Brazils Securities and Exchange Commission (CVM) has approved the countrys first Solana-based exchange-traded fund (ETF).

The approval, granted on August 7, positions Brazil ahead of other countries, particularly the United States, where the process of approving Solana ETFs remains in its early stages with uncertain prospects.

Brazil’s Solana ETF Receives Preliminary Approval

According to Exame, a local news outlet, the newly approved Solana ETF is currently in the preparatory stage and still needs the green light from the Brazilian stock exchange, B3, before its official launch.

Created by QR Asset and managed by Vortx, the ETF does not yet have a confirmed date for its approval and entry into the Brazilian market.

Commenting on the approval, Theodoro Fleury, QR Assets Manager and Investment Director said, This ETF reaffirms our commitment to offering quality and diversification to Brazilian investors. We are proud to be global pioneers in this segment, consolidating Brazils position as a leading market for regulated investments in crypto assets.

This ETF will be indexed against the CME CF Solana Dollar Reference Rate, developed by CF Benchmarks in collaboration with the Chicago Mercantile Exchange (CME).

The approval marks an advancement in Brazil’s crypto investment landscape, adding to the country’s existing funds in Ether and Bitcoin and its multi-asset funds that cover various cryptocurrencies since 2021.

Solana ETF Speculation

The CVMs green light comes amid growing anticipation in the market regarding potential Solana ETF approvals in the United States. Earlier this year, the U.S. Securities and Exchange Commission (SEC) greenlighted Bitcoin ETFs in January and Ether ETFs in June.

The latters approval was particularly unexpected, as Ether had previously been classified as a security rather than a commodity. This shift has led investors and analysts to wonder if Solana might receive similar ETF approval based on this new interpretation.

Several asset managers, including VanEck and Franklin Templeton, have expressed interest in launching Solana ETFs in the U.S. In July, Cboe formally requested the SEC to allow VanEck and 21Shares to introduce a Solana-based ETF.

Despite these efforts, the chances of approval remain uncertain. JPMorgan indicates that the SEC’s current classification of Solana and other cryptocurrencies as securities reduces the likelihood of such approvals in the near future.

On the other hand, a recent GSR Markets research shows that support from figures like former President Trump has eased Democratic opposition, leading to bipartisan backing for crypto regulations and paving the way for Solana ETF approvals.