3月4日，火币科技发布公告，公司全资附属公司火币资产管理(香港)有限公司(火币资产管理)已经获得香港证监会授牌，允许发行虚拟货币基金。火币资管将会发行三只虚拟货币基金，分别为比特币追踪基金，以太坊追踪基金和多策略虚拟货币基金。
On March 4, China Dollar Technology issued an announcement that the Hong Kong Stock Management (Hong Kong) Limited, a wholly-owned subsidiary of the company, had been awarded a licence by the Hong Kong Censorship Board to issue the Virtual Monetary Fund (VMF) .
随着比特币价格突破5万美元并有望向更高位置冲刺，外界对比特币的热情水涨船高。不过，许多国家和地区对比特币等虚拟货币的监管态度不一，机构投资的合规渠道不多，火币科技此次获批允许发行虚拟货币基金对于亚太地区想要投资虚拟货币的高净值人群和机构客户无疑是巨大的利好。
With bitcoin prices breaking by $50,000 and promising to hit higher positions, the outside world’s passion for bitcoin rises. However, many countries and regions have different regulatory approaches to virtual currency, such as bitcoin, with few regulatory channels for institutional investment.
1 香港首家获批推出虚拟货币基金的上市公司
1 First listed company in Hong Kong that was approved to launch the Virtual Monetary Fund
香港早在2018年就开始制定法律框架促进虚拟货币的合规发展，在2018年和2019年，香港证监会先后发布了《有关针对虚拟资产投资组合的管理公司、基金分销商及交易平台营运者的监管框架的声明》以及《适用于管理投资于虚拟资产的投资组合的持牌法团的标准条款及条件》等指导性文件，在持有9号牌（提供资产管理牌照）的情况下可以从事虚拟货币的投资管理业务。
Hong Kong began to develop a legal framework for the development of virtual currency compliance as early as 2018. In 2018 and 2019, the CVM issued successive guidance documents such as a Statement on the Regulatory Framework for the Management of Virtual Asset Portfolio Companies, Fund Distributors and Trade Platform Operators, and the Standard Terms and Conditions of the Chartered Group for the Management of Investment Portfolios Investing in Virtual Assets, which can engage in virtual currency investment management in the context of number 9 (providing asset holding plates).
2020年4月，持有9号牌的意博资本的区块链部门Arrano Capital宣布推出香港首只获批的虚拟资产基金，目标第一年规模达到1亿美元。在香港上市公司中披露持有9号牌的有中国平安旗下的陆金所和火币科技，不过前者尚未对外披露从事虚拟货币的管理。火币科技旗下火币资管此次获准发行虚拟货币，使得火币科技成为香港首家获批推出虚拟货币基金的上市公司。受此消息影响，火币科技的股价今日开盘后一度涨近10%。
In April 2020, Arrano Capital, a 9- Card-based block chain department, announced the launch of 2突破10%限制，亚洲版“灰度”呼之欲出 2 crossed the 10% limit and the Asian version of the Greyscale exclaimed 上述两份文件虽然允许机构从事虚拟货币交易，但是需要注意的是，一旦将所管理的投资组合的10%或以上的总资产价值投资于虚拟资产的虚拟资产投资组合管理公司，须受到证监会监观。 While the above two documents allow institutions to engage in virtual currency transactions, it is important to note that once the value of 10 per cent or more of the total assets of the managed portfolio is invested in virtual asset portfolio management companies, it is subject to CSROC monitoring. 2020年7月31日，火币资管获得香港证监会颁发的第4类（就证券提供意见）及第9类牌照，获许进行有关的受规管活动，即可以为传统资产和虚拟资产的投资客户提供服务。消息显示，火币资管这次升级了4号牌和9号牌，不受10%限制。这意味着，火币资管可以发行100%虚拟资产的基金。 On July 31, 2020, the China Dollar Manager was granted class 4 (advising on securities) and class 9 licence plates issued by the Hong Kong CSRC, and was authorized to carry out regulated activities, i.e., to provide services to investment clients of traditional and virtual assets. According to the news, the Firebill has been upgraded this time by number 4 and number 9 without a 10% restriction. This means that the Chinabill may issue a 100% virtual asset fund . 目前，全球最知名的加密信托是位于美国的灰度，管理的加密资产规模高达392亿美元，主要仓位为比特币和以太坊。信托的资金主要来源于机构投资者，包括对冲基金、私人财富管理机构、家族办公室以及养老金账户等。 