投资香港比特币ETF有何条件：将如何纳税？
原文来源：TaxDAO
自美国证券交易委员会于 1 月 10 日批准首批 11 只现货比特币 ETF 上市后，香港金融市场在纳入虚拟资产方面亦有了新进展。日前有消息称，香港证监会正加快审核首只香港比特币现货 ETF，并计划在春节后于港交所上市。
本文将分析香港期货比特币 ETF 监管政策、现有虚拟货币期货 ETF 现状以及香港、新加坡投资比特币期货 ETF 的税务政策，多方呈现当下香港比特币 ETF 发展环境，关注香港对现货比特币 ETF 态度，探讨未来香港加密货币 ETF 的发展趋势。
1. 香港期货比特币 ETF 监管政策
2022 年 10 月 31 日，香港政府发表有关虚拟资产在港发展的政策宣言，阐明政府为在香港发展具有活力的虚拟资产行业和生态系统而订定的政策立场和方针。同时，香港证监会发布关于虚拟资产期货交易所买卖基金（ETF）的通函，考虑授权主要通过期货合约在香港公开发售的交易所买卖基金的（ETF）规定。2023 年 12 月 22 日发布的《有关证监会认可基金投资虚拟资产的通函》取代并更新了《有关虚拟资产期货交易所买卖基金的通函》，文件中具体明确了，虚拟资产占比超过 10% 的公募基金产品，在管理公司、投资虚拟资产代币、对虚拟资产认购和赎回、投资策略、资金托管、现货虚拟资产估值以及服务供应商等方面的相关要求。
1.1 召集发行的条件
①发行人资质：在管理虚拟资产基金（虚拟资产占比超过 10% 基金）的公司方面，管理公司须拥有良好的合规记录，并且公司至少有一名员工拥有管理虚拟资产或者相关产品的经验。管理公司须满足发牌监管机构对虚拟资产管理公司的现有或新增要求，需要持有升级的 9 号牌。即发行公司需要满足《适用于管理投资于虚拟资产的投资组合的持牌发团活注册机构的条款及条件》。
②托管机构：在托管机构方面，香港证监会认可的虚拟资产基金须使用香港证监会认可的虚拟资产平台或金融机构进行虚拟资产托管。相关虚拟资产平台或者金融机构须满足香港金管局对于托管机构的要求。与交易类似，虚拟资产要求第三方独立托管，并且托管商必须是香港持牌交易所或者 HKMA 认可的金融机构及其附属公司，此外还需要满足：
托管账户必须与资管公司的自有账户分开；
大部分资产放置在冷钱包中，少部分放置在热钱包中以供申赎；
私钥安全保管，要求私钥必须保存在香港地区，有效防止外部攻击及适当备份。
③服务提供商：在服务供应商方面，香港证监会要求，虚拟资产基金管理公司应确保所有必要的服务提供商（如基金管理人员、做市商和指数提供商等）须具备香港证监会关于虚拟资产基金运营和服务的相关资质。
④投资策略要求：在期货投资方面，香港证监会指出，管理虚拟资产基金的公司须保证相关虚拟资产期货具有充足的流动性。同时，相关虚拟资产期货的展期成本（roll cost）为可控制的，虚拟资产基金公司应阐述对这些展期成本的管理方法。对于主要采用期货投资策略的基金，香港证监会表示，经证监会授权的虚拟资产基金，应采取主动投资策略，使投资组合具备灵活性（如期货仓位多样化、多个到期日），同时具备展期策略及应对任何市场干扰事件的能力。同时在杠杆式投资方面，香港证监会明确指出，证监会授权的虚拟资产基金不得在基金层面杠杆式投资虚拟资产。
⑤虚拟资产估值：在虚拟资产估值方面，香港证监会指出，对于虚拟资产的估值，获得证监会授权的虚拟资产基金管理公司应采用基于主要交易平台的交易方法（即由能够反映基础现货交易活动的大量份额、信誉良好的供应商发布的基准指数）进行估值。
⑥风险披露和投资者教育：《通函》要求发行方在发行文件和财报中进行各环节的风险披露，同时要求发行方和分销方在推出产品之前进行投资者教育。
⑦审核制：根据《通函》要求，准备发行或者计划将基金总资产价值 10% 或以上投资于虚拟货币的基金，必须事先征询香港证监会意见并获得批准。
1.2 投资者投资的条件
目前香港政府已就加密货币交易立法，在香港领有香港证监局批出牌照的交易所，才可以合法交易加密货币。由于 ETF 并不算是直接购买虚拟货币，在香港目前的法例下，加密货币 ETF 反而被视为基金监管，因此只要是合法于香港证监及港交所上市的加密货币 ETF，均可以经合法渠道购买。
就香港目前的交易方式而言，任何人购买 ETF，都需要购买特定下限的基金单位，而不同入场门槛令会令买卖及成本有异。如三星比特币期货主动型 ETF 的入场门槛为 50 基金单位，而南方东英比特币期货 ETF（3066.HK）的 100 基金单位。同时香港存在投资者限制，根据《联合通函》要求，虚拟资产相关产品的销售必须符合相关司法管辖区的要求，即虚拟资产现货 ETF 禁止向中国内地投资者销售。虚拟资产有关产品并无于中国内地直接或间接向中国内地之法人或自然人发售、出售，或为其利益而发售、出售。中国内地的法人或自然人，在未事先获得中国内地所有必要的政府批准的情况下，不得直接或间接购买比特币 ETF。
2. 香港现有期货比特币 ETF
香港汇丰银行日前已开放以下三项 ETF，三者已在香港交易所获批上市：南方东英比特币期货 ETF、南方东英比特币期货 ETF、三星比特币期货 ETF。
2.1 南方东英比特币期货 ETF
南方东英比特币期货 ETF 为比特币 ETF，是香港第一只比特币期货 ETF，投资追踪对象为美国芝加哥商品交易所上的比特币期货合约，发行方为南方东英资产管理有限公司，于 2022 年 12 月 16 日上市，目前最低入场门槛为 100 基金单位。其资产规模截止至 2024 年 02 月 01 日为 3080 万 USD，份额规模为 1389 万份，每单位资产净值为 2.2175 美元。南方东英比特币期货 ETF 管理费（包括受托人费、托管费及行政费）每年 1.99%，全年经常性开支比率估计为 2.0%。基金涨幅自成立以来 131.00%，近一年来 62.08%，近一个月 1.03%。
2.2 南方东英以太币期货 ETF
南方东英以太币期货 ETF 为以太币 ETF，投资追踪对象为美国芝加哥商品交易所上的以太币期货合约，发行方为南方东英资产管理有限公司，于 2022 年 12 月 16 日上市，目前最低入场门槛为 100 基金单位。其资产规模截止至 2024 年 02 月 01 日为 1209 万 USD，份额规模为 724 万份，每单位资产净值为 1.6709 美元。南方东英以太币期货 ETF 管理费每年 1.99%，全年经常性开支比率估计为 2.0%。基金涨幅自发行以来 71.07%，近一年来 80.16%，近一个月 11.29%。
2.3 三星比特币期货 ETF
三星比特币期货 ETF 为比特币 ETF，投资追踪对象是美国芝加哥商品交易所上的比特币期货合约，发行方为三星资产运用（香港）有限公司，于 2023 年 1 月 13 日上市，目前最低入场门槛为 50 基金单位。其资产规模截止至 2024 年 02 月 01 日为 1014 万美元，份额规模为 475 万份，每单位资产净值为 2.12 美元。南方东英比特币期货 ETF 管理费每年 0.89%，全年经常性开支比率估计为 2.0%。基金自发行以来涨幅 96.70%。
3. 香港和新加坡居民投资比特币 ETF 的税务处理
比特币 ETF 在下层的征税与其他 ETF 大致相同，涉及资本利得税、所得税、预提税，具体征税与其注册地与类型、投资者居住地、投资目标所在管辖区等因素有关。在 ETF 的出售与赎回中，出售是资本利得税事件，而赎回不是应税事件，不需要纳税；同时投资其他国家或地区比特币 ETF 分红会涉及预提税。
3.1 香港居民投资期货比特币 ETF 的税务处理
香港以属地为征收税项的基础，只对来自香港的利润及收入征税。同时香港对公司和个人取得的资本利得均不征税，但出于如果持股期限较短，出售股权的资本利得会被视为交易性质，从而征收利得税。所以当香港居民通过出售比特币 ETF 所获得的价差收入时，一般不需要被征收利得税，同时香港居民在香港获得的比特币 ETF 分红一般不须交税。
