Spot Solana (SOL) ETF Gets Regulatory Green Light in Hong Kong
Hong Kong’s monetary regulator has granted approval for ChinaAMC’s spot Solana (SOL) exchange-traded fund (ETF), setting the stage for its debut subsequent Monday. The Securities and Futures Commission (SFC) confirmed on its web site that the ChinaAMC Solana ETF, underneath ticker 3460, acquired authorization on October 17.
This is the primary occasion of a Solana spot ETF gaining regulatory approval in the area.
Hong Kong’s First Spot Solana ETF
According to ChinaAMC, the fund will probably be formally listed on October 27, with a administration charge of 0.99% per 12 months. Custody preparations embody BOCI-Prudential Trustee Limited as the first custodian, whereas OSL Digital Securities acts because the sub-custodian and likewise supplies the digital asset buying and selling platform for the much-anticipated ETF.
Investors will have the ability to commerce the product in Hong Kong {dollars}, Chinese yuan, and US {dollars} on the Hong Kong Stock Exchange, with a board lot dimension of 100 shares in every foreign money. ChinaAMC already manages spot Bitcoin and Ethereum ETFs in Hong Kong, which had been amongst Asia’s first crypto ETFs.
The approval of the Solana ETF comes at a time when market individuals anticipate that the US Securities and Exchange Commission (SEC) might quickly authorize its first batch of spot Solana and different altcoin ETFs. While preliminary approval was expected round October 10, delays probably stemmed from the prolonged US authorities shutdown.
Last month, the securities regulator streamlined the method by adopting generic itemizing requirements and eliminating the necessity for token-specific filings. This regulatory change has triggered a wave of recent crypto ETF functions, amidst rising institutional curiosity in diversified digital asset merchandise.
MemeStrategy’s $377K Investment on Solana
The current approval of the spot Solana ETF in the area builds on momentum set earlier this 12 months when MemeStrategy became Asia’s first publicly listed firm to speculate in Solana. Back in June, MemeStrategy acquired 2,440 SOL tokens, spending roughly $377,000 at a median value of $155 per token. The firm had then cited the crypto asset’s long-term potential in blockchain, decentralized platforms, and AI-driven Web3 functions.
The transaction was facilitated by way of OSL Group, a completely licensed Hong Kong digital asset platform.
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