Hong Kong has approved Asia’s first Solana (SOL) spot Exchange Traded Fund (ETF), set to launch on October 27 with a 0.99% management fee. This development marks a significant step in the region's embrace of digital assets. Meanwhile, Russia and Kyrgyzstan are taking concrete steps to integrate cryptocurrencies into their national financial systems and trade, signaling a broader trend of adoption. In contrast, regulators in Thailand and Singapore are intensifying their scrutiny on crypto projects and private wealth firms, indicating a bifurcated approach to the evolving digital asset landscape.
Hong Kong Approves First Solana Spot ETF in Asia
The Hong Kong Securities and Futures Commission (SFC) has approved the first Solana (SOL) spot ETF in the region. This fund, issued by ChinaAMC (Hong Kong), is scheduled to commence trading on the Hong Kong Stock Exchange (HKEX) on October 27. It will operate under the ticker 03460 and will have a management fee of 1%.
This approval makes it the third crypto spot ETF to be sanctioned in Hong Kong, following previous approvals for Bitcoin and Ethereum ETFs. Critically, it is also the first SOL spot ETF to be launched in Asia, providing institutional investors with a new avenue to gain exposure to Solana's market performance.
Kyrgyzstan and Russia Expand Crypto Use
Kyrgyzstan is actively preparing to issue a national stablecoin on the BNB Chain, as announced by Binance founder CZ. This initiative is part of a larger project that includes plans for a government-linked Central Bank Digital Currency (CBDC), a national crypto reserve that will hold BNB, and the development of localized support for Binance's platform.
In Russia, Finance Minister Anton Siluanov has confirmed an agreement with the Central Bank to support the use of cryptocurrencies in foreign trade. The Ministry is currently undertaking legislative measures to formalize this process. Siluanov emphasized the growing importance of digital assets, stating, "Crypto assets play a role in cross-border payments and transfers."
Enforcement Actions Across Southeast Asia
In Thailand, regulators are currently investigating World, a digital ID platform that was formerly known as Worldcoin. Officials from the Securities and Exchange Commission and the Cyber Crime Bureau have accused the company of operating without the necessary licenses. In response, World has stated, "We only distribute tokens where local laws permit."
Singapore's Monetary Authority has initiated a review of DW Capital Holdings, a family office associated with Chen Zhi. The office is facing scrutiny for activities conducted under the MAS 13X scheme. Reports indicate that the assets managed by the office include investments in wine, yachts, and automotive ventures.
Political and Institutional Movement in Japan and Hong Kong
Sanae Takaichi, Japan's newly elected prime minister, has a history of supporting the acceptance of cryptocurrency donations. During her tenure in public office, she previously stated that donations made in digital assets were permissible under existing legal frameworks.
Standard Chartered Hong Kong is actively preparing to offer trading services for virtual asset ETFs. This new service is slated for launch in November. A representative from the bank commented on client interest, noting, "Clients are looking to access digital assets through regulated platforms."