香港推出現貨比特幣和以太幣ETF，成為全球金融科技領導者

香港預計將成為亞洲第一個將加密貨幣產品納入其主流投資產品的主要金融中心。 4 月 30 日，該市將推出現貨比特幣和以太幣交易所交易基金 (ETF)，由華夏基金和嘉年華基金等知名資產管理公司管理。證券及期貨事務監察委員會的這項策略性舉措旨在將香港打造為全球數位資產中心，吸引那些尋求投資但沒有直接所有權的加密貨幣的投資者。

Hong Kong Emerges as a Global Fintech Hub with Launch of Spot Bitcoin and Ether ETFs

香港推出現貨比特幣和以太幣ETF，成為全球金融科技中心

April 25, 2024

2024 年 4 月 25 日

In a groundbreaking move, Hong Kong is poised to become the first financial hub in Asia to introduce spot Bitcoin and Ether exchange-traded funds (ETFs) on April 30, 2024. This development marks a pivotal moment in the global adoption of cryptocurrencies and positions Hong Kong as a leader in the burgeoning digital asset market.

香港預計於 2024 年 4 月 30 日成為亞洲首個引入現貨比特幣和以太幣交易所交易基金 (ETF) 的突破性舉措。的數位資產市場的領導者。

The launch of these ETFs will enable investors to speculate on the price movements of Bitcoin and Ether, two of the most prominent cryptocurrencies, without the need for direct ownership. This offers significant advantages in terms of convenience and security, as investors can participate in the cryptocurrency market without the technical complexities and potential risks associated with direct cryptocurrency trading.

這些 ETF 的推出將使投資者能夠猜測比特幣和以太幣這兩種最著名的加密貨幣的價格走勢，而無需直接擁有所有權。這在便利性和安全性方面提供了顯著的優勢，因為投資者可以參與加密貨幣市場，而無需承擔與直接加密貨幣交易相關的技術複雜性和潛在風險。

The Securities and Futures Commission (SFC) of Hong Kong has approved six ETFs, three for Bitcoin and three for Ether, which will be managed by leading asset managers, including China Asset Management, Harvest Fund Management, and Bosera Asset Management, in collaboration with HashKey.

香港證券及期貨事務監察委員會（證監會）已批准六隻 ETF，其中三隻為比特幣，三隻為以太坊，將由華夏基金、嘉年華基金、博時基金等領先資產管理公司管理，並與散列鍵。

Differentiating Factors from U.S. Crypto ETFs

與美國加密貨幣 ETF 的區別因素

Hong Kong's spot Bitcoin and Ether ETFs differ from their counterparts in the United States in terms of their creation process. Unlike U.S. ETFs, which operate on a "cash-only" model, the Hong Kong ETFs adopt an "in-kind" creation process. This method allows for direct contributions and withdrawals of Bitcoin and Ether in exchange for ETF shares, simplifying the transaction process and potentially reducing costs for investors.

香港的現貨比特幣和以太幣ETF在創建過程上與美國的ETF有所不同。與以「純現金」模式運作的美國ETF不同，香港ETF採用「實體」創建流程。這種方法允許直接存入和提取比特幣和以太幣以換取 ETF 份額，從而簡化了交易流程並可能降低投資者的成本。

According to Bloomberg ETF analyst Rebecca Sin, this innovative structure not only streamlines investments but also opens opportunities for existing cryptocurrency holders to transition their holdings into ETFs. This approach sets a new standard for cryptocurrency ETFs globally and underscores Hong Kong's ambition to lead in financial innovations.

彭博 ETF 分析師 Rebecca Sin 表示，這種創新結構不僅簡化了投資，還為現有加密貨幣持有者提供了將其持有的資產轉換為 ETF 的機會。這項做法為全球加密貨幣ETF設立了新標準，並凸顯了香港引領金融創新的雄心。

Strategic Positioning Amidst Changing Digital Asset Landscape

在不斷變化的數位資產格局中的策略定位

The introduction of these ETFs is a calculated move by Hong Kong to bolster its status as a global digital asset hub. With the evolving landscape of digital assets and the increasing recognition of their potential as legitimate financial instruments, Hong Kong is taking a proactive stance in embracing and regulating these new forms of investment.

