香港加密貨幣 ETF 推出首日有望破紀錄

華夏基金（香港）（簡稱華夏基金）預計其即將推出的香港現貨比特幣和以太幣ETF將獲得大量初始認購。該高層認為，認購量將超過美國的認購量。此外，實物認購和贖回的可用性預計將吸引投資者。

Hong Kong's Cryptocurrency ETF Launch Poised for Record-Breaking Debut

香港推出加密貨幣 ETF 可望破紀錄

On the cusp of Tuesday's highly anticipated launch of spot bitcoin and ether ETFs in Hong Kong, industry experts are expressing overwhelming confidence in their unprecedented success, anticipating subscription volumes that will surpass the remarkable inflows witnessed by U.S. counterparts.

週二，備受期待的現貨比特幣和以太坊 ETF 在香港推出，行業專家對它們前所未有的成功表達了極大的信心，預計認購量將超過美國同行的驚人流入量。

Zhu Haokang, head of digital asset management and family wealth at China Asset Management (Hong Kong) (ChinaAMC), the issuer of one of the ETFs, firmly believes that the initial listing scale of Hong Kong's virtual asset spot ETF will exceed the US$125 million raised by 10 US Bitcoin spot ETFs on their first day of trading in January 2024. ChinaAMC's Huaxia ETF is widely projected to emerge as the largest issuer among the three participants in the Hong Kong market.

其中一隻ETF的發行人華夏基金（香港）數位資產管理及家族財富主管朱浩康堅信，香港虛擬資產現貨ETF首發上市規模將突破125美元10 只美國比特幣現貨ETF 在2024 年1 月首日交易中籌集了100 萬美元。

Complementing Zhu's optimism, Wayne Huang, head of ETF and custody at crypto exchange OSL, provided first-hand confirmation of the extraordinary investor enthusiasm surrounding the Hong Kong ETF launch. According to Huang, OSL has already witnessed trading volumes on its platform that far outstrip the capital inflow experienced by the U.S. Bitcoin spot ETF on its inaugural day.

加密貨幣交易所 OSL ETF 和託管業務主管 Wayne Huang 與 Zhu 的樂觀情緒相得益彰，他親自證實了投資者對香港 ETF 推出的非凡熱情。黃表示，OSL 平台上的交易量已遠遠超過美國比特幣現貨 ETF 成立當天的資金流入量。

Distinctive Features of Hong Kong's Crypto ETFs

香港加密貨幣ETF的特色

Zhu Haokang highlighted several key differentiators that set Hong Kong's spot China Bitcoin and Ethereum ETFs apart from their U.S. counterparts and other ETFs in the market.

朱浩康強調了香港現貨中國比特幣和以太坊 ETF 與美國同類產品和市場上其他 ETF 的幾個關鍵區別。

1. Physical Subscriptions and Redemptions: Unlike U.S. spot Bitcoin ETFs, the Hong Kong ETFs allow for subscriptions and redemptions in kind, providing greater flexibility for investors.
2. Multiple Currency Counters and Unlisted Shares: ChinaAMC's Hong Kong spot ETF is unique in offering counters in Hong Kong dollars, US dollars, and RMB. Additionally, it features unlisted shares, providing investors with enhanced trading options.

Global Investor Participation

實物申購和贖回：與美國現貨比特幣ETF不同，香港ETF允許實物申購和贖回，為投資者提供更大的靈活性。方面是獨一無二的、美元和人民幣。此外，它還具有非上市股票的特點，為投資者提供了增強的交易選擇。

Beyond Hong Kong's shores, the Hong Kong virtual asset spot ETF has garnered significant interest from investors worldwide. Zhu Haokang attributed this global appeal to several factors:

在香港以外，香港虛擬資產現貨ETF已引起全球投資者的濃厚興趣。朱浩康將這種全球吸引力歸因於以下幾個因素：

1. Physical Subscription: The ability to purchase ETFs with actual cryptocurrency via physical subscription has attracted Bitcoin miners and investors in regions where ETF issuance is still pending, such as Singapore and the Middle East.
2. Asian Trading Hours: The Hong Kong ETF's availability during Asian trading hours provides an attractive entry point for American investors seeking to capitalize on market movements.
3. Interest from Family Offices: Family offices in Asia and overseas have expressed keen interest in the Hong Kong spot crypto ETFs, recognizing their potential as a diversifier in their portfolios.

Physical Subscription Process

實物認購：透過實體認購以實際加密貨幣購買 ETF 的能力吸引了新加坡和中東等 ETF 尚未發行的地區的比特幣礦工和投資者。走勢的美國投資者提供了一個有吸引力的切入點。過程

Wayne Huang elaborated on the specific process for physical subscription, a groundbreaking initiative in the Hong Kong ETF market. Investors must first open an account with a brokerage firm that has upgraded its license to handle virtual asset transactions. Coins can then be transferred to OSL through the brokerage firm, facilitating the purchase of ETF shares through a physical subscription.

