三家香港比特币/以太坊ETF获批对投资者有何重大影响?

币圈资讯 阅读:34 2024-04-22 03:06:21 评论:0
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作者:肖飒团队;来源:肖飒lawyer

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。

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。

01 香港比特币/以太坊ETF的获批背景

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。

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。

(一)香港加密资产现货ETF发行前已有明确消息披露

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。

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。

(二)我国香港和美国加密资产现货ETF有何区别?

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:

1.底层资产不同

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。

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。

2.申赎方式不同

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。

02 对于投资者来说,香港加密资产ETF意味着什么?

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。

(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。

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)。

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。

(二)加密资产现货ETF的注意点

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。

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。

03 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。

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。


Author Xiao Sa Team Source Xiao Sa On March, three fund companies successively announced through social media officials that they were approved to issue financial products that can be invested in spot bitcoin and spot ethereum. The news immediately triggered a global capital market reaction. As the farthest and fastest in the operation of encrypted assets and financial capital in Asia, Hong Kong added a fire to the encrypted bull market by itself. Today, Sister Sa's team started from the approval of bitcoin and ethereum spot online in Hong Kong, which is of great significance to investors. Economists analyze Hong Kong's encryption policy to help you make a more rational judgment. The background of the approval of Bitcoin Ethereum in Hong Kong not long ago, the US Securities Regulatory Commission passed more than a dozen bitcoins in one breath, which became a milestone in the encrypted asset market. Now Hong Kong, as a pioneer of encrypted assets in Asia, has also passed the issuance of encrypted asset products, including Bitcoin and Ethereum, which not only provides investors with more choices, but also provides further integration between the traditional capital market and the encrypted world. For Hong Kong citizens, Hong Kong Bitcoin Ethereum means that local residents can directly purchase spot bitcoin and Ethereum with their securities accounts without opening an account in the Cryptographic Assets Exchange. There was a clear message before the spot issuance of Hong Kong Cryptographic Assets. In fact, Hong Kong had given a clear message about the spot of cryptographical assets as early as six months ago, and issued a circular on the authorization of the Hong Kong Securities Regulatory Commission to invest in virtual assets and the virtual assets of relevant intermediaries. In the two circulars, the relevant regulations on the issuance and management of Public Offering of Fund products, which account for more than virtual assets, are clarified. At the same time, requirements are also made on the subscription, redemption and custody valuation of encrypted assets. The circular on the authorization of the Hong Kong Securities Regulatory Commission to invest in virtual assets also clearly points out that Hong Kong may approve the spot of mainstream encrypted assets such as Bitcoin Ethereum. At that time, users can choose to purchase and redeem encrypted assets in cash. Therefore, for those familiar with Hong Kong encrypted assets, In fact, the small partners who are in the regulatory trend are not surprised that Hong Kong has been approved by Bitcoin and Ethereum spot. In terms of the selection of encrypted asset exchanges, two of the funds that have been approved according to public sources have chosen, while the other one has chosen to go hand in hand. It can be seen that the great advantages of being a licensed encrypted asset trading platform that has been approved to allow retail customers to trade have begun to show. It is worth mentioning that its encrypted asset investment institution has recently obtained the license upgrade. Industry investor exemption can provide services to a wider range of users. Second, what is the difference between the spot of encrypted assets in Hong Kong and the United States? Sister Sa believes that there are two main differences between the spot of encrypted assets in Hong Kong and the United States. The underlying assets are different. The range of encrypted assets approved in Hong Kong is larger than that in the United States, including not only the spot transactions of Bitcoin, but also the spot transactions of Ethereum. The spot of more than ten encrypted assets approved by the United States in June only includes Bitcoin, a single encrypted asset. Currently, There is no news about the approval of other encrypted assets for the time being. In the previous analysis article, Sister Sa's team has explained that American regulators have always maintained a cautious attitude towards encrypted assets. Sister Sa's team believes that the simultaneous approval of Bitcoin and Ethereum is a very great leap forward for Hong Kong regulators, which is not only a pioneering initiative that dares to be the first, but also a major encouragement to the industry and the encrypted asset world. The different ways of applying for redemption can not only make Hong Kong, China. In short, you can use bitcoin or Ethereum to directly purchase assets, which is obviously more obvious than that in the United States. However, Sister Sa's team suggested that the use of encrypted assets to apply for redemption products at the specific operational level will inevitably be subject to stricter supervision, especially for the application of large encrypted assets, it is necessary to abide by the strictness of financial institutions in Hong Kong. What does it mean for investors to use encrypted assets in Hong Kong? From the advantages and disadvantages of Hong Kong's encrypted assets, this paper briefly introduces the advantages of Hong Kong's encrypted assets. The investment technology threshold of Hong Kong's encrypted assets is low. The spot of Hong Kong's encrypted assets can be traded directly on the Hong Kong Stock Exchange in a way similar to traditional securities trading, without the need for complicated registration on the major encrypted assets trading platforms in Hong Kong. This greatly reduces the technical threshold of encrypted assets trading. At the same time, the traditional stock exchange is more than most existing encrypted assets due to the problem of capital volume. The trading platform is more mobile, and the relevant regulatory measures are more perfect. The security of encrypted assets is relatively higher. Simply put, it is not necessary to actually hold and store assets such as Bitcoin Ethereum to buy encrypted assets. Investors no longer have to worry about the loss of the private key of their stored encrypted currency. A customer served by Sister Sa's team has experienced a large number of lost private keys of Bitcoin due to improper storage. Tax incentives are more practical to invest in the spot of encrypted assets in a specific way. However, in other jurisdictions, especially those that have started or are planning to start taxing encrypted assets, cryptocurrencies such as Bitcoin and Ethereum are regarded as property. In the case that Hong Kong agrees to directly purchase spot encrypted assets with cryptocurrencies, high property taxes can be avoided by replacing them with cash. Assuming that the bull market of the underlying encrypted assets can last for a long time, you can also enjoy the low tax preferential policies in various jurisdictions to encourage long-term holding of securities. 2. Notes on the spot of encrypted assets. The spot of encrypted assets cannot avoid the investment risks of encrypted assets. What investors need to understand is that the spot of encrypted assets is just an investment tool, which cannot isolate the investment risks of encrypted assets. Of course, encrypted assets themselves are investment portfolios, and multiple investment targets can dilute the risks of encrypted assets. There will always be an investment time difference. Encrypted assets are not encrypted assets themselves, but an investment product that fluctuates dynamically by tracking and anchoring the price of the underlying encrypted assets. In other words, if the encrypted assets themselves cannot anchor the price of encrypted assets in time, it is very likely that they will be temporarily decoupled from encrypted assets, which will lead investors to take measures to write investment opportunities at the end. In short, it is a historic event for Hong Kong's encrypted asset market, which means that Hong Kong has effectively fulfilled its embrace. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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