Brazil’s $SOL ETF to Launch on B3 Exchange, Ahead of US and European Markets

• On August 7, Brazil approved QR Asset's Solana ($SOL) ETF application ahead of the US and European governments.
• Brazil was among the first countries to approve Bitcoin ($BTC) and Ethereum ($ETH) ETFs.
• Analysts expect the new ETF to drive $SOL's price upwards, but a broader market downturn could offset the ETF's positive impact.

Brazil could become the first country to launch a spot $SOL ETFon its stock exchange B3. Brazil's Securities and Exchange Commission (CVM) approved the ETF application on August 7, outpacing all global jurisdictions.

Brazil Leads Crypto ETF RaceThe world's first $SOL ETF was created by QR Asset, is operated by Vortx, and awaits listing on the stock exchange B3. Theodoro Fleury from QR Asset said the ETF should consolidate Brazil as a leader in regulated crypto investments.

Although we previously saw $SOL exchange-traded products (ETPs) on European markets, the US still lags behind as traders await the SEC's approval of 21Shares and VanEck's ETFs.

Brazil had also introduced $BTC and $ETH ETFs years before the USor Europe did, highlighting its pro-crypto stance.

Despite Brazil's accepting attitude toward digital assets, it doesn't welcome innovation without strict compliance. Yesterday, Binance agreed to pay the CVM $1.7M in penalties for offering derivatives products without local authorization.

$SOL Price Outlook: ETF Impact Uncertain

Analysts suggest Brazil's new ETF could fuel $SOL price action, much like $BTC rose 36% months from the SEC's ETF authorization.

However, $ETH didn't follow in $BTC's footsteps. After the SEC approved eight $ETH ETFs in July, the token lost 26%, hitting $2.6K for the first time since February.

$SOL has also been on a downward trend recently, losing 7.8% last week. The stock market turmoil has significantly contributed to $SOL's decline, but Matthew Dixon suggests $SOL might see an upside and reach $194 soon.

#SOL showed a nice clear 5 waves up and we had a good 3 wave correction over the weekend. This week should give us a further 5 waves to the upside, targeting a minimum $SOL price of 194 and possibly MUCH higher.

Matthew Dixon, CEO at Evai

Moreover, $BTC, $ETH, and $SOL ETFs have the potential to stabilize the market by attracting institutional investors who prioritize long-term expenditures. Ryan Rasmussen, Head of Research at Bitwise, said ETFs offset sell-off pressure and dampen FUD.

Closing Remarks

Brazil's approval of the world's first $SOL ETF highlights its pioneering role in crypto regulation. However, the recent Binance penalty serves as a reminder that innovation must be balanced with strict compliance.

References

• Ethereum (CoinMarketCap)
• Solana (CoinMarketCap)
• CVM rejeita Termo de Compromisso com Gafisa S.A. e seus executivos (Gov.br)
• Brazil's Securities and Exchange Commission Approves Spot Solana ETF (CoinMarketCap)
• Matthew Dixon (X)

The post Brazil's $SOL ETF to Launch on B3 Exchange, Ahead of US and European Markets appeared first on The Tech Report.