香港加密货币 ETF 推出首日有望破纪录

华夏基金（香港）（简称华夏基金）预计其即将推出的香港现货比特币和以太币ETF将获得大量初始认购。该高管认为，认购量将超过美国的认购量。这种乐观情绪源于香港较高的种子资金、实物认购和监管透明度等优势。此外，实物认购和赎回的可用性预计将吸引投资者。

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

香港推出加密货币 ETF 有望破纪录

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.

周二，备受期待的现货比特币和以太坊 ETF 在香港推出，行业专家对它们前所未有的成功表达了极大的信心，预计认购量将超过美国同行的惊人流入量。

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.

其中一只ETF的发行人华夏基金（香港）数字资产管理及家族财富主管朱浩康坚信，香港虚拟资产现货ETF首发上市规模将突破125美元10 只美国比特币现货 ETF 在 2024 年 1 月首日交易中筹集了 100 万美元。人们普遍预计华夏基金的华夏 ETF 将成为香港市场三个参与者中最大的发行人。

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.

加密货币交易所 OSL ETF 和托管业务主管 Wayne Huang 与 Zhu 的乐观情绪相得益彰，他亲自证实了投资者对香港 ETF 推出的非凡热情。黄表示，OSL 平台上的交易量已远远超过美国比特币现货 ETF 成立当天的资金流入量。

Distinctive Features of Hong Kong's Crypto ETFs

香港加密货币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.

朱浩康强调了香港现货中国比特币和以太坊 ETF 与美国同类产品和市场上其他 ETF 的几个关键区别。

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

实物申购和赎回：与美国现货比特币ETF不同，香港ETF允许实物申购和赎回，为投资者提供更大的灵活性。 多种货币柜台和非上市股票：华夏香港现货ETF在提供港元柜台方面是独一无二的、美元和人民币。此外，它还具有非上市股票的特点，为投资者提供了增强的交易选择。 全球投资者参与

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，香港虚拟资产现货ETF已引起全球投资者的浓厚兴趣。朱浩康将这种全球吸引力归因于以下几个因素：

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

实物认购：通过实物认购以实际加密货币购买 ETF 的能力吸引了新加坡和中东等 ETF 尚未发行的地区的比特币矿工和投资者。 亚洲交易时间：香港 ETF 在亚洲交易时间内的可用性为寻求利用市场走势的美国投资者提供了一个有吸引力的切入点。 家族办公室的兴趣：亚洲和海外的家族办公室对香港现货加密 ETF 表现出浓厚的兴趣，认识到它们作为投资组合多元化的潜力。 实物认购过程

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.

黄伟详细阐述了实物认购的具体流程，这是香港ETF市场的开创性举措。投资者必须首先在已升级牌照以处理虚拟资产交易的经纪公司开设账户。然后，代币可以通过经纪公司转移到 OSL，从而促进通过实物认购购买 ETF 股票。

Anti-Money Laundering Measures

反洗钱措施

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 已针对实体订阅实施了强大的反洗钱流程。投资者必须通过经纪公司连接开户，并对用于转账的钱包进行白名单验证。此外，在批准转账之前，还会对用户的私人钱包进行可疑交易筛查。

Mainland Chinese Investor Access

中国大陆投资者准入

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，中国内地投资者不被允许投资香港的加密货币现货ETF。但合格投资者、机构投资者、散户投资者、符合监管要求的国际投资者均可参与。

Implications of Ethereum's Security Status

以太坊安全状况的影响

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.

香港的以太坊现货ETF是全球首个。然而，人们担心如果美国将以太坊归类为证券可能会产生潜在影响。 Wayne Huang 驳斥了这种担忧，强调香港证监会有自己的独立程序来确定虚拟资产是否为证券以及是否有资格进行零售交易。

Future of Cryptocurrency ETFs in Hong Kong

香港加密货币ETF的未来

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.

除了比特币和以太坊之外，香港加密货币 ETF 的未来仍然是一个悬而未决的问题。黄伟解释了增发币上市的流程，包括获取有关其安全状况的法律意见并向证监会提交综合研究报告。目前，只有比特币和以太坊符合 ETF 发行标准，但与委员会正在进行的讨论表明未来可能会扩大规模。

Impact on Cryptocurrency Prices

对加密货币价格的影响

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货币ETF将对加密货币价格产生积极影响。他列举了流动性增加、行业合规加速、融资渠道扩大、套利机会以及传统市场交易因素对加密货币市场的影响等因素。

Competitive Landscape and Fee Structure

竞争格局和费用结构

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.

华夏基金的ETF费用引发了对其竞争力的质疑。不过，朱浩康强调，他们的费用结构符合在香港上市的主题型和复杂ETF的行业标准。他强调了他们产品的独特优势，包括灵活的交易选择和强大的风险管理，这证明了费用结构的合理性。

Conclusion

结论

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.

在香港推出现货比特币和以太坊 ETF 有望成为加密货币行业的分水岭。凭借压倒性的投资者热情和明确的监管框架，这些 ETF 预计将为市场注入大量流动性，吸引全球投资者基础，并对加密货币价格产生积极影响。香港ETF的实物申购和赎回等创新功能有望为行业树立新标准，吸引世界各地的关注和采用。