2024 年 4 月 15 日，三家基金公司先后通过社交媒体官宣其获得批准发行能投资于现货比特币和现货以太坊的 ETF 金融产品。消息一出立刻引发全球资本市场反应，作为亚洲地区在加密资产金融资本运作上走的最远、最快的香港，以一己之力为加密牛市再添一把火。
On April 15, 2024, three foundations announced, through their social media officers, their approval to issue ETF financial products that could be invested in spot bitcoin and spothouses. The news immediately triggered a global capital market response, serving as the fastest and farthest move in the Asian region on the financial capital of encrypted assets.
今天飒姐团队就从比特币和以太坊现货 ETF 在线香港获批发行对于投资者的意义出发，为大家解析香港的加密政策，进而帮助大家作出更加理性的判断。
Today, the Xiao Xiao Xing team is trying to understand Hong Kong's encryption policy and to help make a more rational judgment by taking into account the significance to investors of the online distribution of Bitcoin and Ether's spot ETF in Hong Kong.
香港比特币 / 以太坊 ETF 的获批背景
Hong Kong Bitcoin/ Etheria ETF approved background
不久前，美国证监会一口气通过了十多家比特币现货 ETF，成为了加密资产市场的一个里程碑事件，如今香港作为亚洲地区加密资产的先行者，同样通过了加密资产 ETF 产品（包括比特币和以太坊）的发行，既为投资者提供了更多的选择，也为传统资本市场和加密世界的进一步融合提供了契机。
Not long ago, the CSRC adopted more than a dozen Bitcoin spot ETFs as a milestone in the crypto-assembly market, and now Hong Kong, as a pioneer of encryption assets in the Asian region, also adopted the release of encrypted assets ETF products, including Bitcoin and Etheria, which offer both more options for investors and opportunities for the further integration of traditional capital markets and the encryption world.
对于香港市民来说，香港比特币 / 以太坊 ETF 意味着当地居民可直接用证券账户，购买现货比特币及以太坊，而不需再在加密资产交易所开户。
For Hong Kong citizens, the Hong Kong Bitcoin/Etheria ETF means that local residents can directly use the securities account to purchase the spot bitcoin and Etheria without having to open their accounts on an encrypted asset exchange.
（一）香港加密资产现货 ETF 发行前已有明确消息披露
(i) The ETF of the encrypted assets of Hong Kong was revealed by clear messages prior to the release of
实际上，关于加密资产 ETF 现货的信息香港 SFC 早在半年前就已经给出了明确的消息。2023 年 12 月 22 日，SFC 就发布了《关于香港证监会授权基金投资虚拟资产的通函》和《有关中介人的虚拟资产相关活动的联合通函》，SFC 在两个通函中明确了关于虚拟资产占比超过 10% 的公募基金产品发行和管理的相关规范，同时在加密资产的认购、赎回、托管、估值等方面也作出了要求。《关于香港证监会授权基金投资虚拟资产的通函》还明确的指出，香港可能批准比特币、以太坊等主流加密资产的现货 ETF，届时用户可以选择用现金或加密资产进行申购和赎回。
In fact, Hong Kong SFC has given clear information about the encrypted assets ETF spot as early as six months ago. On December 22, 2023, the SFC issued a circular on the powers of the CSRC to invest the Fund’s virtual assets and a joint circular on activities related to the intermediary’s virtual assets. In two circulars, the SFC specifies the norms governing the distribution and management of the products of the Fund, which account for more than 10% of the virtual assets, and also the requirements for the identification, redemption, trusteeship, valuation, etc. In the circular on the powers of the CSRC to invest the Fund’s virtual assets, it was also made clear that Hong Kong may approve spot ETFs for the main encrypted assets, such as Bitcoin and Taipan, at which time users may choose to use cash or encrypted assets for purchase and foreclosure.
因此，对于熟悉香港加密资产监管风向的小伙伴们实际上对香港通过比特币和以太坊现货 ETF 的受批并不意外。在加密资产交易所选择方面，根据公开渠道消息，已获批的基金中，两家都选择了 OSL，而另一家则选择与 HashKey 携手前进，可见，OSL 和 HashKey 作为获批允许散户客户交易的持牌加密资产交易平台的巨大优势已经开始展现。值得一提的是，HashKey 旗下的加密资产投资机构 HashKey Capital Limited（简称 "HashKey Capital"）近期刚获得了 SFC 的 9 号牌照升级，已获得专业投资者豁免，可向更大范围内的用户提供服务。
As a result, it is not surprising that small partners who are familiar with Hong Kong’s crypto-associated asset regulatory winds actually receive approval for Hong Kong via Bitcoin and Ether’s spot ETF. In the context of the encryption asset exchange selection, both of the approved funds, according to open sources, have chosen OSL, while the other has chosen to work with HashKey.
