Harvest International became the first institution to submit an application for bitcoin spot to the Hong Kong Securities Regulatory Commission. As early as last year, the Hong Kong Securities Regulatory Commission issued a circular on the investment of virtual assets by the fund approved by the CSRC, clearly indicating that it was prepared to accept the application for the approval of virtual assets spot. The development of the US bitcoin spot on the other side of the Pacific Ocean after it was approved for listing has a good reference for Hong Kong. However, due to the continuous selling of bitcoin in gray scale, the US bitcoin spot was not given after listing. The market brings amazing performance. At this time, does it still make sense for Hong Kong financial companies to enter the bitcoin spot? Choose Central or Wall Street to apply for a variety of redemption methods or make the greatest advantage. Comparing the two places, Hong Kong is superior to the United States in some rules of virtual assets. According to the circular issued by the Hong Kong Securities Regulatory Commission on the investment of virtual assets by funds recognized by the CSRC, bitcoin spot can be subscribed and redeemed in both physical and cash. After that, it is said that redemption can be applied for, although various applicants in the United States in the early application form. It is written that both physical and cash methods are allowed to apply for redemption, but based on the consideration of risks, each family finally revised the application form into a cash redemption method with less risk. Compared with the way that the US bitcoin spot is limited to cash redemption, according to the contents of the circular currently disclosed by the Hong Kong Securities Regulatory Commission, it is expected that cash and physical redemption methods will become the main advantages of Hong Kong's future bitcoin spot market. Due to the particularity of bitcoin virtual assets, the exchange of physical redemption methods in bitcoin assets will increase. Exchange of custody and transfer bring more challenges. Take subscription as an example. Under the premise of ensuring compliance with local compliance requirements, participating traders should first transfer virtual assets to custody accounts approved and licensed by the CSRC, including virtual asset trading platforms or authorized institutions or their subsidiaries. This is mainly to prevent criminals from converting and cleaning bitcoin through physical redemption, which involves the transfer of assets on the chain. This requires financial institutions and regulatory agencies to also adopt a Different from the traditional market, there are some similarities between on-chain compliance and traditional off-chain compliance, including understanding your customers' anti-money laundering and cross-border compliance. In order to achieve these compliance requirements, it is usually necessary to use compliance technology tools, which are mainly used to confirm the asset risk of the address on the chain and continuously monitor whether there are suspicious transactions in the asset flow. Although the transactions on the address on the chain can not be tampered with, they are clear and transparent and accessible to the public. However, due to its anonymity, many institutions are discouraged in compliance. In order to cope with this anonymity, one feasible solution is to compare the address with high-risk addresses marked as sanctions against money laundering and fishing to determine whether the address on the chain involves high-risk transactions. Because of this, having a rich and comprehensive address tag library has become one of the important criteria for financial institutions and regulators to choose compliance technology tools. In the aspect of continuously monitoring asset flows, financial institutions are choosing compliance. When selecting technology tools, we need to consider the response speed of compliance technology in continuous risk monitoring in addition to selecting compliance technology tools with a large amount of data and a comprehensive address tag library with rich tag dimensions. Once the compliance technology tools screen out suspicious transactions, for example, we can conduct risk monitoring within millisecond level and quickly carry out subsequent operations to judge the risk level, and take risk control measures according to this level, such as freezing accounts or rejecting transactions, for example, bitcoin spot from issuance to transaction compliance department. Technical assistance is simple and illustrated. This is a rough flow chart. It is a more rigorous practice for intermediaries to meet the requirements of compliance technology. What qualifications do custodians need under the way of physical redemption? Now Hong Kong has approved futures bitcoin. At present, there are two listed products, Southern Dongying Bitcoin Futures and Samsung Bitcoin Futures, and their assets are relatively small, each of which is less than 100 million US dollars. The trustees of these two funds are all trust services for HSBC institutions. It is worth mentioning that HSBC is Asia Limited. It is the first bank in Hong Kong that allows customers to buy and sell virtual assets listed on the Hong Kong Stock Exchange, and it was launched in the middle of last year. The requirements for the custody of virtual assets investors' education center and futures are different only in cash. The difficulty in spot custody is that the custodian institution needs to be responsible for bitcoin custody, and the trustee of the virtual assets fund authorized by the circular on investment in virtual assets approved by the CSRC can only entrust the virtual assets custody function to the licensed virtual assets service. Business or financial institutions or local subsidiaries that meet the published standards for virtual assets custody are excerpted from the circular on the investment in virtual assets by funds approved by the CSRC. That is to say, judging from the current development of financial institutions and virtual assets service providers in Hong Kong, the mutual cooperation between financial institutions and licensees will be the key to the success of bitcoin spot, and so will the United States. Take Gray Scale and BlackRock, which are the top two in terms of scale, as examples. Both parties have chosen Bank of New York Mellon as the virtual asset custodian and cash custodian respectively, and adopted the form of separate custody of virtual assets and legal tender. Basic information of Gray Scale: At present, many companies in Hong Kong are actively applying for relevant licenses, which indicates that there will be many fund companies to choose from in the future, thus avoiding the single-point risk of choosing only one custodian similar to many American bitcoins. Gray Scale is just an example. Hong Kong won't repeat the same mistakes. Since the US approved the bitcoin spot, one of the topics that people are most concerned about is the continuous huge selling of gray scale. However, there is no bitcoin trust as large as gray scale in the Hong Kong market at present. Therefore, even if the bitcoin trust in the Hong Kong market turns and starts to be redeemed, it is unlikely that such a large-scale selling situation will occur. However, even if the gray scale continues to sell, the overall bitcoin spot in the United States will flow in and out, and there is still a net inflow as of Ou Ke this morning. According to the statistics of Cloud Chain Research Institute, it is about US$ 100 million. Specifically, only one gray scale is continuously flowing out, while other funds are flowing in. There are two main reasons for the continuous gray scale selling. First, compared with other fund companies, the gray scale has the highest management fee, which means that investors who buy US$ 10,000 and have the same scale will save US$ 10,000. Second, the gray scale is different from other newly issued bitcoins. It operates by converting the trust into cash, which enables investors who bought at a discount before to arbitrage and sell at a higher price without redemption and repurchase. 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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