香港或许才是现货比特币ETF的最佳选择

币圈资讯 阅读:40 2024-04-22 11:02:12 评论:0
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作者:比特客;来源:Bitkoala考拉财经

不出意外的话,美国证券交易委员会将在下周三1月10日决定“批准”或“拒绝”现货比特币ETF,虽然不少加密社区用户对本次批复的期望很高,但加密市场上仍有一些不同声音。如果我们做“最坏的打算”,即美国证券交易委员会拒绝现货比特币ETF,提交申请的那些金融巨头们很可能还有另一个选择,那就是:香港。

Koala考拉财经将在本文中做深入分析。

现货比特币ETF若未获批将有何后果?

按照今天1月6日的最新消息,多家现货比特币ETF发行人已经表示预计将在下周二晚些时候或周三收到S-1申请的最终批准。美国证券交易委员会已要求三家比特币ETF发行人进行“微小”调整,预计一些资产管理公司将修改其备案文件以披露其ETF的做市商费用或身份。知情人士称,相关内容更新将于美东时间下周一上午8点(北京时间1月10日晚9点左右)截止并可能在当天公布,美国证券交易委员会发言人表示,该机构不对单独提交的文件发表评论。据悉,其中一家现货比特币ETF发行人的消息人士称美国证券交易委员会对批准现货比特币ETF发行的19b-4规则变更投票拟定于1月10日下周三。

不过从技术上来说美国证券交易委员会仍然可以拒绝这个产品,毕竟该监管机构在过去十年里一直拒绝这种产品,称由于比特币在很大程度上是全球化和去中心化的,因此更容易受到市场操纵的影响。

事实上,加密社区内部已经有人对现货比特币ETF发出了反对声音,比如 非营利组织Better Markets连续向美国证券交易委员会致函,表示反对批准比特币现货ETF,声称如果美国证券交易委员会批准此类产品将是一个历史性错误,将对投资者造成巨大损失。据悉Better Markets首席执行官Dennis Kelleher是反对加密货币的代表性人物,对虚拟资产行业一直持批评态度,称其为“本质上是掠夺性的商业模式”,此外他在2020年美国候任总统乔·拜登的总统过渡团队中共同工作时,与现任枚SEC主席Gary Gensler建立了密切的关系,业内有分析称,他们的关系或将成为比特币现货ETF能否通过的一个变量。

如果由于任何原因现货比特币ETF未获批准,最直接的一个结果就是诉讼,也就是说现货比特币ETF申请人,包括贝莱德、Ark Invest等金融机构将会起诉美国证券交易委员会,而且美国证券交易委员会可能会败诉,因此参照此前灰度安静,法院或将再次裁定其做出决定是“任意且反复无常的”。不过就现阶段而言,美SEC没有正当理由拒绝这些申请,此前在灰度案中已经给出了一切可能的理由来拒绝资产管理公司的申请,但仍然败诉。

然而就算对美国证券交易委员会发起诉讼,面对漫长的审判时间,投资者也将不得不面临巨大损失,包括前期准备申请的监管成本、以及后续的潜在投资收益损失等。那么,如果现货比特币ETF未能获批,投资者们还有其他选择吗?

答案是肯定的,那就是香港。

香港或许才是现货比特币ETF的最佳选择

2023年底,香港证监会宣布已准备好接受虚拟资产现货ETF等基金的认可申请,让香港有望成为亚洲首个接受比特币、以太币等虚拟资产现货ETF上市的市场。

香港交易所也表达了对证监会这一监管表态的支持,港交所证券产品发展主管罗博仁表示,证监会的宣布意味着香港将成为亚洲首个允许虚拟资产现货ETF上市的市场,加强香港作为区域内领先数码资产中心的地位,并支持香港作为亚洲首选ETF市场的持续发展。罗博仁还补充称,港交所已准备好把握主题投资所带来的机遇,将与发行人及各方持份者紧密合作,为香港ETF市场顺利引入这类新产品。港交所致力进一步提升香港作为国际金融中心的吸引力和竞争力,为市场及投资者带来更多元化的选择。