黃偉詳細闡述了實物認購的具體流程，這是香港ETF市場的開創性舉措。投資者必須先在已升級牌照以處理虛擬資產交易的經紀公司開設帳戶。然後，代幣可以透過經紀公司轉移到 OSL，從而促進透過實物認購購買 ETF 股票。

Anti-Money Laundering Measures

反洗錢措施

OSL has implemented a robust anti-money laundering process for physical subscription. Investors must connect through a brokerage firm to open an account and undergo whitelist verification for the wallet used to transfer funds. Additionally, the user's private wallet is screened for suspicious transactions before being approved for transfer.

OSL 已針對實體訂閱實施了強大的反洗錢流程。投資者必須透過經紀公司連接開戶，並對用於轉帳的錢包進行白名單驗證。此外，在批准轉帳之前，也會對用戶的私人錢包進行可疑交易篩選。

Mainland Chinese Investor Access

中國大陸投資者准入

Currently, mainland Chinese investors are not permitted to invest in Hong Kong's cryptocurrency spot ETFs. However, qualified investors, institutional investors, retail investors, and international investors who meet regulatory requirements may participate.

目前，中國內地投資者不被允許投資香港的加密貨幣現貨ETF。但合格投資者、機構投資者、散戶投資者、符合監管要求的國際投資者均可參與。

Implications of Ethereum's Security Status

以太坊安全狀況的影響

Hong Kong's Ethereum spot ETF holds the distinction of being the world's first. However, concerns have been raised about the potential impact if the United States were to classify Ethereum as a security. Wayne Huang dismissed this concern, emphasizing that the Hong Kong Securities Regulatory Commission has its own independent process for determining whether a virtual asset is a security and eligible for retail trading.

香港的以太幣現貨ETF是全球首個。然而，人們擔心如果美國將以太坊歸類為證券可能會產生潛在影響。 Wayne Huang 駁斥了這種擔憂，強調香港證監會有自己的獨立程序來確定虛擬資產是否為證券以及是否有資格進行零售交易。

Future of Cryptocurrency ETFs in Hong Kong

香港加密貨幣ETF的未來

Beyond Bitcoin and Ethereum, the future of cryptocurrency ETFs in Hong Kong remains an open question. Wayne Huang explained the process for listing additional coins, which involves obtaining legal opinions on their security status and submitting a comprehensive research report to the Securities Regulatory Commission. Currently, only Bitcoin and Ethereum meet the criteria for ETF issuance, but ongoing discussions with the Commission suggest potential future expansion.

除了比特幣和以太坊之外，香港加密貨幣 ETF 的未來仍然是一個懸而未決的問題。黃偉解釋了增發幣上市的流程，包括獲取有關其安全狀況的法律意見並向證監會提交綜合研究報告。目前，只有比特幣和以太坊符合 ETF 發行標準，但與委員會正在進行的討論表明未來可能會擴大規模。

Impact on Cryptocurrency Prices

對加密貨幣價格的影響

Zhu Haokang expressed his belief that cryptocurrency ETFs will positively impact cryptocurrency prices. He cited factors such as increased liquidity, accelerated industry compliance, expanded funding channels, arbitrage opportunities, and the influence of traditional market trading factors on the cryptocurrency market.

朱浩康表示相信加密貨幣ETF將對加密貨幣價格產生正面影響。他列舉了流動性增加、產業合規加速、融資管道擴大、套利機會以及傳統市場交易因素對加密貨幣市場的影響等因素。

Competitive Landscape and Fee Structure

競爭格局與費用結構

ChinaAMC's ETF fees have raised questions about competitiveness. However, Zhu Haokang emphasized that their fee structure aligns with industry standards for thematic and complex ETFs listed in Hong Kong. He highlighted the unique advantages of their product, including flexible trading options and robust risk management, which justify the fee structure.

華夏基金的ETF費用引發了對其競爭力的質疑。不過，朱浩康強調，他們的費用結構符合在香港上市的主題型和複雜ETF的行業標準。他強調了他們產品的獨特優勢，包括靈活的交易選擇和強大的風險管理，證明了費用結構的合理性。

Conclusion

結論

The launch of spot bitcoin and ether ETFs in Hong Kong is poised to be a watershed moment for the cryptocurrency industry. With overwhelming investor enthusiasm and a clear regulatory framework, these ETFs are expected to inject significant liquidity into the market, attract a global investor base, and positively impact cryptocurrency prices. The innovative features of the Hong Kong ETFs, such as physical subscriptions and redemptions, are likely to set a new standard for the industry, attracting attention and adoption from around the world.

在香港推出現貨比特幣和以太坊 ETF 有望成為加密貨幣產業的分水嶺。憑藉壓倒性的投資者熱情和明確的監管框架，這些 ETF 預計將為市場注入大量流動性，吸引全球投資者基礎，並對加密貨幣價格產生積極影響。香港ETF的實物申購和贖回等創新功能可望為業界樹立新標準，吸引世界各地的關注和採用。