香港企业对通过出售比特币 ETF 所获得的价差收入时，被征收利得税。投资者法团首 200 万港元的利得税税率为 8.25%，其后的应评税利润则为 16.5%。至于独资或合伙业务的法团以外人士，两级的利得税税率相应为 7.5% 及 15%。同时企业投资者在投资比特币 ETF 时获得分红一般不须交税。
3.2 新加坡居民投资期货比特币 ETF 的税务处理
新加坡、香港对公司和个人取得的资本利得均不征税。但出于反避税考虑，如果持股期限较短，出售股权的资本利得会被视为经营所得征税，对持股超过 20% 且持股期限超过 24 个月的出售股权利得不征税。同时香港企业向非居民支付的股息无须缴付预提税，因此新加坡居民或企业投资香港比特币 ETF 获得的股息与分红不需要扣除预提税。
在投资者层面，新加坡同样实行领地来源原则，只对在新加坡产生或来源于新加坡的收入征税。然而，新加坡所得税法规定，如果在新加坡域外产生的收入被汇往、传送或带入新加坡，则亦被视为「来源于新加坡」的收入。
个人投资者将投资香港比特币 ETF 的所得汇入新加坡境内，则一般要针对该收入缴纳个人所得税。新加坡 2024 年的个人所得税从 0% 到 24% 不等，具体取决于个人的应税收入。
新加坡居民企业对于海外来源的股息收入有税收豁免，若满足：（1）当在新加坡收到该笔来自海外的收入时，产生该笔收入的海外国家最高的企业税率（标题税率）至少是 15%；（2）该笔收入在海外已经被征税；（3）当局认为免税将对该居民公司有利。
4. 现货比特币 ETF 动态
2022 年香港批准期货型加密货币 ETF，目前有南方东英比特币期货、南方东英以太币期货和三星比特币期货三只上市产品，其资产规模相对较小，每只基金 AUM 均不到 1 亿美元。
2023 年 12 月，香港证监会和香港金融管理局发出通函，表态已准备好接受虚拟资产现货 ETF 的认可申请。这意味着香港正成为亚洲区内第一个允许虚拟资产现货 ETF 上市的市场。
2024 年 1 月 26 日，嘉实基金香港公司已经向香港证监会提交了比特币 ETF 申请，成为香港第一家提交比特币现货 ETF 申请的机构。据媒体报道，香港证监会希望加快第一只香港比特币现货 ETF 的审批，计划春节后，第一只香港现货比特币 ETF 将在港交所挂牌。香港证监会可能沿袭美国的做法，即一次批出好几家的申请。截至目前，除了嘉实基金外，暂未有任何其他机构提交申请，尽管包括南方东英等机构曾多次与香港证监会沟通，但是暂未提交。
随着比特币合规开展和市场成熟度的不断提升，比特币现货 ETF 的推出实现了传统金融市场与虚拟资产市场之间的紧密连接，标志着结构化金融市场向虚拟资产领域敞开了大门，将比特币通过现货 ETF 的形式进行金融产品标准化。比特币现货 ETF 为广大投资者提供了更便捷和规范化的投资方式，同时可以提升市场的有效运作并更有效地进行风险管理和投资者保护。
The original text comes from the fact that Hong Kong's financial market has also made new progress in incorporating virtual assets after the US Securities and Exchange Commission approved the listing of the first batch of spot bitcoins on January. Recently, it was reported that the Hong Kong Securities and Futures Commission is speeding up the examination of the first spot bitcoins in Hong Kong and plans to list them on the Hong Kong Stock Exchange after the Spring Festival. This paper will analyze the regulatory policies of Hong Kong's future bitcoins, the current status of virtual currency futures and the tax policies of Hong Kong and Singapore to invest in bitcoin futures, showing the current concern of the development environment of Bitcoin in Hong Kong. Hong Kong's attitude towards spot bitcoin discusses the future development trend of cryptocurrency in Hong Kong. Hong Kong's regulatory policy on future bitcoin. On April, the Hong Kong government issued a policy declaration on the development of virtual assets in Hong Kong, clarifying the government's policy stance and guidelines for developing a dynamic virtual assets industry and ecosystem in Hong Kong. At the same time, the Hong Kong Securities Regulatory Commission issued a circular on virtual assets futures exchange-traded funds, considering authorizing exchange-traded funds that are mainly sold in Hong Kong through futures contracts. The circular on the investment in virtual assets approved by the CSRC issued on October replaced and updated the circular on the trading of virtual assets in the futures exchange. In the circular document, the requirements for Public Offering of Fund products with more than virtual assets to invest in virtual assets in management companies, to subscribe and redeem virtual assets, to invest in strategies, to fund custody, to evaluate spot virtual assets and to provide service providers were specified. The conditions for the issuer's qualification to convene and issue virtual assets in the management of