实际上,香港证监会对虚拟资产现货ETF的监管措施比美国证券交易委员会更加清晰,Koala考拉财经罗列出以下四点监管优势:

1、香港证监会认可的现货虚拟资产ETF允许以实物和现金方式认购和赎回。

2、就现金认购和赎回而言,香港证监会认可的现货虚拟资产ETF预计将允许通过证监会许可的虚拟资产交易平台(平台内或平台外)收购和处置现货虚拟资产;

3、对于实物认购,参与交易商 (PD) 应将可能在本地或海外持有的现货虚拟资产转移至证监会认可的现货虚拟资产ETF在证监会许可的 虚拟资产交易平台或认可机构(或其子公司)的托管账户本地成立的认可机构)。对于实物兑换,该过程反之亦然;

4、对于投资现货虚拟资产的ETF,其主要股东应为证监会持牌法团或注册机构并须遵守发牌部门施加的附加条款和条件(如适用)。

具体可参考阅读:《Koala全面解析香港允许虚拟资产现货ETF的重磅影响》

总结

虽然芝加哥商品交易所早就上市了比特币期货ETF,香港也有南方东英推出的期货ETF,但就现阶段而言,现货比特币ETF才是整个加密货币市场最关注的一款产品,因为绝大多数公募基金都不太涉足期货,投资列表里也不能加上比特币 这种高风险资产的选项,但现货ETF不一样,无论是公募、私募基金,现货ETF都是常规投资标的。

如果美国市场不放开现货比特币ETF,香港绝对是一个绝佳落地选择,我们知道,港交所市场规模近5万亿美元,诸多在港大型资管机构AUM达数千亿美金,在香港证监会极力发展Web3的背景下,投资比特币现货 ETF 将成为资管机构的一个重要选项,百亿美元级别的资金可能将陆续涌入其中。

预计数年之后,全球数千亿美元的资金将注入 现货比特币ETF,当前 BTC价格基本上在4.5万美元区间徘徊,市场流通盘依然非常有限,如果现货比特币 ETF能在香港落地,或将进一步推动加密货币、甚至整个Web3市场加速发展。


