Hong Kong has officially approved its first Solana spot ETF, marking another step in the city’s plan to become Asia’s leading crypto hub. The Hong Kong Securities and Futures Commission (SFC) granted approval on October 22 for the ChinaAMC Solana ETF. According to a report by the Hong Kong Economic Times, the ETF will offer both RMB and USD trading counters, allowing investors to trade and settle in their preferred currency. Each unit will consist of 100 shares, with a minimum investment of around $100. ...

Core Insights - Hong Kong's market watchdog has approved ChinaAMC's Solana ETF, marking it as the city's first spot vehicle for direct exposure to SOL, with trading expected to commence by October 27 on the Hong Kong Stock Exchange [1] - The fund aims to closely track the performance of SOL and will invest all its assets in the cryptocurrency, following the CME CF Solana-USD Index [2] - The approval of the Solana ETF comes amid a tightening regulatory environment in Hong Kong's digital-asset sector, contrasting with delays in the U.S. regarding similar ETF approvals [3] Group 1: ETF Details - The ChinaAMC Solana ETF will trade under tickers 3460 (HKD), 83460 (RMB), and 9460 (USD) in 100-share lots on the HKEX Main Board [1] - Transactions will be conducted through SFC-licensed virtual-asset trading platforms, and the fund will not stake any portion of the SOL held by the sub-fund [2] Group 2: Market Implications - The approval is seen as a confidence booster for Solana in Hong Kong, differentiating it from other markets still deliberating on approval rules [4] - The new ETF is expected to attract retail interest in Asia, where Solana has a strong developer base and consumer-focused applications [5] - The listing may also draw institutional interest by providing a regulated channel for traditional finance investors, indicating that Solana is ready for broader adoption [6]

Hong Kong has approved its first exchange-traded fund (ETF) that tracks the performance of the cryptocurrency token Solana, ahead of the US, as the city moves to cement its status as a digital asset hub. ChinaAMC (HK), the Hong Kong arm of Chinese fund manager China Asset Management, started accepting subscriptions for its new spot Solana ETF on Wednesday after receiving approval from the Securities and Futures Commission last week. The ETF, set to start trading on Monday, directly holds Solana and aims ...