香港首次推出加密货币ETF，瞄准数字资产中心地位

香港将推出一系列加密货币交易所交易基金（ETF），此举与美国市场类似，旨​​在将香港定位为数字资产中心。即将推出的ETF，包括现货比特币和以太坊产品，预计将于4月底开始交易，其需求将表明香港在发展虚拟资产行业方面取得的进展。

Hong Kong Unveils Cryptocurrency Exchange-Traded Funds, Signaling Ambitions as Digital Asset Hub

香港推出加密货币交易所交易基金，彰显其作为数字资产中心的雄心

Hong Kong, striving to establish itself as a leading hub for digital assets, is poised to follow in the footsteps of the United States by introducing a series of cryptocurrency exchange-traded funds (ETFs). The upcoming launches are set to test the appetite for such products in the region and provide insights into the city's progress towards becoming a global center for virtual assets.

香港正努力将自己打造为领先的数字资产中心，准备追随美国的脚步，推出一系列加密货币交易所交易基金（ETF）。即将推出的产品将测试该地区对此类产品的兴趣，并深入了解该城市成为全球虚拟资产中心的进展情况。

Several of China's prominent asset management firms are nearing completion of preparations for the introduction of spot-Bitcoin and Ether ETFs, which are expected to commence trading by the end of April. These launches will inevitably draw comparisons to the surge of three-month-old US Bitcoin ETFs, which have amassed an impressive $56 billion in assets to date.

中国几家知名资产管理公司即将完成推出现货比特币和以太币ETF的准备工作，预计将于4月底开始交易。这些产品的推出不可避免地会与三个月前美国比特币 ETF 的激增进行比较，这些 ETF 迄今为止已积累了令人印象深刻的 560 亿美元资产。

Hong Kong has been actively competing with the likes of Singapore and Dubai for over a year to create a well-regulated environment for the burgeoning virtual asset industry. This move is part of a broader strategy to revitalize the city's reputation as a modern financial center, especially after a crackdown on dissent that has diminished its appeal.

一年多来，香港一直在与新加坡和迪拜等国家积极竞争，为蓬勃发展的虚拟资产行业创造一个良好监管的环境。此举是重振该市作为现代金融中心声誉的更广泛战略的一部分，特别是在镇压异议、削弱其吸引力之后。

The level of demand for the forthcoming ETFs will provide valuable clues regarding Hong Kong's progress in this endeavor. Local wealth parked in the city represents a potential source of demand, as do crypto exchanges and market makers operating in the Asia-Pacific region. Bloomberg Intelligence ETF Analyst Rebecca Sin estimates that the funds could accumulate up to $1 billion in assets under management over a two-year period.

对即将推出的 ETF 的需求水平将为香港在这方面的进展提供宝贵的线索。停放在该城市的当地财富代表了潜在的需求来源，在亚太地区运营的加密货币交易所和做市商也是如此。彭博资讯 ETF 分析师丽贝卡·辛 (Rebecca Sin) 估计，这些基金在两年内管理的资产可能会积累高达 10 亿美元。

Shadow of US Funds

美国基金的影子

However, the US-based Bitcoin funds launched by industry giants such as BlackRock Inc. and Fidelity Investments have already captured substantial global interest and investment. The prospective Hong Kong issuers, including Harvest Global Investments Ltd., the local unit of China Asset Management, and a partnership between HashKey Capital Ltd. and Bosera Asset Management (International) Co., lack comparable name recognition.

然而，贝莱德(BlackRock Inc.)和富达投资(Fidelity Investments)等行业巨头在美国推出的比特币基金已经吸引了全球的大量兴趣和投资。潜在的香港发行人，包括华夏资产管理公司的本地子公司嘉实环球投资有限公司，以及HashKey Capital Ltd.和博时资产管理（国际）有限公司的合作伙伴，都缺乏可比的知名度。

"Hong Kong does not possess the 'BlackRock' effect to rely upon," remarked Roger Li, co-founder of One Satoshi, a chain of stores in Hong Kong offering over-the-counter conversions between cash and crypto. He emphasized the need to moderate expectations for ETF demand in line with the city's relatively smaller financial sector.

One Satoshi 是一家香港连锁店，提供现金和加密货币之间的场外兑换服务，其联合创始人 Roger Li 表示：“香港不具备可以依赖的‘贝莱德’效应。”他强调，需要根据该市规模相对较小的金融业来调节 ETF 需求的预期。

In January, the US Securities & Exchange Commission (SEC) reluctantly approved ETFs investing directly in Bitcoin, the largest digital asset. The agency remains skeptical of cryptocurrencies following a market downturn in 2022, coupled with bankruptcies and high-profile fraud cases. As a result, ETFs for Ether, the second-largest cryptocurrency, face an uphill battle for approval.