virtual assets funds were specified. For companies whose assets account for more than the fund, the management company must have a good compliance record, and at least one employee of the company has experience in managing virtual assets or related products. The management company must meet the existing or new requirements of the licensing regulatory agency for virtual asset management companies, hold an upgraded number plate, that is, the issuing company must meet the terms and conditions of the licensed corporate registration agency that is suitable for managing the portfolio invested in virtual assets. The custodian institution is supervised by the Hong Kong Securities Regulatory Commission. The virtual asset fund recognized by the Hong Kong Securities Regulatory Commission must use the virtual asset platform or financial institution recognized by the Hong Kong Securities Regulatory Commission to conduct virtual asset custody. The relevant virtual asset platform or financial institution must meet the requirements of the Hong Kong Monetary Authority for the custodian institution, and the transaction is similar to the virtual asset requirement. The custodian must be a licensed exchange in Hong Kong or an recognized financial institution and its subsidiaries. In addition, it is necessary to ensure that the custody account must be separated from the asset management company's own account, and most of the assets must be placed. A small part of the cold wallet is placed in the hot wallet for the safe custody of the private key. It is required that the private key must be kept in Hong Kong to effectively prevent external attacks and properly back up service providers. As for service providers, the Hong Kong Securities Regulatory Commission requires the virtual asset fund management company to ensure that all necessary service providers, such as fund managers, market makers and index providers, have the relevant qualifications of the Hong Kong Securities Regulatory Commission on the operation and service of virtual asset funds. The investment strategy requirements are fragrant in futures investment. The Hong Kong Securities Regulatory Commission (SFC) pointed out that companies that manage virtual asset funds should ensure that the relevant virtual asset futures have sufficient liquidity, and the extension cost of the relevant virtual asset futures is controllable. Virtual asset fund companies should elaborate the management methods for these extension costs. For funds that mainly adopt futures investment strategies, the SFC said that virtual asset funds authorized by the CSRC should adopt active investment strategies to make their investment portfolios flexible, such as diversified futures positions and multiple maturity dates at the same time. At the same time, in terms of leveraged investment, the Hong Kong Securities Regulatory Commission clearly pointed out that virtual asset funds authorized by the CSRC should not invest in virtual assets at the fund level. In terms of virtual asset valuation, the Hong Kong Securities Regulatory Commission pointed out that virtual asset fund management companies authorized by the CSRC should adopt trading methods based on major trading platforms, that is, a large number of shares that can reflect the basic spot trading