Hong Kong has formally authorized its first Solana spot exchange-traded fund (ETF), marking the third crypto spot ETF authorized 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 shall be listed on the Hong Kong Inventory Alternate, according to a report by the Hong Kong Financial Occasions.
The product will embody each RMB counters and USD counters, that means it may be traded and settled in each currencies. Every buying and selling unit will include 100 shares, with a minimal funding of round $100. The fund is anticipated to debut on Oct. 27.
The ETF’s digital asset buying and selling platform shall be operated by OSL Alternate, whereas OSL Digital Securities will function the sub-custodian. ChinaAMC has set a administration payment of 0.99%, with custody and administrative charges capped at 1% of the sub-fund’s web asset worth, leading to an estimated annual expense ratio of 1.99%.
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Hong Kong strengthens lead in crypto ETFs
ChinaAMC (Hong Kong) is already recognized for launching Asia’s first Bitcoin (BTC) and Ether (ETH) spot ETFs, each of which were approved earlier this year.
Hong Kong’s approval of spot Solana (SOL) ETFs comes amid related strikes by different jurisdictions. Final 12 months, Brazil became the first country to formally debut buying and selling of its spot Solana ETF on the Brazilian inventory alternate, forward of all the opposite international jurisdictions.
In April, spot Solana ETFs also launched in Canada. On the time, the Ontario Securities Fee (OSC) greenlighted asset managers Function, Evolve, CI and 3iQ to situation ETFs holding Solana.
Extra lately, Kazakhstan launched its first spot Bitcoin ETF, the Fonte Bitcoin Alternate Traded Fund (BETF), on the Astana Worldwide Alternate, with BitGo serving because the regulated crypto custodian.
In the meantime, the US stays notably behind, with no confirmed Solana spot ETF authorized or launched so far.
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Bitwise: Solana shall be Wall Road’s go-to community
Bitwise chief funding officer Matt Hougan believes Solana is poised to become 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 stated conventional finance gamers see Bitcoin as too summary, however acknowledge the huge potential of stablecoins to rework funds and tokenization to revolutionize markets for shares, bonds, commodities and actual property.
Hougan defined that when institutional buyers consider blockchain infrastructure, Solana’s velocity, throughput and transaction finality make it particularly interesting.
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