（二）我国香港和美国加密资产现货 ETF 有何区别？
(ii) What's the difference between our ETF for encrypted assets in Hong Kong and the United States?
飒姐团队认为，我国香港加密资产现货 ETF 与美国的不同主要有以下两点：
The team believes that the difference between our encrypted assets in Hong Kong and the U.S. E.T.E.F. is mainly the following:
1. 底层资产不同
1. Different assets at the bottom
我国香港地区 SFC 所批准的加密资产 ETF 范围比美国更大，不仅比特币现货 ETF 的交易，还包括了以太坊现货 ETF 的交易。美国在 2024 年 1 月批准的十多支加密资产现货 ETF 中仅包括比特币这一种单一加密资产，目前暂时没有关于其他加密资产 ETF 获批的消息。在之前的分析文章中飒姐团队就已经解释过，美国监管机构对于加密资产始终还是保持着谨慎态度。
The scope of the ETF for encrypted assets approved by our SFC in Hong Kong is larger than that of the United States, not only in Bitcoin, but also in Etheria. The US approved more than ten secure assets in January 2024. The ETF only includes a single encrypted asset, Bitcoin. There is currently no information on the approval of other encrypted assets.
飒姐团队认为，同时批准比特币和以太坊 ETF 对于香港监管机构来说是一个非常巨大的跨越式进步，既是敢为人先的创举，也是对 Web3 行业和加密资产世界的一个重大鼓励。
The team believes that the simultaneous approval of Bitcoin and Etheria ETF is a very significant leap forward for Hong Kong's regulators, both as a bold initiative and as an important incentive for the Web3 industry and the world of encrypted assets.
2. 申赎方式不同
Redemption in different ways .
在申赎方式方面，我国香港地区的 ETF 不仅能使用现金申赎、还能用加密资产来进行直接申赎，简单来说就是可以直接使用比特币或以太坊来直接购买 SEF 资产。与美国的 ETF 相比，此举明显更加 "Web3" 一些。但是飒姐团队提示，具体操作层面，使用加密资产来申赎 ETF 产品必然会受到较为严格的监管，特别是对于大宗加密资产的申赎行为来说，需要遵守香港金融机构的严格 KYC。
In terms of the methods of redemption, the ETF in Hong Kong is not only able to use cash foreclosure, but also encrypted assets for direct redemption, simply by using bitcoin or Tai-Fan for direct purchase of SEF assets. This is clearly more "Web3" than in the United States of America. But Sister-in-law’s team suggests, at the operational level, that the use of encrypted assets for ransom of ETF products is bound to be more strictly regulated, especially in the case of large encoded assets for ransom, by the strict KYC of Hong Kong’s financial institutions.
对于投资者来说，香港加密资产 ETF 意味着什么？
What does the ETF, an encrypted asset of Hong Kong, mean to investors? < strong
飒姐团队主要从香港加密资产 ETF 的优缺点出发，为大家作简要介绍。
The team focused on the advantages and disadvantages of ETF, an encrypted asset in Hong Kong, to brief you.
（一）香港加密资产 ETF 的优点
1. 投资技术门槛低。香港加密资产现货 ETF 可以直接在香港证券交易所以类似交易传统证券的方式进行交易，而无需再在香港的各大加密资产交易平台上进行较为复杂的注册和 KYC。此举大大降低了加密资产交易的技术门槛，同时，传统的证券交易所由于资本体量的问题，比大多数现有的加密资产交易平台的流动性更高，相关监管措施也更为完善。
This significantly reduces the technical threshold for cryptographic asset transactions, while traditional stock exchanges are more mobile than most existing encrypted asset trading platforms and have better controls.
2. 加密资产的安全性相对更高。简单来说，买加密资产现货 ETF 不需要实际的持有和存储比特币、以太坊等资产，投资者再也不用担心自己存储的加密货币私钥丢失等情况发生（飒姐团队服务的某客户就曾发生过因存储不当而导致大量比特币私钥丢失的情况）。
2. Encrypted assets are relatively secure. Simply put, the purchase of encrypt assets on-the-shelf ETFs does not require actual possession and storage of assets such as Bitcoin, Etheria, etc., and investors no longer have to worry about the loss of their own secure currency private keys (a customer served by sister-in-law's team had a significant loss of Bitcoin private keys due to improper storage).