activities have a good reputation. A good supplier issues a benchmark index for valuation risk disclosure and investor education. The circular requires the issuer to disclose all aspects of risks in the issuance documents and financial reports, and requires the issuer and distributor to conduct an investor education audit system before launching the products. According to the circular, funds that are prepared to issue or plan to invest in virtual currency with the total asset value of the fund or above must consult the Hong Kong Securities Regulatory Commission in advance and obtain the conditions for approving investors' investment. At present, the Hong Kong government has made encryption. Currency trading legislation Only exchanges licensed by the Hong Kong Securities Regulatory Bureau in Hong Kong can legally trade cryptocurrencies. Because cryptocurrencies are not directly purchased from virtual currencies, they are regarded as fund supervision under the current laws in Hong Kong. Therefore, as long as cryptocurrencies are legally listed on the Hong Kong Securities Regulatory Commission and the Hong Kong Stock Exchange, they can be purchased through legal channels. As far as the current trading methods in Hong Kong are concerned, anyone who purchases them needs to buy a certain minimum fund unit, and different entry threshold orders will lead to trading and costs. For example, the entry threshold of Samsung Bitcoin futures is the fund unit, while the fund unit of Southern Dongying Bitcoin futures is restricted by investors in Hong Kong. According to the joint circular, the sales of virtual assets related products must meet the requirements of relevant jurisdictions, that is, the virtual assets are prohibited from being sold to investors in China, and the products are not sold directly or indirectly to legal persons or natural persons in China or for their benefit in China. A legal person or natural person may not directly or indirectly purchase bitcoin without obtaining all the necessary government approvals in mainland China. Hong Kong's existing bitcoin futures have been opened recently by the Hongkong and Shanghai Banking Corporation. The following three items have been approved for listing on the Hong Kong Stock Exchange: Southern Dongying Bitcoin Futures Southern Dongying Bitcoin Futures Samsung Bitcoin Futures Southern Dongying Bitcoin Futures Southern Dongying Bitcoin Futures is the first bitcoin futures investment in Hong Kong, and the tracking object is the Chicago Commodity Exchange. The issuer of the bitcoin futures contract on E-Exchange is Southern Dongying Asset Management Co., Ltd., which was listed on January. At present, the minimum entry threshold is the fund unit, and its asset size is 10,000 shares as of December. The net asset value of each unit is US dollars. The management fee of Southern Dongying Bitcoin futures, including trustee fees and administrative fees, is estimated to be the annual recurrent expenditure ratio, which is the fund's increase for nearly one month since its establishment. The tracking object of Southern Dongying Ethereum Futures is the ethereum futures contract issuer on the Chicago Mercantile Exchange. 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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