比特币以太坊ETF向大陆开放交易?

币圈资讯 阅读:38 2024-05-16 23:20:40 评论:0
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【比特币亚洲峰会:韩同利首席执行官探讨将BTC、ETH纳入ETF Connect计划】

香港,2024年5月9日-5月10日——比特币亚洲峰会(Bitcoin Asia)于香港盛大召开,各路巨头齐聚一堂,畅所欲言。嘉实基金首席执行官韩同利在会上引发广泛关注,他讨论了将比特币(BTC)和以太坊(ETH)的交易所交易基金(ETF)纳入ETF Connect计划的可能性。

ETF Connect计划是2014年推出的更广泛的“股票互联互通”计划的一部分,旨在促进香港与中国大陆交易所之间的连接。

韩同利表示:“如果一切顺利,未来两年我们将努力将我们的ETF纳入互联互通计划。”

对此,大陆投资者纷纷疑惑:为何此计划需时两年?韩同利解释道,目前还有一些挑战需要克服。

股票互联互通究竟是何物?

股票互联互通是不同国家和地区证券市场之间建立的交易和结算机制,使投资者可直接在对方市场投资股票或其他证券。

中国内地与香港市场的股票互联互通主要包括:

1. 沪港通:自2014年11月17日启动,允许上海证券交易所(上交所)和香港交易所(港交所)投资者通过各自系统买卖对方市场股票。

2. 深港通:自2016年12月5日启动,扩展了互联互通范围,将深圳证券交易所(深交所)纳入,增加可交易股票种类。

2022年7月4日,ETF互联互通正式启动,允许合格的内地和香港投资者跨境投资对方市场的ETF产品。互联互通存托凭证业务也是其一部分,允许境外公司通过发行存托凭证(CDR或GDR)在对方市场上市,实现跨境融资和投资。

简言之,股票互联互通是中国内地资本市场对外开放的重要举措。然而,由于内地资本市场开放步伐谨慎,互联互通标的条件相当严格,例如股票通常需为两地主要指数成份股,并满足一定市值、流动性等要求。

就ETF而言,香港BTC、ETH的ETF要达到可交易标的,需满足多项条件。具体条件如下图所示,然而目前情况下,这些要求尚未得到满足。

``````html

图片来源:香港交易所就《ETF 获纳入互联互通机制 - 发行商须知(于2022年5月27日更新)》

我们一直以发展的眼光看待问题,相信上市时间和管理规模终将不是问题,但指数成分却是一道难关。

目前,互联互通中的ETF的成分证券主要以港股为主,但BTC、ETH的ETF属于虚拟资产ETF,不符合成分证券以港股通标的股票为主的要求。要突破指数成分的限制,需要监管部门对这类产品进行特殊批准和制定规则。因此,这将依赖于优秀券商,如嘉实基金等机构的努力。在香港目前Web3的浪潮下,香港监管预计不会遇到太大阻碍,但在大陆却是另一番景象。

大陆监管政策允许吗?

对于大陆散户而言,买卖虚拟货币从未被明文禁止,如果证券账户及资金账户资产合计不低于人民币50万元,符合开通沪深港通的条件,通过互联互通购买BTC、ETH的ETF也是一个省心的投资方式。

但要实现比特币以太坊ETF向大陆开放交易的计划,内地金融机构,特别是券商,将面临巨大的压力。《人民银行等七部门关于防范代币发行融资风险的公告》(94公告)和《关于进一步防范和处置虚拟货币交易炒作风险的通知》(924通知)明确规定,金融机构不得为虚拟货币相关业务活动提供服务,包括账户开立、资金划转、清算结算等,也不得将虚拟货币纳入抵质押品范围,开展与虚拟货币相关的保险业务或将虚拟货币纳入保险责任范围。

简言之,内地券商为内地散户提供BTC、ETH的ETF购买服务,将明显违反94公告和924通知。

小结

94公告和924通知都是政策规定,94公告颁布于2017年,924通知颁布于2021年,已有一段时间。政策规定一直都在变化,就如同房屋限购政策一样。我们难以预测政策未来的变化,但可以看到一些不可阻挡的趋势。趋势与当前状况之间存在很大差距,这些差距会在什么时间点以何种方式逐渐缩小,无人能知,但总有人在努力。