3. 税务优惠。从比较现实的层面来说，投资加密资产现货 ETF 在特定的情况下还能够取得一定的税收优惠。具体来说，目前加密资产现货的法律性质为 " 证券 " 是较为确定的，但其他司法管辖区（特别是已经开始或酝酿开始要对加密资产征税的司法管辖区）存在将比特币、以太坊等加密货币视为 " 财产 " 的情况。在我国香港地区同意直接以加密货币购买现货加密资产 ETF 的情况下，可以通过将加密资产置换为现货 ETF 的方式，规避高额财产税。另外，假设底层加密资产牛市能够持续较长时间，还能够享受到各个司法管辖区鼓励长期持有证券的低税优惠政策。
3. Tax benefits. At a more realistic level, the ETF for investment in encrypted assets is also able to obtain a certain tax benefit under certain circumstances. In particular, the current legal nature of encrypted assets as " securities " is more certain, but other jurisdictions (in particular jurisdictions that have begun or are about to start taxing encrypted assets) have a situation in which the encrypt currency of Bitco and Taipan are treated as " property ". Where our Hong Kong area agrees to purchase the encrypted assets directly in encrypted currency, it is possible to avoid high property taxes by swapping encrypted assets into spot ETFs.
（二）加密资产现货 ETF 的注意点
(ii) Attention to the encrypt asset active ETF
1. 加密资产现货 ETF 不能规避加密资产本身的投资风险。投资者们需要明白的事，加密资产现货 ETF 只是一种投资工具，其并不能隔离加密资产本身的投资风险。当然，加密资产 ETF 本身是投资组合，多种投资标的可以摊薄加密资产的风险，但风险永远存在。
1. Encrypted assets are off-the-shelf ETFs. Investors need to understand that encrypted assets on-the-shelf ETFs are only an investment tool that does not isolate the investment risks of encrypted assets themselves.
2. 投资时间差。加密资产 ETF 不是加密资产本身，而是通过跟踪和锚定底层加密资产价格而动态波动的一种投资品。那么这就存在一个投资时间差的风险，换言之，如果加密资产 ETF 本身不能非常及时的锚定住加密资产的价格，那么很有可能发生 ETF 与加密资产短暂脱钩的情况，导致投资者们在 " 币圈一天人间一年 " 的加密生态下措施投资机会。
2. The investment time lags. The encrypted asset ETF is not an encrypted asset per se, but an investment subject to dynamic fluctuations by tracking and anchoring the price of the underlying encrypted asset. There is a risk that the investment time lags, in other words, if the encrypted asset ETF itself cannot anchor the price of the encrypted asset in a very timely manner, it is likely that the ETF will be temporarily decoupled from the encrypted asset, leading to investment opportunities for investors in the " one-day-a-lifetime " of the encrypted ecology.
写在最后
总之，ETF 的获批对于香港加密资产市场而言是一件具有历史意义的大事，其意味着香港切实地履行了 " 拥抱加密资产 " 的承诺，向着加密资产金融中心又迈进了一步；对于投资者们来说，ETF 降低了香港投资者投资加密资产的技术门槛，这种安全性更高且存在更大税务优惠的投资方式，从长远角度看也更符合相关投资者的利益；而对于传统资本市场来说，在我国经济发展承压的当下，加密资产这种新兴投资品的优势，也足以吸引部分资金向其投去青睐的目光。
In short, the approval of the ETF was a historic event for Hong Kong's cryptographic asset market, which meant that Hong Kong had effectively fulfilled its promise to " embrace encrypted assets " and had taken another step towards an encrypted asset financial centre; for investors, the ETF had lowered the technical threshold for Hong Kong investors to invest in encrypted assets, a more secure and tax-concessioned form of investment that would be more in the interest of the investors concerned in the long run; and, for traditional capital markets, the advantage of the new investment product of encryption assets, which was now under pressure from our economic development, was enough to attract some of the funds into its favour.
就目前来看，只要资金在港即可以直接购买加密资产现货 ETF，但受限于法律规定，我国券商暂时还无法直接接触该产品。虽没有明确的规范指引，但参照香港此前一贯的政策，我国大陆地区的居民亦可能依然无法直接购买。当然，本次 ETF 的获批还只是这一里程碑产品的启航，其后续发展如何让我们在未来拭目以待。
For the time being, as long as funds are available in Hong Kong, it is possible to purchase the encrypted asset ETFs directly, but by law, our voucher dealers are temporarily unable to access the product directly. While there is no clear regulatory guidance, the residents of our mainland region may still not be able to purchase them directly, in line with Hong Kong’s previous policy.
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