推出這些ETF是香港為鞏固其全球數位資產中心地位而精心策劃的舉措。隨著數位資產格局的不斷發展以及人們日益認識到其作為合法金融工具的潛力，香港正在採取積極主動的立場來接受和監管這些新的投資形式。

Market Projections and Challenges

市場預測與挑戰

While the launch of Hong Kong's spot Bitcoin and Ether ETFs is a significant step forward, market analyst Eric Balchunas from Bloomberg anticipates a relatively modest inflow of assets into these ETFs compared to similar products in the United States. Initial estimates suggest that the ETFs could attract around $1 billion in assets under management within the first year or two of trading. This projection is conservative compared to the substantial inflows seen in the U.S., where spot Bitcoin ETFs quickly amassed billions of dollars.

雖然香港推出現貨比特幣和以太幣 ETF 是向前邁出的重要一步，但彭博社的市場分析師 Eric Balchunas 預計，與美國的類似產品相比，流入這些 ETF 的資產相對溫和。初步估計表明，ETF 在交易的頭一兩年內可以吸引約 10 億美元的管理資產。與美國的大量資金流入相比，這項預測是保守的，美國現貨比特幣 ETF 迅速累積了數十億美元。

One factor contributing to this conservative outlook is the restriction on mainland Chinese investors from participating in cryptocurrency-related trades. This limitation could dampen the potential capital inflow into Hong Kong's ETFs. Nonetheless, the strategic launch of these products underlines Hong Kong's commitment to accommodating and regulating new forms of investment in line with global trends.

造成這種保守前景的一個因素是中國大陸投資者參與加密貨幣相關交易的限制。這項限制可能會抑制流入香港 ETF 的潛在資本。儘管如此，這些產品的策略推出突顯了香港致力於根據全球趨勢容納和監管新投資形式的承諾。

A Pivotal Moment for Cryptocurrency Adoption in Asia

亞洲採用加密貨幣的關鍵時刻

The introduction of spot Bitcoin and Ether ETFs by Hong Kong marks a pivotal moment in the adoption of cryptocurrencies as legitimate financial assets in Asia. By facilitating safer and regulated investment avenues for digital currencies, Hong Kong is not only expanding its financial landscape but also setting a benchmark for other markets to follow.

香港推出現貨比特幣和以太幣ETF，標誌著加密貨幣在亞洲成為合法金融資產的關鍵時刻。透過促進更安全、更受監管的數位貨幣投資管道，香港不僅擴大了其金融版圖，也為其他市場樹立了效仿的基準。

This move comes at a time when cryptocurrencies have regained strong market momentum, with Bitcoin recently hitting a new all-time high. The successful integration of these ETFs could further stimulate the market, attracting both local and international investors looking for diversified investment options in a globally recognized financial hub.

此舉正值加密貨幣重新獲得強勁的市場動力之際，比特幣最近創下了歷史新高。這些ETF的成功整合可以進一步刺激市場，吸引在全球公認的金融中心尋找多元化投資選擇的本地和國際投資者。

Hong Kong's Leadership in Digital Asset Innovation

香港在數位資產創新方面處於領先地位

The launch of spot Bitcoin and Ether ETFs is a testament to Hong Kong's leadership in the digital asset space. By embracing innovation and adapting to the changing needs of investors, Hong Kong is positioning itself as a preferred destination for digital asset-related investments and solidifying its status as a global fintech hub.

現貨比特幣和以太幣ETF的推出證明了香港在數位資產領域的領導地位。透過擁抱創新和適應投資者不斷變化的需求，香港正在將自己定位為數位資產相關投資的首選目的地，並鞏固其作為全球金融科技中心的地位。