```

Harvest fund CEO Han Tongli discussed the possibility of including Bitcoin and ETFs in the plan, which is part of a broader stock interconnection plan launched in 2000 to promote the connection between Hong Kong and Chinese mainland stock exchanges. If all goes well, in the next two years, we will try our best to bring our shares into the interconnection plan. Mainland investors have wondered why this plan will take two years. Han Tongli explained that there are still some challenges to be overcome at present. What is stock interconnection? It is a trading and settlement mechanism established between the securities markets of different countries and regions, so that investors can directly invest in stocks or other securities in the other market. The stock interconnection between China Mainland and Hong Kong markets mainly includes Shanghai-Hong Kong Stock Connect. On August, investors of Shanghai Stock Exchange, Shanghai Stock Exchange and Hong Kong Stock Exchange were allowed to buy and sell stocks in the other market through their respective systems. Shenzhen-Hong Kong Stock Connect was launched on August, and the scope of interconnection was expanded. Shenzhen Stock Exchange and Shenzhen Stock Exchange were added to the list of tradable stocks. On August, interconnection was officially launched, which allowed qualified mainland and Hong Kong investors to invest in the other market. The product interconnection business of depositary receipts was also part of it, allowing overseas companies to issue depositary receipts or to In short, stock interconnection is an important measure for the opening of the mainland capital market in China. However, due to the cautious pace of the opening of the mainland capital market, the conditions for interconnection are quite strict. For example, stocks usually need to be constituent stocks of major indexes in the two places and meet certain market liquidity requirements. As far as Hong Kong is concerned, there are many conditions to meet in order to achieve tradable targets, as shown in the following figure. However, at present, these requirements have not been met. As soon as the Hong Kong Stock Exchange was included in the interconnection mechanism, the issuer's notice was updated on January, we have been looking at the issue from a development perspective. We believe that the listing time and management scale will not be a problem in the end, but the index component is a difficult problem. At present, the component securities in interconnection are mainly Hong Kong stocks, but some of them are virtual assets, which do not meet the requirements of the component securities. To break through the restrictions of the index component, the regulatory authorities need to make special approval and formulate rules for such products, so this will Relying on the efforts of excellent brokers such as harvest fund and other institutions, Hong Kong's supervision is not expected to encounter much obstacles under the current wave in Hong Kong, but it is another scene in the mainland. Is it allowed by mainland regulatory policies? For mainland retail investors, buying and selling virtual currency has never been explicitly prohibited. If the total assets of securities accounts and capital accounts are not less than RMB 10,000, it is also a worry-free investment way to purchase through interconnection, but it is necessary to realize the opening of Bitcoin Ethereum to the mainland. Financial institutions in the mainland, especially securities firms, will face great pressure. The announcement of the People's Bank of China and other seven departments on preventing the financing risk of token issuance and the notice on further preventing and handling the speculation risk of virtual currency trading clearly stipulate that financial institutions shall not provide services for virtual currency-related business activities, including account opening, fund transfer, clearing and settlement, and shall not include virtual currency in the scope of collateral to carry out insurance business related to virtual currency or virtual currency. In short, the purchase services provided by mainland securities firms for mainland retail investors will obviously violate the summary of announcements and notices, both of which are policy provisions. The announcement was issued in 2000 and the notice was issued in 2000. For some time, the policy provisions have been changing, just like the house purchase restriction policy. It is difficult for us to predict the future changes of the policy, but we can see that there is a big gap between some irresistible trends and the current situation. No one knows when and how these gaps will gradually narrow, but there are always people trying. 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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