一月份，美国证券交易委员会（SEC）勉强批准了直接投资最大数字资产比特币的 ETF。在 2022 年市场低迷、破产和引人注目的欺诈案件发生后，该机构仍然对加密货币持怀疑态度。因此，第二大加密货币以太币的 ETF 面临着一场艰苦的审批之战。

In contrast, Hong Kong has given the initial green light for spot-Bitcoin and Ether funds, according to issuers. Another distinction is that HashKey Capital and Bosera have indicated that the Hong Kong spot-ETFs will feature an in-kind subscription and redemption mechanism, allowing underlying assets to be exchanged for ETF units and vice versa. In contrast, US funds operate on a cash redemption model.

相比之下，据发行人称，香港已为现货比特币和以太基金开了绿灯。另一个区别是，HashKey Capital和博时表示，香港现货ETF将采用实物认购和赎回机制，允许基础资产与ETF单位进行交换，反之亦然。相比之下，美国基金采用现金赎回模式。

Arbitrage Opportunities

套利机会

The in-kind approach "holds particular appeal for crypto enthusiasts, market makers, and digital asset exchanges" because it enhances efficiency and creates arbitrage opportunities, explained Evgeny Gaevoy, co-founder of crypto liquidity provider Wintermute Trading Ltd.

加密货币流动性提供商 Wintermute Trading Ltd 联合创始人 Evgeny Gaevoy 解释说，实物方式“对加密货币爱好者、做市商和数字资产交易所特别有吸引力”，因为它提高了效率并创造了套利机会。

A HashKey spokesperson announced on Wednesday that the Bosera-HashKey Capital spot products will commence trading on April 30th.

HashKey发言人周三宣布，博时-HashKey Capital现货产品将于4月30日开始交易。

Hong Kong has already permitted crypto-futures based ETFs, three of which have listed so far: CSOP Bitcoin Futures, CSOP Ether Futures, and Samsung Bitcoin Futures. These funds have accumulated approximately $175 million in total assets, a fraction of US offerings such as the $2.5 billion ProShares Bitcoin Strategy ETF, which is based on derivatives.

香港已经允许基于加密货币期货的 ETF，其中三个已上市：南方东英比特币期货、南方东英以太期货和三星比特币期货。这些基金已积累了约 1.75 亿美元的总资产，仅占美国产品的一小部分，例如基于衍生品的 25 亿美元的 ProShares 比特币策略 ETF。

"It is crucial to set realistic expectations for the Hong Kong ETF market, especially considering the relatively modest size of the region's existing futures ETFs," Gaevoy cautioned.

Gaevoy 警告说：“为香港 ETF 市场设定切合实际的预期至关重要，特别是考虑到该地区现有期货 ETF 的规模相对较小。”

Beyond approving spot ETFs, officials are reviewing approximately two dozen applications to expand Hong Kong's current roster of two licensed digital asset exchanges. The city is also developing a framework for stablecoins, a type of token pegged 1-1 to fiat currency and typically backed by reserves of cash and bonds.

除了批准现货 ETF 之外，官员们还在审查大约两打申请，以扩大香港目前两家持牌数字资产交易所的名单。该市还在开发稳定币框架，这是一种与法定货币 1-1 挂钩的代币，通常由现金和债券储备支持。

Rally Tailwind

拉力赛顺风

Whether Hong Kong will succeed in establishing itself as a crypto hub remains an open question. The ETF launches undoubtedly benefit from the tailwind of Bitcoin's fourfold increase since the start of last year, including a record high of $73,798 reached last month, fueled in part by inflows into US Bitcoin products.

香港能否成功将自己打造成加密货币中心仍然是一个悬而未决的问题。 ETF的推出无疑受益于比特币自去年初以来四倍上涨的推动力，其中包括上个月创下的73,798美元的历史新高，部分原因是资金流入美国比特币产品。

"I am receiving numerous inquiries from Bitcoin holders" regarding Hong Kong ETFs, said Marco Lim, managing director of crypto hedge fund MaiCapital based in Hong Kong. He expressed surprise at the speed of approvals for the products.

香港加密货币对冲基金 MaiCapital 董事总经理 Marco Lim 表示，“我收到了大量比特币持有者关于香港 ETF 的询问”。他对产品的批准速度表示惊讶。

Digital assets continue to be in high demand in China, despite a mixed outlook for stocks and a weak real estate sector. However, crypto trading remains prohibited on the mainland, driving activity underground. The upcoming fund launches will likely remain beyond the scope of a program that grants Chinese investors access to certain Hong Kong ETFs.

尽管股市前景好坏参半且房地产行业疲软，但中国对数字资产的需求仍然很高。然而，加密货币交易在中国大陆仍然被禁止，导致活动转入地下。即将推出的基金可能仍超出允许中国投资者投资某些香港 ETF 的计划范围。

"It will take time for virtual asset ETF infrastructure to develop," said BI's Sin. "As the ETF ecosystem matures, more players will enter the market, resulting in increased liquidity, improved pricing, tighter spreads, and reduced fees."

BI 的 Sin 表示：“虚拟资产 ETF 基础设施的发展需要时间。” “随着 ETF 生态系统的成熟，更多的参与者将进入市场，从而导致流动性增加、定价改善、价差收窄和费用降低。”