香港比特幣、以太坊 ETF 即將獲批，但不包括中國內地

香港的比特幣和以太幣現貨交易所交易基金（ETF）預計很快就會獲得最終批准。然而，Matrixport 的一份報告推測中國投資者透過南向股票互聯互通計畫提出了大量需求，但這項報告已被駁斥。發行人已澄清，由於中國大陸嚴格的加密貨幣法規，不允許進行此類投資，這可能會影響市場對 ETF 首次亮相的預期。

Hong Kong Bitcoin and Ether ETF Approvals Loom, but Mainland Chinese Investors Excluded

香港比特幣和以太坊 ETF 即將獲批，但中國大陸投資者被排除在外

Hong Kong's Securities and Futures Commission (SFC) is poised to grant final approvals for Bitcoin and Ether spot exchange-traded funds (ETFs) as early as Monday, igniting anticipation of an influx of capital into the city's cryptocurrency market. However, recent clarifications from ETF issuers have dashed hopes of substantial investments from mainland Chinese investors through the Southbound Stock Connect program.

香港證券及期貨事務監察委員會（SFC）準備最早於週一批准比特幣和以太坊現貨交易所交易基金（ETF），引發資本湧入香港加密貨幣市場的預期。然而，ETF發行人最近的澄清讓中國大陸投資者透過港股通計畫進行大量投資的希望破滅了。

False Hopes Quashed

虛假的希望破滅

A report by Matrixport, a Singapore-based crypto services provider, predicted that Hong Kong-listed Bitcoin spot ETFs could attract billions of dollars in capital from mainland investors via the Southbound Connect program. This program facilitates annual transactions of up to 500 billion RMB (approximately $70 billion).

新加坡加密服務供應商 Matrixport 的報告預測，在香港上市的比特幣現貨 ETF 可能會透過南向通計畫吸引內地投資者數十億美元的資金。該計劃每年可促進高達 5,000 億元人民幣（約 700 億美元）的交易。

However, this optimism has been swiftly dispelled. Colin Wu, a crypto journalist writing for the X platform, has confirmed that Southbound funds from mainland China are not eligible to invest in crypto ETFs listed in Hong Kong. This revelation contradicts earlier reports that forecasted significant capital inflows from mainland Chinese investors into these investment vehicles.

然而，這種樂觀情緒很快就被打消了。為 X 平台撰稿的加密貨幣記者 Colin Wu 證實，來自中國大陸的南向基金沒有資格投資在香港上市的加密貨幣 ETF。這項披露與先前預測中國大陸投資者將大量資本流入這些投資工具的報導相矛盾。

Mainland Regulations Hinder Investment

內地法規阻礙投資

This exclusion stems from mainland China's stringent regulations on cryptocurrency use and investment. While Hong Kong has emerged as a prominent hub for the Asian cryptocurrency market, mainland China continues to maintain a conservative stance on digital assets.

這種排除源自於中國大陸對加密貨幣使用和投資的嚴格規定。儘管香港已成為亞洲加密貨幣市場的重要中心，但中國大陸仍對數位資產保持保守立場。

The restrictions imposed on Southbound funds highlight the regulatory gulf between mainland China and Hong Kong when it comes to cryptocurrencies. Despite the anticipated approval of Bitcoin and Ether ETFs in Hong Kong, mainland Chinese investors will be unable to participate in these investment opportunities.

對南向基金施加的限制凸顯了中國大陸和香港在加密貨幣方面的監管鴻溝。儘管比特幣和以太坊 ETF 預計將在香港獲得批准，但中國內地投資者將無法參與這些投資機會。

Impact on ETF Trading Debut

對ETF交易首發的影響

The launch of Bitcoin and Ether ETFs in Hong Kong was widely anticipated to attract significant capital from both Hong Kongers and mainland Chinese investors. The success of similar ETFs in the United States earlier this year has fueled optimism for the growth of the digital asset sector.

人們普遍預計，比特幣和以太坊 ETF 在香港的推出將吸引香港和中國大陸投資者的大量資金。今年早些時候，類似 ETF 在美國的成功激發了人們對數位資產產業成長的樂觀情緒。

However, the clarification from ETF issuers has tempered market expectations. Investors who were anticipating substantial participation from mainland Chinese investors may need to reassess their positions, given the regulatory restrictions that preclude their participation.

不過，ETF發行人的澄清降低了市場預期。鑑於監管限制阻礙了中國大陸投資者的參與，預計中國大陸投資者將大量參與的投資者可能需要重新評估自己的立場。

Reevaluating Market Expectations

重新評估市場預期

The exclusion of mainland Chinese investors from Hong Kong-listed crypto ETFs requires a reevaluation of the market expectations associated with their launch. While the approvals represent a significant step for the Hong Kong cryptocurrency industry, they may not generate the same level of capital inflows as previously anticipated.

將中國內地投資者排除在香港上市的加密 ETF 之外，需要重新評估與其推出相關的市場預期。雖然這些批准代表香港加密貨幣行業邁出的重要一步，但它們可能不會產生與先前預期相同水平的資本流入。

Conclusion

結論

The forthcoming approval of Bitcoin and Ether spot ETFs in Hong Kong marks a pivotal moment for the city's cryptocurrency market. However, the exclusion of mainland Chinese investors via the Southbound Stock Connect program is a sobering reminder of the regulatory divide between mainland China and its special administrative region. Investors should carefully consider the implications of this restriction before making investment decisions based on the ETF approvals. The market's response and the long-term impact of this exclusion remain to be seen.

香港即將批准比特幣和以太幣現貨 ETF，標誌著該市加密貨幣市場的關鍵時刻。然而，港股通計畫將中國大陸投資者排除在外，這令人警醒地提醒人們注意中國大陸與其特別行政區之間的監管分歧。投資者在根據 ETF 批准做出投資決定之前應仔細考慮此限制的影響。市場的反應以及這種排除的長期影響仍有待觀察。