香港推出现货比特币和以太币ETF，成为全球金融科技领导者

香港有望成为亚洲第一个将加密货币产品纳入其主流投资产品的主要金融中心。 4 月 30 日，该市将推出现货比特币和以太币交易所交易基金 (ETF)，由华夏基金和嘉实基金等知名资产管理公司管理。证券及期货事务监察委员会的这一战略举措旨在将香港打造为全球数字资产中心，吸引那些寻求投资但没有直接所有权的加密货币的投资者。

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

香港推出现货比特币和以太币ETF，成为全球金融科技中心

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.

香港有望于 2024 年 4 月 30 日成为亚洲首个引入现货比特币和以太币交易所交易基金 (ETF) 的突破性举措。这一进展标志着全球采用加密货币和头寸的关键时刻香港是蓬勃发展的数字资产市场的领导者。

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.

这些 ETF 的推出将使投资者能够猜测比特币和以太币这两种最著名的加密货币的价格走势，而无需直接拥有所有权。这在便利性和安全性方面提供了显着的优势，因为投资者可以参与加密货币市场，而无需承担与直接加密货币交易相关的技术复杂性和潜在风险。

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.

香港证券及期货事务监察委员会（证监会）已批准六只 ETF，其中三只为比特币，三只为以太坊，将由华夏基金、嘉实基金、博时基金等领先资产管理公司管理，并与散列键。

Differentiating Factors from U.S. Crypto ETFs

与美国加密货币 ETF 的区别因素

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.

香港的现货比特币和以太币ETF在创建过程上与美国的ETF有所不同。与以“纯现金”模式运作的美国ETF不同，香港ETF采用“实物”创建流程。这种方法允许直接存入和提取比特币和以太币以换取 ETF 份额，从而简化了交易流程并可能降低投资者的成本。

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 分析师 Rebecca Sin 表示，这种创新结构不仅简化了投资，还为现有加密货币持有者提供了将其持有的资产转换为 ETF 的机会。这一做法为全球加密货币ETF设立了新标准，并凸显了香港引领金融创新的雄心。

Strategic Positioning Amidst Changing Digital Asset Landscape

不断变化的数字资产格局中的战略定位

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.

推出这些ETF是香港为巩固其全球数字资产中心地位而精心策划的举措。随着数字资产格局的不断发展以及人们日益认识到其作为合法金融工具的潜力，香港正在采取积极主动的立场来接受和监管这些新的投资形式。

Market Projections and Challenges

市场预测和挑战

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.

虽然香港推出现货比特币和以太币 ETF 是向前迈出的重要一步，但彭博社的市场分析师 Eric Balchunas 预计，与美国的类似产品相比，流入这些 ETF 的资产相对温和。初步估计表明，ETF 在交易的头一两年内可以吸引约 10 亿美元的管理资产。与美国的大量资金流入相比，这一预测是保守的，美国现货比特币 ETF 迅速积累了数十亿美元。

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.

造成这种保守前景的一个因素是中国大陆投资者参与加密货币相关交易的限制。这一限制可能会抑制流入香港 ETF 的潜在资本。尽管如此，这些产品的战略推出突显了香港致力于根据全球趋势容纳和监管新投资形式的承诺。

A Pivotal Moment for Cryptocurrency Adoption in Asia

亚洲采用加密货币的关键时刻

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.

香港推出现货比特币和以太币ETF，标志着加密货币在亚洲成为合法金融资产的关键时刻。通过促进更安全、更受监管的数字货币投资渠道，香港不仅扩大了其金融版图，还为其他市场树立了效仿的基准。

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.

此举正值加密货币重新获得强劲的市场动力之际，比特币最近创下了历史新高。这些ETF的成功整合可以进一步刺激市场，吸引在全球公认的金融中心寻找多元化投资选择的本地和国际投资者。

Hong Kong's Leadership in Digital Asset Innovation

香港在数字资产创新方面处于领先地位

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.

现货比特币和以太币ETF的推出证明了香港在数字资产领域的领导地位。通过拥抱创新和适应投资者不断变化的需求，香港正在将自己定位为数字资产相关投资的首选目的地，并巩固其作为全球金融科技中心的地位。