonds, commodities and actual property.