香港SFC新规解读：比特币、以太坊现货ETF即将获批？

Official website, the Hong Kong Securities Regulatory Commission (CSRC), issued a notice on the funds involving virtual assets approved by the CSRC on June to replace the circular on the trading of virtual assets futures exchange funds issued on June. At the same time, it pointed out that the licensee of virtual assets such as Bitcoin Ethereum, which are allowed to trade on licensed trading platforms, can issue and manage the corresponding spot and subscribe and redeem bitcoin in both physical and cash on licensed trading platforms or recognized financial institutions. The spot of Ethereum will soon be approved. The following circular is a compilation of the full text. It sets out the requirements that the Securities and Futures Commission must meet when considering the approval of investment funds involving virtual assets. According to Articles and Articles of the Securities and Futures Ordinance, the above circular replaces the circular of the virtual assets futures exchange-traded funds issued on January, the background of virtual assets in the world. At present, retail and professional investors can get a wider range of investment products that provide value-added risk exposure, including exchange-traded funds related to value-added risks provided in major overseas markets, and these products are becoming more and more popular, and the demand for these products in Hong Kong has also increased. In view of these developments, the CSRC has introduced a system to allow certain service products to be sold to the public in Hong Kong under appropriate investor protection measures. For example, the CSRC began to receive them in June. The licensing system of the virtual asset trading platform of the Hong Kong Securities Regulatory Commission, which is applied for exposure mainly through futures contracts, also came into effect in June, enabling Hong Kong investors to directly enter large-scale spot under certain qualification requirements and sound investor protection measures. This circular states that the funds authorized by the CSRC shall directly invest in the same spot tokens that the Hong Kong public can trade on the basis of the approval of the CSRC, or, for example, through futures and other exchanges traded on regularly regulated futures exchanges. The products traded are indirectly invested in this kind. As for the authorized virtual asset funds, the CSRC stipulates that the funds authorized by the CSRC should comply with the umbrella principle in the investment-related guarantee plan and the unlisted structured investment product code of the CSRC's unit trust and mutual fund manual, the applicable provisions in the unit trust and mutual fund code, the additional requirements listed below and the relevant requirements in the joint notice on the activities related to the virtual assets of intermediaries should be met. Management company The management company of the fund recognized by the CSRC should have a good regulatory track record and at least one qualified employee with relevant experience in management or related products. The management company of the fund recognized by the CSRC should be subject to the additional terms and conditions imposed by the licensing department if applicable. Eligible virtual assets. Funds authorized by the CSRC should only directly or indirectly invest in the token investment strategy that the Hong Kong public can trade on the licensed trading platform of the CSRC. Gold can be directly or indirectly invested in qualified tokens according to the following requirements. For futures, only those that are traded on traditional regulated futures exchanges are allowed. However, the management company must prove that the relevant futures have sufficient liquidity and the rolling costs of the relevant futures are manageable, and how to manage these rolling costs. The indirect contact with products traded on other exchanges must comply with the applicable requirements in the code and other requirements that may be imposed by the CSRC. Funds recognized by the CSRC should not be at the fund level. Leveraged risk exposure For funds recognized by the CSRC which mainly adopt futures investment strategy, it is necessary to adopt active investment strategy to realize the flexibility of portfolio. For example, the diversified extension strategy of future positions with multiple maturity dates and the handling of any market disruption events, the spot trading and direct acquisition of funds recognized by the CSRC should be carried out through the licensed institutions of the CSRC, recognized financial institutions or subsidiaries of local registered and recognized institutions. And comply with the regulatory requirements of the Hong Kong Monetary Authority HKMA, especially for cash subscription and redemption, it is expected that the spot authorized by the CSRC will purchase and sell spot value-added transactions through the platform of the value-added trading platform licensed by the CSRC or outside the platform, and for physical subscription, participating dealers must transfer the spot held locally or overseas to the custody account of the subsidiary of the licensed trading platform of the SFC or an authorized institution or a locally registered authorized institution recognized by the CSRC. On the contrary, the spot recognized by the CSRC can be subscribed and redeemed in kind and in cash. As far as investing in the spot is concerned, the person in charge should be the licensed corporation or registered institution of the CSRC and the additional terms and conditions imposed by the licensing department. If applicable, the custodian should only delegate its custody function to the value-added service end customers licensed by the CSRC or the authorized institutions that meet the custody standards issued by the HKMA from time to time or locally registered authorized institutions. The trustee, custodian and any transferee responsible for keeping the shares held by funds recognized by the CSRC shall abide by the following provisions, ensure that their own assets are separated from those held by other customers, keep most of them in cold wallets, minimize the holding amount and holding period stored in hot wallets for subscription and redemption, and ensure that mnemonics and private keys are safely stored in Hong Kong, strictly restricted to authorized persons, so as to resist speculation, for example, by generating them in an uncertain way. Or conspire to mitigate the risk of any single individual through measures such as multiple signatures and key fragmentation, and appropriate backup. For the valuation of spot, the management company of the fund recognized by the CSRC should adopt the indexation method based on the trading volume on the main trading platform, that is, the benchmark index issued by reputable suppliers, which reflects the significant share of the target spot trading activities. The service provider management company should confirm all necessary service providers, such as fund managers, market makers and indexes. Providers have sufficient capacity to provide support information disclosure and investor education for funds recognized by the CSRC at any time. The sales documents of funds recognized by the CSRC include product highlights, which should disclose the investment limits and main risks related to risks. The investment objectives and main risks related to risk exposure of funds recognized by the CSRC should be disclosed in advance, such as spot price risk, custody risk, network security risk and bifurcation risk. The potential huge rolling cost and operational risk of futures investment, such as margin risk and related risks of compulsory measures of interested parties, must be in accordance with the current code. 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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