香港批准比特币和以太坊 ETF，开启加密货币投资大门

申请仅三个月后，香港证券及期货事务监察委员会 (SFC) 就批准推出比特币和以太坊现货 ETF，为金融转变奠定了基础，可能吸引超过 14 亿中国人通过香港涉足加密货币投资孔.这种迅速的审批流程反映了香港更加精简的监管环境，使散户投资者能够更快地获得这些资产。

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

香港批准比特币和以太坊现货ETF，开启亚洲加密货币投资新时代

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.

中国香港 - 在首次申请后仅三个月，香港证券及期货事务监察委员会（证监会）就批准推出比特币和以太坊现货交易所交易基金（ETF），标志着监管环境的重大转变并为中国加密货币投资的潜在激增铺平道路。

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

监管机构的快速批准凸显了香港支持创新的立场

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.

这些ETF的快速审批流程突显了香港对促进创新和拥抱新兴金融技术的承诺。与美国等其他主要金融中心采取的谨慎态度不同，香港对加密货币采取了更加精简和前瞻性的立场。

Clear Regulatory Framework Facilitates ETF Development

明确的监管框架促进ETF发展

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.

证监会承认比特币和以太坊为非证券，对这些ETF的快速发展起到了关键作用。这种分类使散户投资者更容易接触到这些数字资产，从而为它们纳入 ETF 产品打开了大门。

Partnership with OSL Digital Securities Enhances Market Infrastructure

与 OSL Digital Securities 合作增强市场基础设施

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 是香港首家获得许可和承保的数字资产平台，通过与获得 ETF 批准的三家机构中的两家合作，在这一发展中发挥了至关重要的作用。这种合作伙伴关系提供托管和交易服务，解决常见的市场挑战，例如过高的保证金要求和准确反映比特币的实时价值。

Physical Delivery of ETFs Ensures Compliance and Market Dynamics

ETF 的实物交割确保合规性和市场动态

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与其他司法管辖区提供的ETF不同，香港的ETF允许进行相关资产的实物交割。此功能得到持牌交易所和金融机构必须遵守的严格反洗钱 (AML) 和了解您的客户 (KYC) 法规的支持。这种严格的监管环境确保实物交易的安全处理，使香港能够提供比其他地方普遍的现金结构更灵活的投资模式。

Provisional Approval Indicates Further Procedural Hurdles

临时批准表明存在进一步的程序障碍

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.

尽管监管方面取得了积极进展，但这些 ETF 的批准仍是临时性的，这表明仍需克服某些程序障碍。其中包括与客户的最终认购安排以及向香港证券交易所提交详细信息。然而，市场参与者预计这些步骤将在不对批准文件进行任何重大修改的情况下完成。

Mainland Chinese Investment Outlook Remains Uncertain

中国内地投资前景仍不明朗

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.

中国大陆投资者是否能够通过南向渠道购买这些ETF的问题仍然没有答案。初步迹象表明，鉴于中国大陆对资本外流的严格控制，重点将是离岸基金。

Potential for Expansion and Innovation in Cryptocurrency-Based Financial Instruments

基于加密货币的金融工具的扩展和创新潜力

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.

证监会对市场的积极探索表明，未来可能会将更多加密货币纳入 ETF 框架中。这一发展将建立在围绕比特币和以太坊已经形成的强烈共识之上，多年来当地投资者一直在积极交易比特币和以太坊。更具结构性和杠杆化产品的潜力也即将显现，这表明香港基于加密货币的金融工具正处于充满希望的增长阶段。

Conclusion

结论

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.

香港拥抱加密货币ETF的大胆举措使该城市成为亚洲领先的数字资产投资中心。迅速的监管批准，加上该市明确的监管框架和强大的金融基础设施，为这一新兴资产类别的增长提供了肥沃的环境。随着市场的不断成熟和监管的不断发展，香港将在塑造全球加密货币投资的未来方面发挥关键作用。