This article will delve into the compliance journey behind VanEck, providing insights and reflections for professionals in the Web3 industry.
Written by: Aiying
In the global landscape of digital assets, regulatory compliance is rapidly becoming a key topic that every Web3 company must confront. VanEck is a leading global asset management firm headquartered in the United States, established in 1955, known for providing innovative investment solutions. VanEck's investment products cover various categories, including equities, fixed income, commodities, and alternative investments, with a recent focus on digital assets and blockchain technology. According to Aiying, the scale of cryptocurrency ETPs in Europe has reached 2 billion euros, but institutional investor participation remains low, with individual investors being the primary participants. Many wealth management firms have not made relevant allocations.
VanEck aims to enable investors to easily access these opportunity-filled asset classes by developing emerging markets and new financial instruments. Currently, VanEck has launched 12 token-based cryptocurrency ETPs in the European market. These ETPs include ETNs (Exchange-Traded Notes) for Bitcoin and Ethereum, as well as the recently launched Solana ETN, which has sparked widespread discussion in the industry—not only does it involve innovation in investment opportunities, but it also touches on new heights of compliance for digital assets. Recently, VanEck announced that the Solana ETN launched in Europe has activated staking features.
How has VanEck achieved this under the dual regulatory framework of Europe and Liechtenstein? This article will deeply reveal the compliance journey behind it, providing insights and reflections for professionals in the Web3 industry.
1. VanEck's Solana ETN Staking: A Simple Yet Complex Compliance Path
The Solana ETN launched by VanEck provides investors with a way to earn staking rewards without directly holding Solana tokens. This ETN employs a fully managed staking mechanism—meaning all staking assets are managed by a regulated custodian, which has full control over the staking assets and does not involve lending risks. This way, investors do not need to participate in the actual staking process, and the staking rewards will automatically reflect in the token's equity, with rewards fairly distributed based on the investor's holding period after deducting a 25% staking fee.
Such a design is quite attractive to investors seeking to simplify operations and avoid the direct management risks of crypto assets. Behind this simplified facade lies a set of meticulous compliance arrangements and multi-layered legal protections. VanEck emphasizes that it does not involve the use of derivatives, and all assets are stored in strictly regulated custodial banks—such as Bank Frick & Co. AG in Liechtenstein. As a licensed custodian, this bank is bound by Liechtenstein's Blockchain Act, further enhancing the security and compliance of investments.
2. Dual Regulation: The Clash of Liechtenstein's Blockchain Act and the European MiCA Regulation
When discussing the compliance of VanEck's Solana ETN, two important regulatory frameworks must be mentioned: Liechtenstein's Blockchain Act and the European MiCA Regulation (Markets in Crypto-Assets Regulation). Liechtenstein is a member of the European Economic Area (EEA), and its Blockchain Act is one of the first comprehensive regulations for blockchain and crypto assets globally, aimed at establishing a clear legal framework for tokens and trusted technology service providers (such as custodians and exchanges) to ensure safety and transparency in the fintech sector.
The MiCA Regulation represents the EU's attempt to establish a unified regulatory standard for the entire crypto asset market. The introduction of MiCA aims to comprehensively regulate the issuance of cryptocurrencies and their trading platforms, ensuring investor protection and market transparency. Theoretically, as part of the EEA, Liechtenstein will follow the requirements of MiCA. However, since Liechtenstein's Blockchain Act was implemented before the MiCA Regulation was formulated, it provides local crypto companies with more flexible and specific regulatory guidance. Before MiCA is fully implemented, Liechtenstein's laws still provide compliance support for crypto activities.
This dual regulatory framework presents both challenges and opportunities for companies like VanEck. On one hand, the Blockchain Act provides specific legal protections for companies, allowing them to quickly start staking operations; on the other hand, as the MiCA Regulation progresses, companies like VanEck need to dynamically adjust their compliance strategies to align with the newly introduced EU standards. This requires companies to find a balance between the two regulatory frameworks to ensure compliance and market competitiveness.
3. Opportunities and Challenges for Compliance Consulting Firms: From Local Regulations to Global Frameworks
As the MiCA Regulation gradually takes effect, countries like Liechtenstein will have to integrate local regulations with the new EU rules, and future compliance needs will gradually shift from "understanding local regulations" to "achieving multi-layered compliance within a global framework." Additionally, global Web3 companies operating in different jurisdictions must face varying legal environments and regulatory changes. Compliance service providers need to have a deep understanding of local laws while closely monitoring the potential impacts of regional regulations (such as MiCA) on their clients' businesses to provide the best compliance solutions. Aiying will share more practical client cases, continuing to deepen regulatory analysis and compliance guidance to help companies expand their businesses compliantly and robustly in the global market.
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