亚洲vs.北美：推演Crypto格局，后ETF时代下究竟谁主沉浮？

Odaily星球日报Publicado em 2024-01-22Última atualização em 2024-01-22

Resumo

与逆流而行的美国所不同的地方在于，港府正积极拥抱虚拟资产所带来的浪潮。

文章作者：Meta Era 特邀作者 「0x ShinChan」

经过多年的周折，美国证券交易委员会（SEC）上周终于批准了有史以来首个现货比特币交易所交易基金（ETF）。该 ETF 在首个交易日表现强劲，交易量达到了惊人的 46 亿美元，为加密货币行业注入了强劲动力。美国批准比特币现货 ETF 上市助推了整个加密货币市场，市场对未来持有积极预期。

与此同时，身为国际金融中心的香港，作为亚洲（除日本外）第四大 ETF 市场，自 2022 年以来已建立了针对加密资产的监管体系。香港特区政府明确表示香港将积极拥抱加密资产。这引发了一个问题：在比特币现货 ETF 时代到来的大背景下，香港是否会成为引领潮流的先锋？本文将深入探讨其中的因素，以及对该地区在不断演变的加密货币格局中可能产生的潜在影响。

香港监管迈向新时代：虚拟资产投资途径逐步向零售投资者敞开

2022 年 12 月，香港证券及期货事务监察委员会（SFC）和香港金融管理局（HKMA）发布联合声明，表示自 2018 年 SFC 制定「仅限专业投资者」的监管方针以来，虚拟资产领域迅速发展，投资产品变得多元，为零售及专业投资者提供投资于虚拟资产的途径。

亚洲vs.北美：推演Crypto格局，后ETF时代下究竟谁主沉浮？

有关中介人的虚拟资产相关活动的联合通函（链接）

香港近年放宽对加密货币的监管，监管机构对零售投资者在数字资产中的敞开立场也发生了变化。2023 年 10 月，SFC 更新了 监管方针，允许更广泛的投资者参与现货加密货币和 ETF 投资。

2023 年 11 月，SFC 正朝着允许零售投资者购买现货加密货币交易所交易基金（ETF）的方向迈进。据 彭博社 引述，SFC 首席执行官梁爱诗表示：「我们欢迎使用提升效率和客户体验的创新技术的提案。只要新的风险得到解决，我们愿意尝试。我们的方法在不同资产上是一致的。」

香港或将迎来加密货币市场革新

成功推出的美国现货比特币 ETF 预计将有助于使香港监管机构更接近授权类似加密货币基金在该市运营的目标。现货加密货币 ETF 使投资者能够在不直接购买任何加密代币的情况下获得对虚拟资产的曝露。

HashKey Group 首席运营官 Livio Weng 在中国媒体财新周三的采访透露，大约有 10 家基金管理公司正准备在香港推出现货虚拟资产支持的 ETF，其中多达八家已经处于「先进阶段」。

数字资产托管方案提供商 Cobo 联合创始人兼首席执行官毛世行表示，香港需要尽快推出现货虚拟资产 ETF，以「确保该城市在全球加密货币市场保持竞争力，并加强其作为全球金融中心的地位」。

毛世行表示，美国的批准可能会影响其他司法辖区，因为「SEC 是世界上最有影响力和声望的金融监管机构之一」，并补充说该机构的倡议「常常成为其他国家和地区金融监管机构的重要参考」。

The Block 报道称，Animoca Brands 联合创始人兼董事长 Yat Siu 表示，美国 SEC 批准的比特币现货 ETF 对亚洲加密货币市场的影响可能更大。亚洲尤其是年轻一代对资本主义持更开放态度，美国 ETF 批准可能在该地区产生积极影响。香港和新加坡等金融中心可能成为推出现货加密货币 ETF 的下一目标。

香港立法会议员吴杰庄呼吁香港特区政府在美国批准现货比特币 ETF 后，加快现货比特币 ETF 的批准。吴杰庄指出，香港证券及期货事务监察委员会此前表示已准备接受比特币 ETF 的申请：「我希望随着虚拟资产的快速发展和激烈竞争，香港能够尽快在世界上占据一席之地。这将是在亚洲实施相关政策和产品的第一个机会，并巩固香港成为全球虚拟资产中心的机遇。」

亚洲vs.北美：推演Crypto格局，后ETF时代下究竟谁主沉浮？

立法会议员吴杰庄推特发文

展望 Web3 新格局：香港或成亚洲首个现货比特币 ETF 先驱

目前，除美国外，全球共有 8 个市场允许进行现货加密货币 ETF 包括加拿大、德国、瑞士，以及加勒比海的开曼群岛和法国西北海岸附近的泽西等。

随着亚洲现货比特币 ETF 的讨论不断升温，加密交易所 WOO 预测明年行业的中心将从西方转向东方。

WOO 的联合创始人 Jack Tan 表示：「上一个周期主要是由西方推动的，无论是 Saylor 将比特币纳入 Microstrategy 的资产负债表，还是 PayPal 向数百万零售投资者推广各种加密货币。」「然而，我们相信下一个周期将由东方主导，零售参与度将由南韩、香港和日本等主要地区引领。」

区块链研究公司 Chainalysis 亚太区政策负责人 Chengyi Ong 将 2023 年标记为该地区的监管之年，并预计在 2024 年实现实际实施。「在未来一年，我们预计将看到在 2023 年引入的这些监管框架逐渐形成，」

Ong 在与 The Block 分享的声明中说：「这不仅仅局限于新加坡和香港等引领者的司法管辖区，还包括该地区更广泛范围。」「例如，在澳大利亚，正在进行数字资产平台监管的一项持续磋商。在韩国，虚拟资产用户保护法已经通过。到 2024 年，我们将开始看到这些框架实际得到实施，这将需要一些时间。」

从美国批准通过比特币现货 ETF 的进程来看，从美国官员们质疑这些产品是否会加剧加密货币欺诈和市场操纵，美国监管机构在过去十年不断拒绝批准比特币 ETF，到像黑石集团这样的华尔街巨头以及一些对加密行业有利的法院裁决，才最终扭转了比特币 ETF 的在美国局势。

香港作为众多尝试发展数字资产中心的司法辖区之一，在追求自己的本土比特币 ETF 时可能也将会面临类似的情景。但与逆流而行的美国所不同的地方在于 —— 港府正积极拥抱虚拟资产所带来的浪潮。不止于此，随着亚洲各国相关政策的推进，属于 Web3 合规生长的环境条件正在逐步构建与完善之中。新的周期已经来临，东方已蓄势待发，随时准备吹起争取新叙事权的号角。

文章参考：

[ 1 ] https://www.scmp.com/tech/tech-trends/article/3248282/hong-kong-needs-speed-approval-spot-cryptocurrency-exchange-traded-funds-after-us-launch-industry

[2] https://www.theblock.co/post/268582/industry-leaders-see-hong-kong-as-next-bitcoin-etf-hub-amid-us-approval-anticipation

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