香港批准比特幣和以太幣 ETF，開啟加密貨幣投資大門

申請僅三個月後，香港證券及期貨事務監察委員會 (SFC) 就批准推出比特幣和以太坊現貨 ETF，為金融轉變奠定了基礎，可能吸引超過 14 億中國人通過香港涉足加密貨幣投資孔.這種迅速的審批流程反映了香港更精簡的監管環境，使散戶投資者能夠更快地獲得這些資產。

Hong Kong Approves Bitcoin and Ethereum Spot ETFs, Ushering in a New Era for Cryptocurrency Investments in Asia

香港批准比特幣和以太幣現貨ETF，開啟亞洲加密貨幣投資新時代

Hong Kong, China - Just three months after the initial application, the Hong Kong Securities and Futures Commission (SFC) has granted approval for the launch of Bitcoin and Ethereum spot exchange-traded funds (ETFs), marking a significant shift in the regulatory landscape and paving the way for a potential surge in cryptocurrency investments from China.

中國香港 - 在首次申請後僅三個月，香港證券及期貨事務監察委員會（證監會）就批准推出比特幣和以太坊現貨交易所交易基金（ETF），標誌著監管環境的重大轉變並為中國加密貨幣投資的潛在激增鋪平道路。

Rapid Regulatory Approval Highlights Hong Kong's Pro-Innovation Stance

監管機構的快速批准凸顯了香港支持創新的立場

The swift approval process for these ETFs underscores Hong Kong's commitment to fostering innovation and embracing emerging financial technologies. Unlike the cautious approach adopted by other major financial hubs, such as the United States, Hong Kong has taken a more streamlined and forward-looking stance towards cryptocurrencies.

這些ETF的快速審批流程突顯了香港對促進創新和擁抱新興金融科技的承諾。與美國等其他主要金融中心採取的謹慎態度不同，香港對加密貨幣採取了更精簡和前瞻性的立場。

Clear Regulatory Framework Facilitates ETF Development

明確的監管框架促進ETF發展

The SFC's recognition of Bitcoin and Ethereum as non-securities has played a pivotal role in the rapid development of these ETFs. This classification has allowed these digital assets to be more readily accessible to retail investors, opening the door for their inclusion in ETF products.

證監會承認比特幣和以太坊為非證券，對這些ETF的快速發展起了關鍵作用。這種分類使散戶投資者更容易接觸到這些數位資產，從而為它們納入 ETF 產品打開了大門。

Partnership with OSL Digital Securities Enhances Market Infrastructure

與 OSL Digital Securities 合作增強市場基礎設施

OSL Digital Securities Limited, the first licensed and insured digital asset platform in Hong Kong, has played a crucial role in this development by partnering with two of the three institutions granted ETF approvals. This partnership provides custody and trading services, addressing common market challenges such as excessive margin requirements and the accurate reflection of Bitcoin's real-time value.

OSL Digital Securities Limited 是香港首家獲得許可和承保的數位資產平台，透過與獲得 ETF 批准的三個機構中的兩家合作，在這一發展中發揮了至關重要的作用。這種合作夥伴關係提供託管和交易服務，解決常見的市場挑戰，例如過高的保證金要求和準確反映比特幣的即時價值。

Physical Delivery of ETFs Ensures Compliance and Market Dynamics

ETF 的實物交割確保合規性和市場動態

Hong Kong's ETFs differ from those offered in other jurisdictions by allowing physical delivery of the underlying assets. This feature is supported by robust Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations that licensed exchanges and financial institutions must adhere to. This stringent regulatory environment ensures the safe and secure handling of physical transactions, enabling Hong Kong to offer more flexible investment models compared to the cash-based structures prevalent elsewhere.

香港的ETF與其他司法管轄區提供的ETF不同，香港的ETF允許相關資產的實物交割。此功能得到持牌交易所和金融機構必須遵守的嚴格反洗錢 (AML) 和了解您的客戶 (KYC) 法規的支援。這種嚴格的監管環境確保實體交易的安全處理，使香港能夠提供比其他地方普遍的現金結構更靈活的投資模式。

Provisional Approval Indicates Further Procedural Hurdles

臨時批准表明存在進一步的程序障礙

Despite the positive regulatory development, the approvals for these ETFs are provisional, indicating that certain procedural hurdles still need to be overcome. These include the final subscription arrangements with clients and the filing of detailed information with the Hong Kong Stock Exchange. However, market participants anticipate that these steps will be completed without any major alterations to the approved documents.

儘管監管方面取得了積極進展，但這些 ETF 的批准仍是臨時性的，這表明仍需克服某些程序障礙。其中包括與客戶的最終認購安排以及向香港證券交易所提交詳細資訊。然而，市場參與者預計這些步驟將在不對批准文件進行任何重大修改的情況下完成。

Mainland Chinese Investment Outlook Remains Uncertain

中國內地投資前景仍不明朗

The question of whether mainland Chinese investors will be able to access these ETFs through southbound channels remains unanswered. Initial indications suggest that the focus will be on offshore funds, given the strict controls on capital outflows from mainland China.

中國大陸投資者是否能夠透過南向管道購買這些ETF的問題仍然沒有答案。初步跡象表明，鑑於中國大陸對資本外流的嚴格控制，重點將是離岸基金。

Potential for Expansion and Innovation in Cryptocurrency-Based Financial Instruments

基於加密貨幣的金融工具的擴展和創新潛力

The SFC's active exploration of the market suggests that additional cryptocurrencies may be included in the ETF framework in the future. This development would build on the already strong consensus around Bitcoin and Ethereum, which have been actively traded by local investors for years. The potential for more structured and leveraged products also looms on the horizon, indicating a promising growth phase for cryptocurrency-based financial instruments in Hong Kong.

證監會對市場的積極探索表明，未來可能會將更多加密貨幣納入 ETF 框架。這項發展將建立在圍繞比特幣和以太坊已經形成的強烈共識之上，多年來當地投資者一直在積極交易比特幣和以太坊。更具結構性和槓桿化產品的潛力也即將顯現，這表明香港基於加密貨幣的金融工具正處於充滿希望的成長階段。

Conclusion

結論

Hong Kong's bold move to embrace cryptocurrency ETFs positions the city as a leading hub for digital asset investments in Asia. The swift regulatory approval, coupled with the city's clear regulatory framework and robust financial infrastructure, provides a fertile environment for the growth of this emerging asset class. As the market continues to mature and regulatory oversight evolves, Hong Kong is poised to play a pivotal role in shaping the future of cryptocurrency investments globally.

香港擁抱加密貨幣ETF的大膽舉措使該城市成為亞洲領先的數位資產投資中心。迅速的監管批准，加上該市明確的監管框架和強大的金融基礎設施，為這一新興資產類別的成長提供了肥沃的環境。隨著市場的不斷成熟和監管的不斷發展，香港將在塑造全球加密貨幣投資的未來方面發揮關鍵作用。