IKhomishini Yezibambiso Nezakusasa YaseHong Kong igunyaze ukufakwa kuhlu kwezimali ezidayiswa ngokuhwebelana ezilandelela i-Bitcoin noma i-Ethereum.

Izinkampani ezintathu zokuphathwa kwempahla, zonke zisekelwa amafemu asezweni elikhulu, zithole amalayisensi.

Izinkampani zase-Hong Kong ze-Bosera Asset Management, China Asset Management, kanye ne-Harvest Global Investments ngayinye inikezwe imvume yokwethula indawo ye-BTC nokubona ama-ETH e-ETH.

Lawa ama-ETF ezindawo zokuqala avunyelwe noma yikuphi ngemva kokuba i-US igunyaze izindawo eziyi-11 ze-Bitcoin ETFs ngoJanuwari. Ziyindawo yokuqala ye-Ethereum ETF enelayisense emhlabeni jikelele.

I-Hong Kong, njengezinye izimakethe, kuhlanganise ne-Europe, isivele iwavumela ama-ETF esikhathi esizayo e-crypto, akhawulelwe kubatshalizimali abagunyaziwe. Ama-ETF akhona ayatholakala nakubatshalizimali abadayisayo.

Izimali zizofakwa ohlwini kunoma yikuphi ukuhwebelana kwempahla ebonakalayo okubili kwe-Hong Kong okunelayisensi. Ama-ETF e-Bosera azofakwa ohlwini futhi agcinwe ngaphansi ku-HashKey, futhi i-ChinaAMC ne-Harvest izofaka ohlwini futhi igcinwe ngaphansi kwe-OSL.

Mkhulu kangakanani umdwebo?

Ama-ETF ase-US akhishwe okuthandwa yi-BlackRock ahehe imali engenayo elinganiselwa ku-$12 billion, ingamelani nokuphuma kwesikhwama esivaliwe, i-Grayscale, nayo eguqulelwe kusakhiwo se-ETF kodwa ekhokhisa izinkokhelo ze-mutual fund.

Ukugunyazwa kuyingqopha-mlando e-Hong Kong, esaqhubeka nokuphushela ekubeni isizinda somhlaba wonke semboni ye-crypto elawulwayo.

Kodwa ukuhwebelana okunelayisense kuye kwazabalaza ukuheha ivolumu: kufanele kuhambisane nezinyathelo zokuthobela zendabuko, kuyilapho ukuhwebelana okungagunyaziwe akwenzi, futhi ezweni ledijithali, abatshalizimali abathengisa eHong Kong bangakwazi ukukhetha kalula ukuthi bazohweba kuphi.

Ama-ETF kufanele enze kube lula kubatshalizimali abavamile abangafuni umsindo wokusetha isikhwama semali esizivikelayo ukuze bathole ukuchayeka ezimpahleni ze-crypto. Kufanele futhi zibe yimoto yokuzikhethela kubatshalizimali bezikhungo. Umuzwa wase-US usazofakazela ithisisi.

Umbuzo wezwe

Ithemba langempela ngemboni yaseHong Kong akukona ukuheha izikhwama zempesheni. Okokuheha inqwaba yabatshalizimali abazinze ezwenikazi abafisa ukuthola imali yabo phesheya kwezilwandle.

I-Crypto ivinjelwe ezweni laseChina. Kusenenqwaba yamaShayina aphethe i-crypto, kodwa ngaphandle uma ephesheya kwezilwandle, akunakwenzeka ukuthi ayiguqule ibe yi-renminbi ekhaya.

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Kodwa-ke, abatshalizimali bezitolo ezinkulu bayakwazi ukuthola izimali ezifanelekile eHong Kong. Ngokwesakhiwo, lokho kufaka phakathi ama-ETF. Lokhu kwenziwa ngohlelo lwe-Stock Connect oluxhumanisa i-Hong Kong Exchanges and Clearing (HKEX), i-Shanghai Stock Exchange kanye ne-ChinaClear (indawo yokugcina imali yezwekazi). Ivumela abatshalizimali kunoma iyiphi imakethe ukuthi bahwebe ngezabelo zamasheya ezisohlwini zenye.

Ukube ama-ETF e-crypto ayezotholakala ku-Stock Connect, isidingo esivela ezweni elikhulu singase siphume emashadini.

I-HKEX

Nokho, kunezimpukane ezimbili emafutheni. Okokuqala yi-HKEX, okumele ivumele ukufakwa. Ukuhwebelana kwempahla ebonakalayo akuyona ingxenye ye-Stock Connect.

I-HKEX isivele isifake ohlwini lwemikhiqizo edayiswa ngokuhwebelana ngekusasa le-Bitcoin, futhi ayinaso isizathu sokuncintisana sokuvula iminyango yayo ukuze ibone ama-ETF atholakala kumapulatifomu e-crypto aqalayo.

Kunezinye, izindlela zobuchwepheshe ukuze isikhwama sifaneleke ukungena “southbound” ku-Stock Connect.