Currently, the world’s most well-known encrypt trust is the greyscale in the United States, managing encrypted assets of up to $39.2 billion in size, mainly in Bitcoin and Etheria. The trust’s funding comes mainly from institutional investors, including hedge funds, private wealth regulators, family offices, and pension accounts. （图片来源：QKL123） (picture source: QKL123) 在亚太地区，迄今尚未有如此大规模的加密信托或者基金管理公司。因此，火币科技被业内不少人寄予厚望，认为会成为亚洲版“灰度”。 In the Asia-Pacific region, there are no encryption trusts or fund management companies on such a large scale so far. As a result, a large number of people in the industry have high expectations that this technology will become the Asian version of the Greyscale. 贝宝金融创始人兼CEO杨舟表示，火币科技此次获批牌照表明，香港监管机构对加密货币产业的发展做出了积极响应，这对加密货币产业未来在香港的发展是一个重大利好，也将有助于香港未来在加密金融服务领域占据一个优势位置。 According to the founder and CEO of Baebao Finance and its CEO, the award of a license plate shows that Hong Kong regulators have responded positively to the development of the cryptographic money industry, which is a major benefit for the future development of the cryptographic money industry in Hong Kong and will help Hong Kong to gain a future advantage in the area of encryption financial services. 力研咨询公司创始人谷燕西表示，主流金融同加密数字金融融合是趋势，需要一个逐步渐进的过程。火币资产管理被批准投资虚拟资产，意味着这个进程向前迈进了一步。 According to Yanxi, the founder of RRI, the integration of mainstream finance with encrypted digital finance is a trend that requires a gradual and gradual process. The approval of currency asset management to invest in virtual assets means that this process is a step forward. 不过，对于火币能否成为亚洲版“灰度”，依然有一部分专家存在质疑。 However, some experts continue to question whether they can become the Asian version of the Greyscale. 丝数资本合伙人叶开表示，首先是性质不同，比特币信托基金和ETF基金不是一回事。GrayScale的信托GBTC是主动，核心是吃份额/股票的溢价，目前不可赎回，在OTCQX交易，最近首次出现负溢价；BTCC的ETF基金是被动，跟踪比特币交易价格指数和净值，可赎回交割实物BTC，在多伦多交易所上市交易。其次是定位不同。灰度是Trust Fund，核心是信任。火币的优势在于交易所，基于流动性和技术优势，做custody是很好的，除非火币资管不用火币品牌，重新打造新的IP。再次，产品发了在哪儿交易？这些fund是针对传统合格投资人的，不是针对币圈的，不可能在火币交易所交易，所以还要看港交所能不能批准上市交易，这样才有流动性。 Fiction capital partners say, firstly, that the Bitcoin Trust Fund and the ETF Fund are different in nature. GrayScale's 还有一个投资人比较关心的问题是，中国大陆投资者参与的可能性。万商天勤律师事务所合伙人、上海区块链技术协会智库专家张烽表示，在香港的机构资金可以参与投资，大陆的投资者参与依然有外汇额度限制。叶开也认为，受限于出入金问题，内地的普通投资人基本上不可能购买香港的fund产品。除非这些虚拟货币基金上了港交所的沪港通，但这个似乎不太可能。唯一的机会是设计成为矿机设备投资基金，类似上市公司投资矿机设备，矿机作为设备商品是可以投资的。 Another issue that investors are more concerned about is the possibility of involving investors in mainland China . Mr. Zhang, a partner in the law firm, and an expert from the Shanghai Block Chain Technology Association, said that institutional funds could be invested in Hong Kong, and that investors on the mainland still had limits on foreign exchange. Ye Kae also argued that ordinary investors in the Mainland could hardly buy Hong Kong’s fund products, limited by access to gold. 本公众号所载文章中观点仅代表原作者个人立场，不代表巴比特资讯立场。投资者不应将文中观点、结论为作出投资决策的惟一参考因素，亦不应认为文中观点可以取代自己的判断。在决定投资前，如有需要，投资者务必向专业人士咨询并谨慎决策。 Investors should not use their views and conclusions as the only reference for making investment decisions, nor should they think that they can substitute for their own judgement. Before deciding on investment, investors must consult with professionals and be careful in their decision-making, if necessary.
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