Hong Kong investors can now access Solana through ChinaAMC’s new spot ETF. This ETF joins its existing Bitcoin ETFs and Ethereum ETFs.
Hong Kong’s financial regulator granted approval to ChinaAMC’s Solana spot exchange-traded (ETF) fund, paving the way for its launch on next Monday. SFC confirmed via its website on October 17, that ChinaAMC Solana ETF was authorized.
The first Solana ETF to be approved in the area is this one.
Hong Kong First Spot Solana ETF
ChinaAMC says that ChinaAMC will officially be launching the fund. listed The management fee is 0.99% annually. The primary custody arrangement is BOCI Prudential Trustee Limited, while OSL Digital Securities serves as the secondary custodian. OSL Digital Securities also acts as a virtual asset trading platform.
On the Hong Kong Stock Exchange investors will have the option to buy and sell the product using Hong Kong dollars or Chinese yuan. A board lot of 100 shares is available for each currency. ChinaAMC currently manages the spot Bitcoin ETFs and Ethereum ETFs that were Asia’s first Crypto ETFs.
While initial approval was granted, market participants are anticipating that US Securities and Exchange Commission may approve the first batch of altcoin and spot Solana-based ETFs in the near future. Although initial approval was expected Around October 10, the prolonged US government shutdown is likely to be responsible for delays.
In the last few weeks, the Securities regulator has simplified the filing process for digital tokens by adopting generic standards. The regulatory shift has led to a surge of crypto ETFs, as institutional investors have become more interested in digital assets.
MemeStrategy’s Investment of $377K in Solana
MemeStrategy, which was launched earlier in this year, has been a major force behind the recent approval of Solana ETFs. became Asia’s largest publicly traded company invests in Solana. MemeStrategy bought 2,440 SOL tokens for $377,000 in June at an average of $155 each. In June, the company cited SOL’s potential for long-term use in decentralized platforms and AI-driven Web3 apps.
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OSL Group facilitated the transaction, which is a Hong Kong-based digital assets platform that has been fully licensed.
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Source: cryptopotato.com