I-ETF idinga isilinganiso sansuku zonke sezimpahla ezingaphansi kokuphathwa okungu-HK$1.7 billion ($218 million) phakathi nezinyanga eziyisithupha, ibhentshimark esohlwini isikhathi esingaphezu konyaka, futhi i-ETF ayikwazi ukwenziwa – ngakho lezi zimali kufanele zinike amandla okubhaliselwe nokuhlengwa. nge-crypto, hhayi amadola kuphela.

Kodwa i-HKEX ayiwadingi ama-crypto ETF: yenza kahle ngemikhiqizo yayo yendabuko.

Kusukela ngoJuni 2023, inzuzo yansuku zonke yokuhweba ebheke eningizimu ibingu-HK$33.8 billion, noma cishe amaphesenti angu-14 yenani lesamba se-HKEX, ngokokushintshana. (Nakuba amavolomu esewonke ehlile kusukela enanini eliphakeme lama-HK$41.7 billion ngo-2021, umsebenzi ku-HKEX wehle ngokungeziwe, ngakho ingxenye yokugeleza kwe-Stock Connect e-Hong Kong ikhuphukile.)

Umshayeli omkhulu walokho kugeleza ama-ETF alinganayo: manje sekunama-ETF ayisithupha afanelekile e-Hong Kong, anenani elingu-HK$2.9 billion ekuhwebeni okumaphakathi kwansuku zonke okuya eningizimu.

Ngo-2016, amaqembu e-Stock Connect asuse isamba sezabelo, nakuba kusasele ama-quota wansuku zonke.

I-HKEX inamandla ngenani elikhulayo, njengoba abatshalizimali basezwenikazini ngokwesilinganiso bachayeka kakhulu ekuchayekeni phesheya kwezilwandle, futhi iHong Kong isalokhu iyindawo ekhangayo (futhi efinyeleleka kalula) kubantu abaningi abacebile.

Kunezindlela i-HKEX engakhulisa ngazo le makethe ngaphandle kokunikela ngemikhiqizo ye-crypto. Ibheke ukwethula ukuhweba ngamabhulokhi, isibonelo (ukwenza kube lula ukuphikisana phakathi kwamasheya nekusasa, indlela ebalulekile yokugcina ama-ETF okulingana alandelela eduze ukulinganisa kukabhasikidi wawo oyisisekelo wezibambiso). Ukunika amandla abantu basemaphandleni ukuthi babhalisele ama-IPO nakho kusohlwini lwezifiso lwe-HKEX.

Beijing

Impukane yesibili emafutheni ukuthi ngabe abalawuli bezwe bangavumela izakhamizi zabo ukuthi zitshale imali kuma-crypto ETF. I-Crypto ivinjelwe ezwenikazi.

Lokhu kuphakamisa umbuzo wokuthi kungani iBeijing ibekezelela ukuhweba kwempahla yedijithali eHong Kong. Ezweni elikhulu, uhulumeni uphusha imali yakhe (okungeyona eye-blockchain) yasebhange elimaphakathi. Iphikisana kakhulu nezinhlobo zemali ezizimele.

I-Hong Kong ingase ibe ukubukwa njengesilingo esingavunyelwa inqobo nje uma singathinti abantu basemaphandleni. Mhlawumbe iBeijing icabanga ukuthi noma yini bitcoin indlela ecashile yokubukela phansi i-US dollar hegemony. Noma mhlawumbe ibone iHong Kong idonsa kanzima njengesikhungo senhloko-dolobha futhi yavuma ukuyivumela ukuthi izame umdlalo we-crypto.

Ngabe iBeijing izoba nesibindi ngokuvumela abantu bayo ukuthi bafinyelele empahleni engekho emthethweni ogwini? Ingabe idinga ukugunyaza lezi zimali?

Impendulo ethandwa kakhulu kule mibuzo inguNo. Okusho ukuthi laba baphathi besikhwama baseShayina bazodinga ukuthembela emakethe yendawo (elinganiselwe!) noma benze le mikhiqizo ikhange emhlabeni jikelele wabathengisi be-crypto - uma labo bantu bezimisele ukudlula Inqubo yokugibela ethobela i-SFC.

Uhlobo lomtshali-zimali oluncamela ukugwema imithetho yase-US lungathola lokhu kufinyeleleka, kodwa abatshalizimali abanjalo kungenzeka bangakuthandi nhlobo ukuthobela imithetho.

Noma kunjalo, i-Hong Kong manje inomkhiqizo oyingqayizivele ongawunikeza. Kunethuba ngaphambi kokuba ezinye iziphathimandla zibambe. (Impela, abalawuli base-US bayamelana nokugunyaza i-Ethereum spot ETF.) Kudingeka bahehe amavolumu amakhulu ngokushesha: ukuze bateleke ngenkathi i-ETF ishisa.

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• Source: https://www.digfingroup.com/hk-crypto-etf/