Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), has approved the launch of a spot Solana exchange-traded fund (ETF), marking the launch of the first product of its kind in the country.

Grayscale and Bitwise are seeking regulatory approval to offer options trading on their spot Ethereum ETFs, according to a filing submitted Wednesday with the SEC.

The UK’s Financial Conduct Authority (FCA) has issued over 1,000 warnings to cryptocurrency firms since introducing stricter marketing rules last October, which require firms to be registered with it to reach out to clients in the UK.

Top stories in the Crypto Roundup today:

• Brazil’s Securities Regulators Greenlights Spot Solana ETF
• Grayscale and Bitwise Seek Approval to List Options on Spot Ethereum ETFs
• UK’s Financial Regulator Issued Over 1,000 Warnings to Crypto Firms Since October
• Crypto Market Records Second-Highest Daily Spot Volume Since 2021

Brazil’s Securities Regulators Greenlights Spot Solana ETF

Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), has approved the launch of a spot Solana exchange-traded fund (ETF), marking the launch of the first product of its kind in the country.

The ETF, issued by QR Asset and managed by Vortx, is still awaiting final approval from the Brazilian stock exchange, B3. Theodoro Fleury, manager and chief investment officer at QR Asset, said the ETF reaffirms its “commitment to offering quality and diversification to Brazilian investors.”

Brazil has been a trailblazer in the ETF space, having approved and listed spot Bitcoin and Ethereum ETFs between 2021 and 2022 on its B3 exchange, which also started offering BlackRock’s iShares Bitcoin Trust in March 2024.

In the United States, the Cboe has officially asked the U.S. Securities and Exchange Commission (SEC) to allow asset managers like VanEck and 21Shares to launch spot Solana ETFs, but the request hasn’t yet been granted.

Grayscale and Bitwise Seek Approval to List Options on Spot Ethereum ETFs

Grayscale and Bitwise are seeking regulatory approval to offer options trading on their spot Ethereum ETFs, according to a filing submitted Wednesday with the SEC.

The filing, made jointly with the NYSE American exchange, proposes a rule change that would allow options contracts for three Ethereum products: the Bitwise Ethereum ETF, the Grayscale Ethereum Trust, and the Grayscale Ethereum Mini Trust. The proposal also extends to "any trust that holds ether.”

The NYSE American argues that offering options on these spot Ethereum ETFs would benefit investors by providing them with “an additional, relatively lower cost investing tool to gain exposure to spot ether as well as a hedging vehicle to meet their investment needs in connection with ether products and positions.”

This request comes after the SEC approved several spot Ethereum ETFs in May, including offerings from financial giants BlackRock and Fidelity and comments on it are due in 21 days. These ETFs began trading on U.S. exchanges last month, generating significant initial volume.

Multiple firms are also seeking approval to offer options on spot Bitcoin ETFs, but the SEC has yet to grant these requests.

UK’s Financial Regulator Issued Over 1,000 Warnings to Crypto Firms Since October

The UK’s Financial Conduct Authority (FCA) has issued over 1,000 warnings to cryptocurrency firms since introducing stricter marketing rules last October, which require firms to be registered with it to reach out to clients in the UK.

Lucy Castledine, the FCA’s director of consumer investments, said the agency has been proactive in policing the sector and will “continue to act” when it seems firms that are “acting illegally.” The regulator’s actions have led to the removal of 48 crypto-related apps from UK app stores while it has collaborated with social media platforms to “get illegal websites removed and taken down as appropriate.”

The FCA’s rules require firms to take steps to assess whether a consumer is restricted, high-net-worth, or a certified sophisticated investor before communicating financial promotions.

The regulator has earlier this week published guidance for registered firms, highlighting both compliant and problematic practices.

Crypto Market Records Second-Highest Daily Spot Volume Since 2021

Cryptocurrency prices plunged on August 5^th over a confluence of factors including macroeconomic uncertainty and the impact of the Bank of Japan’s interest rate hike on what’s known as the Japanese Yen carry trade, where traders borrow JPY to earn interest with other currencies.

Bitcoin saw a 15.4% intraday drawdown to $49,202, its highest drawdown since the collapse of FTX, while ETH plunged 21.1% to $2,121. The volatility led to the second-highest daily spot trading volume since May 19, 2021, when China announced its Bitcoin mining ban.

Dig deeper into the world of cryptocurrency trading with CCData’s latest Exchange Review report.

State of the Crypto by Top Tier Exchange Volume

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