香港推出現貨比特幣和以太幣 ETF，徹底改變加密貨幣格局

香港透過批准現貨比特幣（BTC）和以太坊（ETH）交易所交易基金（ETF）來擁抱數位資產市場。繼美國突破性批准11 只現貨BTC ETF 後，香港成為2024 年第二個採取這一步驟的司法管轄區。華夏基金管理公司（華夏基金）。

Hong Kong Unveils Spot Bitcoin and Ethereum ETFs, Embracing Crypto Hub Status

香港推出現貨比特幣和以太幣 ETF，擁抱加密貨幣中心地位

Hong Kong has emerged as a leading force in the cryptocurrency ecosystem, granting approval for the launch of spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs). This groundbreaking move marks a significant milestone for the region and the global crypto market, solidifying Hong Kong's commitment to fostering innovation and embracing digital assets.

香港已成為加密貨幣生態系統的主導力量，批准推出現貨比特幣（BTC）和以太坊（ETH）交易所交易基金（ETF）。這項突破性舉措標誌著該地區和全球加密貨幣市場的一個重要里程碑，鞏固了香港促進創新和擁抱數位資產的承諾。

Landmark Approval Following US Precedent

繼美國先例之後獲得里程碑式的批准

Hong Kong's decision to approve spot crypto ETFs follows the path forged by the United States, which became the first jurisdiction to greenlight such products in 2024. The US Securities and Exchange Commission (SEC) has approved 11 spot BTC ETFs, fueling investor enthusiasm and providing a much-needed regulatory framework for digital assets. However, the US market is yet to approve an Ethereum ETF.

香港批准現貨加密ETF 的決定遵循了美國的做法，美國於2024 年成為第一個批准此類產品的司法管轄區。熱情，並提供了急需的數位資產監管框架。然而，美國市場尚未批准以太坊 ETF。

Hong Kong's Crypto Ambitions Realized

香港的加密貨幣雄心實現

Hong Kong has long signaled its intention to become a global crypto hub, and the approval of spot crypto ETFs is a major step towards realizing that goal. Local regulators have granted conditional approval to at least three local issuers, unlocking the potential for this nascent asset class in the region.

香港長期以來一直表示有意成為全球加密貨幣中心，現貨加密貨幣 ETF 的批准是實現這一目標的重要一步。當地監管機構已向至少三個當地發行人授予有條件批准，釋放了該地區這一新興資產類別的潛力。

Regulatory Green Light for Spot Trading

監管為現貨交易開綠燈

The Hong Kong Securities and Futures Commission (SFC) has granted conditional approval to the first spot BTC and ETH ETFs. Unlike futures-based products, spot ETFs allow for direct physical ownership of the underlying assets. This physical backing provides investors with increased transparency, security, and the ability to hold the actual cryptocurrency in their portfolio.

香港證券及期貨事務監察委員會（證監會）已有條件批准首批現貨 BTC 和 ETH ETF。與基於期貨的產品不同，現貨 ETF 允許直接擁有標的資產的實體所有權。這種實物支持為投資者提供了更高的透明度、安全性以及在其投資組合中持有實際加密貨幣的能力。

Strong Institutional Demand

強勁的機構需求

The approval of spot crypto ETFs has been met with strong demand from institutional investors. The recent launch of Bitcoin ETFs by BlackRock and Fidelity Investments in the US has seen a surge in inflows, indicating a growing appetite for these products among sophisticated investors.

現貨加密ETF的批准滿足了機構投資者的強烈需求。貝萊德和富達投資最近在美國推出比特幣 ETF，資金流入激增，顯示成熟投資者對這些產品的興趣日益增長。

In-Kind Subscriptions and Redemptions

實物認購和贖回

The spot crypto ETFs in Hong Kong will operate on an in-kind subscription and redemption model. This means that investors can exchange underlying assets for ETF units and vice versa, providing greater flexibility and convenience. In contrast, US-based ETFs typically employ a cash redemption structure.

香港的現貨加密貨幣ETF將以實物認購和贖回模式運作。這意味著投資者可以將基礎資產換成ETF單位，反之亦然，從而提供更大的靈活性和便利性。相較之下，美國的 ETF 通常採用現金贖回結構。

Heightened Market Activity and Broader Implications

市場活動增強，影響更廣泛

The approval of spot crypto ETFs has sparked a surge in market activity, with Bitcoin and Ethereum experiencing notable price increases. The broader crypto market has also benefited from the positive sentiment surrounding this development.

現貨加密 ETF 的批准引發了市場活動的激增，比特幣和以太坊的價格顯著上漲。更廣泛的加密市場也受益於圍繞這一發展的積極情緒。

Uncertain Regulatory Outlook in the US

美國監管前景不確定

While Hong Kong has taken a bold step forward, the regulatory landscape in the US remains uncertain. The SEC has yet to approve an Ether ETF, and the fate of pending applications remains unclear. This uncertainty creates an opportunity for Hong Kong to establish itself as a preferred destination for crypto-related investments.

儘管香港向前邁出了大膽的一步，但美國的監管環境仍然存在不確定性。美國證券交易委員會尚未批准以太 ETF，待決申請的命運仍不清楚。這種不確定性為香港創造了成為加密貨幣相關投資首選目的地的機會。

Hong Kong's Limited Market Share

香港市佔率有限

Despite the approval of spot crypto ETFs, Hong Kong's crypto market remains relatively small compared to the US. The combined assets of the three futures-based crypto ETFs in Hong Kong currently stand at approximately $170 million, a fraction of the size of similar products in the US.

儘管現貨加密貨幣 ETF 獲得批准，但與美國相比，香港的加密貨幣市場仍然相對較小。目前，香港三隻基於期貨的加密貨幣 ETF 的總資產約為 1.7 億美元，僅是美國同類產品規模的一小部分。

Growing Digital Asset Ecosystem in Hong Kong

香港不斷發展的數位資產生態系統

In addition to ETFs, Hong Kong is exploring various initiatives to foster the growth of its digital asset ecosystem. The SFC is considering applications to increase the number of licensed digital asset exchanges. The regulator is also developing a regulatory framework for stablecoins, digital assets pegged to fiat currencies.

除了ETF之外，香港也正在探索各種措施來促進其數位資產生態系統的發展。證監會正在考慮申請增加持牌數位資產交易所的數量。該監管機構也正在為穩定幣、與法定貨幣掛鉤的數位資產制定監管框架。

Hong Kong's Potential as a Crypto Hub

香港作為加密貨幣中心的潛力

Hong Kong's embrace of spot crypto ETFs, coupled with its broader regulatory initiatives, has positioned the region as a potential leader in the global crypto market. With a strong financial infrastructure, a favorable regulatory environment, and a growing community of crypto enthusiasts, Hong Kong is well-placed to capitalize on the transformative power of digital assets.

香港對現貨加密貨幣 ETF 的歡迎，加上更廣泛的監管舉措，使該地區成為全球加密貨幣市場的潛在領導者。憑藉強大的金融基礎設施、有利的監管環境以及不斷成長的加密貨幣愛好者社區，香港完全有能力利用數位資產的變革力量。