香港推出现货比特币和以太坊 ETF，彻底改变加密货币格局

香港通过批准现货比特币（BTC）和以太坊（ETH）交易所交易基金（ETF）来拥抱数字资产市场。继美国突破性批准 11 只现货 BTC ETF 后，香港成为 2024 年第二个采取这一步骤的司法管辖区。当地监管机构已批准了三个发行人，包括嘉实基金管理公司、博时基金管理公司和华夏基金管理公司（华夏基金）。

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

香港推出现货比特币和以太坊 ETF，拥抱加密货币中心地位

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.

香港已成为加密货币生态系统的主导力量，批准推出现货比特币（BTC）和以太坊（ETH）交易所交易基金（ETF）。这一突破性举措标志着该地区和全球加密货币市场的一个重要里程碑，巩固了香港促进创新和拥抱数字资产的承诺。

Landmark Approval Following US Precedent

继美国先例之后获得里程碑式的批准

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.

香港批准现货加密 ETF 的决定遵循了美国的做法，美国于 2024 年成为第一个批准此类产品的司法管辖区。美国证券交易委员会 (SEC) 已批准 11 只现货 BTC ETF，激发了投资者的热情，并提供了急需的数字资产监管框架。然而，美国市场尚未批准以太坊 ETF。

Hong Kong's Crypto Ambitions Realized

香港的加密货币雄心实现

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.

香港长期以来一直表示有意成为全球加密货币中心，而现货加密货币 ETF 的批准是实现这一目标的重要一步。当地监管机构已向至少三个当地发行人授予有条件批准，释放了该地区这一新兴资产类别的潜力。

Regulatory Green Light for Spot Trading

监管为现货交易开绿灯

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.

香港证券及期货事务监察委员会（证监会）已有条件批准首批现货 BTC 和 ETH ETF。与基于期货的产品不同，现货 ETF 允许直接拥有标的资产的实物所有权。这种实物支持为投资者提供了更高的透明度、安全性以及在其投资组合中持有实际加密货币的能力。

Strong Institutional Demand

强劲的机构需求

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.

现货加密ETF的批准满足了机构投资者的强烈需求。贝莱德和富达投资最近在美国推出比特币 ETF，资金流入激增，表明成熟投资者对这些产品的兴趣日益增长。

In-Kind Subscriptions and Redemptions

实物认购和赎回

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.

香港的现货加密货币ETF将以实物认购和赎回模式运作。这意味着投资者可以将基础资产换成ETF单位，反之亦然，从而提供更大的灵活性和便利性。相比之下，美国的 ETF 通常采用现金赎回结构。

Heightened Market Activity and Broader Implications

市场活动增强，影响更广泛

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.

现货加密 ETF 的批准引发了市场活动的激增，比特币和以太坊的价格显着上涨。更广泛的加密市场也受益于围绕这一发展的积极情绪。

Uncertain Regulatory Outlook in the US

美国监管前景不确定

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.

尽管香港向前迈出了大胆的一步，但美国的监管环境仍然存在不确定性。美国证券交易委员会尚未批准以太 ETF，待决申请的命运仍不清楚。这种不确定性为香港创造了成为加密货币相关投资首选目的地的机会。

Hong Kong's Limited Market Share

香港市场份额有限

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.

尽管现货加密货币 ETF 获得批准，但与美国相比，香港的加密货币市场仍然相对较小。目前，香港三只基于期货的加密货币 ETF 的总资产约为 1.7 亿美元，仅是美国同类产品规模的一小部分。

Growing Digital Asset Ecosystem in Hong Kong

香港不断发展的数字资产生态系统

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，香港还在探索各种举措来促进其数字资产生态系统的发展。证监会正在考虑申请增加持牌数字资产交易所的数量。该监管机构还在为稳定币、与法定货币挂钩的数字资产制定监管框架。

Hong Kong's Potential as a Crypto Hub

香港作为加密货币中心的潜力

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.

香港对现货加密货币 ETF 的欢迎，加上更广泛的监管举措，使该地区成为全球加密货币市场的潜在领导者。凭借强大的金融基础设施、有利的监管环境以及不断壮大的加密货币爱好者社区，香港完全有能力利用数字资产的变革力量。