The author Bitke comes from Koala Finance. If nothing unexpected happens, the US Securities and Exchange Commission will decide to approve or reject the spot bitcoin on March 21 next week. Although many users in the encryption community have high expectations for this reply, there are still some different voices in the encryption market. If we prepare for the worst, that is, those financial giants who are rejected by the US Securities and Exchange Commission will probably have another choice, that is, Hong Kong Koala Finance will make an in-depth analysis of the spot bitcoin in this article. What will happen if the currency is not approved? According to the latest news today, a number of spot bitcoin issuers have indicated that they expect to receive the final approval of the application later next Tuesday or Wednesday. The US Securities and Exchange Commission has asked three bitcoin issuers to make minor adjustments. It is expected that some asset management companies will modify their filing documents to disclose their market-making fees or identities. People familiar with the matter said that the relevant content updates will be closed at around 1: 00 am EST next Monday, Beijing time, and It may be announced on the same day. A spokesman for the US Securities and Exchange Commission said that the agency does not comment on the documents submitted separately. It is reported that a source of one of the spot bitcoin issuers said that the US Securities and Exchange Commission's vote on the change of rules for approving the issuance of spot bitcoin is scheduled for next Wednesday, March, but technically, the US Securities and Exchange Commission can still reject this product. After all, the regulator has been rejecting this product for the past ten years, saying that bitcoin is largely due to bitcoin. It is global and decentralized, so it is more susceptible to market manipulation. In fact, some people in the encryption community have voiced their opposition to spot bitcoin. For example, non-profit organizations have written to the US Securities and Exchange Commission to express their opposition to approving the spot bitcoin, claiming that if the US Securities and Exchange Commission approves such products, it will be a historic mistake, which will cause huge losses to investors. It is reported that the CEO is a representative figure who opposes cryptocurrency and has always held a position in the virtual assets industry. Critics call it a predatory business model in essence. In addition, when he worked together in the presidential transition team of US President-elect Joe Biden in, he established a close relationship with the current chairman. Some analysts in the industry say that their relationship will become a variable in whether the spot bitcoin can pass or not. If the spot bitcoin is not approved for any reason, the most direct result is litigation, that is to say, the spot bitcoin applicants, including BlackRock and other financial institutions, will sue the US Securities and Exchange Commission. The members' meeting and the Securities and Exchange Commission of the United States may lose the case, so the quiet court may rule again that its decision is arbitrary and capricious, but at this stage, the United States has no justifiable reason to reject these applications. All possible reasons have been given in the gray case to reject the application of the asset management company, but it still loses the case. However, even if a lawsuit is filed against the Securities and Exchange Commission of the United States, investors will have to face huge losses, including the former. The regulatory cost of preparing for the application and the subsequent potential loss of investment income, etc. So if the spot bitcoin is not approved, do investors have any other choice? The answer is yes, that is, Hong Kong and Hong Kong may be the best choice for spot bitcoin. At the end of the year, the Hong Kong Securities Regulatory Commission announced that it is ready to accept the approval application of funds such as virtual assets, making Hong Kong the first market in Asia to accept the spot listing of virtual assets such as Bitcoin and Ethereum. The Hong Kong Stock Exchange also expressed its supervision over the CSRC. Luo Boren, director of securities product development of the Hong Kong Stock Exchange, said that the announcement of the CSRC means that Hong Kong will become the first market in Asia to allow virtual assets to be listed on the spot, strengthen Hong Kong's position as a leading digital asset center in the region and support the sustainable development of Hong Kong as the preferred market in Asia. Luo Boren also added that the Hong Kong Stock Exchange is ready to seize the opportunities brought by theme investment and will work closely with issuers and stakeholders to successfully introduce such new products into the Hong Kong market. Further enhance Hong Kong's attractiveness and competitiveness as an international financial center and bring more diversified choices to the market and investors. In fact, the supervision measures of the Hong Kong Securities Regulatory Commission on the spot of virtual assets are clearer than those of the US Securities and Exchange Commission. Koala Finance lists the following four regulatory advantages: the spot virtual assets recognized by the Hong Kong Securities Regulatory Commission are allowed to subscribe and redeem in kind and cash. As far as cash subscription and redemption are concerned, the spot virtual assets recognized by the Hong Kong Securities Regulatory Commission are expected to be allowed to pass the CSRC. Acquisition and disposal of spot virtual assets within or outside the platform of licensed virtual assets trading platform. For physical subscription, participating dealers should transfer the spot virtual assets that may be held locally or overseas to the spot virtual assets recognized by the CSRC. The authorized institutions established locally in the virtual assets trading platform or the custody accounts of authorized institutions or their subsidiaries licensed by the CSRC are also vice versa. The main shareholders who invest in spot virtual assets should be licensed corporations of the CSRC. Or registered institutions must abide by the additional terms and conditions imposed by the licensing department. If applicable, please refer to the comprehensive analysis of the heavy impact of allowing virtual assets in Hong Kong. Although the Chicago Mercantile Exchange has already listed bitcoin futures in Hong Kong, there are also futures launched by Nandongying, but at this stage, spot bitcoin is the most concerned product in the entire cryptocurrency market, because most Public Offering of Fund are not too involved in the futures investment list, and the high trend of bitcoin cannot be added. The options of insurance assets are different, but the spot is different. Whether it is a public offering or a private equity fund, the spot is a conventional investment target. If the spot bitcoin is not released in the US market, Hong Kong is definitely an excellent landing choice. We know that the market size of the Hong Kong Stock Exchange is nearly one trillion dollars, and many large asset management institutions in Hong Kong reach hundreds of billions of dollars. Under the background of the vigorous development of the Hong Kong Securities Regulatory Commission, investing in the spot bitcoin will become an important option for asset management institutions, and it is expected that tens of billions of dollars of funds will flood into it one after another. Hundreds of billions of dollars will be injected into the spot bitcoin. The current price is basically hovering in the range of 10,000 dollars. The market circulation is still very limited. If the spot bitcoin can land in Hong Kong, it will further promote the accelerated development of cryptocurrency and even the whole market. 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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