Case Study: Compliance Analysis of VanEck Solana ETN Staking
TechFlow Selected TechFlow Selected
Case Study: Compliance Analysis of VanEck Solana ETN Staking
This article will delve into VanEck's compliance journey, offering insights and inspiration for practitioners in the Web3 industry.
Navigating Web3 tides with focused insightsBy Aiying
In the global digital asset landscape, regulatory compliance is rapidly becoming a critical issue that every Web3 company must confront. VanEck, a leading global asset management firm headquartered in the United States and founded in 1955, is renowned for delivering innovative investment solutions. Its product offerings span equities, fixed income, commodities, and alternative investments, with increasing focus in recent years on digital assets and blockchain technology. According to Aiying, the size of cryptocurrency ETPs in Europe has already reached 2 billion euros; however, institutional investor participation remains low, with retail investors being the primary participants. Many wealth management firms have not yet allocated resources to this space.
VanEck aims to democratize access to these high-potential asset classes by developing emerging markets and novel financial instruments. Currently, VanEck has launched 12 token-based cryptocurrency ETPs in the European market. These include ETNs (Exchange Traded Notes) for Bitcoin and Ethereum, as well as a recently launched Solana Exchange Traded Note (ETN)—a move that has sparked widespread industry discussion. This development is significant not only for its innovation in investment opportunities but also for setting new benchmarks in digital asset compliance. Recently, VanEck announced that its Solana ETN launched in Europe has enabled staking functionality.
How did VanEck achieve this under the dual regulatory frameworks of Europe and Liechtenstein? This article delves into the compliance journey behind the scenes, offering insights and inspiration for Web3 industry practitioners.
1. VanEck’s Solana ETN Staking: Simple, Yet Anything But
VanEck’s Solana ETN offers investors a way to earn staking rewards without directly holding Solana tokens. The ETN uses fully custodied staking—meaning all staked assets are managed by regulated custodians who maintain full control over the staked assets, with no exposure to lending risks. As a result, investors are not required to participate in the actual staking process, and staking rewards are automatically reflected in the token's value. After deducting a 25% staking fee, rewards are fairly distributed based on each investor’s holding period.
This design is highly appealing to investors seeking simplified operations and wishing to avoid the risks associated with direct management of crypto assets. Behind this apparent simplicity lies a sophisticated compliance framework supported by multi-layered legal safeguards. VanEck emphasizes that it does not use derivatives, and all assets are held in custody at strictly regulated banks—such as Bank Frick & Co. AG in Liechtenstein. As a licensed custodian, the bank operates under Liechtenstein’s Blockchain Act, further enhancing the security and compliance of the investment.
2. Dual Regulation: Liechtenstein’s Blockchain Act vs. Europe’s MiCA Regulation
When discussing the compliance of VanEck’s Solana ETN, two key regulatory frameworks must be addressed: Liechtenstein’s Blockchain Act and the European Union’s MiCA (Markets in Crypto-Assets Regulation). Liechtenstein, a member of the European Economic Area (EEA), was among the first jurisdictions globally to comprehensively regulate blockchain and crypto assets. Its Blockchain Act establishes a clear legal framework for tokens and trusted technology service providers—such as custodians and exchanges—with the goal of ensuring safety and transparency in the fintech sector.
MiCA, on the other hand, represents the EU’s effort to establish a unified regulatory standard across the entire crypto asset market. Designed to regulate the issuance of crypto assets and their trading platforms, MiCA aims to ensure investor protection and market transparency. Theoretically, as part of the EEA, Liechtenstein will eventually align with MiCA requirements. However, since Liechtenstein’s Blockchain Act was implemented well before MiCA was drafted, it provides local crypto businesses with more flexible and specific regulatory guidance. Until MiCA is fully implemented, Liechtenstein’s domestic law continues to support compliant crypto activities.
For companies like VanEck, this dual regulatory environment presents both challenges and opportunities. On one hand, the Blockchain Act offers targeted legal certainty, enabling firms to launch staking services quickly. On the other hand, as MiCA progresses, companies such as VanEck must dynamically adapt their compliance strategies to meet evolving EU standards. This requires striking a balance between the two frameworks to maintain both regulatory compliance and market competitiveness.
3. The Opportunity and Challenge for Compliance Advisory Firms: From Local Rules to Global Frameworks
As MiCA is gradually implemented, countries like Liechtenstein will need to harmonize their local regulations with new EU-wide rules. Future compliance demands will shift from simply “understanding local laws” toward achieving “multi-layered compliance within a global framework.” Moreover, global Web3 companies operating across multiple jurisdictions face diverse legal environments and ongoing regulatory changes. Compliance service providers must possess deep expertise in regional laws while closely monitoring the impact of broader regulations—such as MiCA—on client operations, so they can deliver optimal compliance solutions. Aiying will continue sharing real-world client cases, deepening her analysis of regulation and compliance guidance, and helping businesses expand globally in a compliant and sustainable manner.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
Aiying Compliance
