比特幣 ETF：英國加密貨幣投資的門戶

在數位資產領域創新的呼聲中，Kraken UK 的 Bivu Das 引發了人們對在英國推出比特幣交易所交易基金 (ETF) 的強烈支持。達斯聲稱，比特幣 ETF 為投資者提供了一個受監管的途徑，以利用比特幣的價格走勢，增強英國作為加密貨幣中心的願望。然而，金融行為監理局 (FCA) 在爭取英國比特幣 ETF 的批准時，必須在促進加密貨幣創新和保護散戶投資者之間找到微妙的平衡。

Bitcoin ETFs: A Path to Crypto Exposure in the UK

比特幣 ETF：英國加密貨幣投資之路

Amidst the evolving digital landscape, the clamor for the introduction of Bitcoin exchange-traded funds (ETFs) in the United Kingdom has intensified, spearheaded by Bivu Das, Managing Director of Kraken UK. At the recent Digital Asset Summit in London, Das made a compelling case for Bitcoin ETFs, arguing that they would provide investors with a regulated avenue to access the potential returns of the digital asset class.

在不斷發展的數位環境中，在英國 Kraken 董事總經理 Bivu Das 的領導下，英國引進比特幣交易所交易基金 (ETF) 的呼聲愈演愈烈。在最近於倫敦舉行的數位資產高峰會上，達斯為比特幣 ETF 提出了令人信服的理由，認為它們將為投資者提供一個受監管的途徑來獲取數位資產類別的潛在回報。

Das emphasized the importance of authorizing a Bitcoin ETF within the UK's regulatory framework, believing it would fill a critical gap in the regulated crypto exposure landscape and bolster the UK's ambitions of becoming a global cryptocurrency hub. "The UK's vision of creating a crypto hub in the rapidly evolving digital era makes the introduction of Bitcoin ETFs a critical step towards realizing that vision," Das stated.

達斯強調了在英國監管框架內授權比特幣 ETF 的重要性，認為這將填補受監管的加密貨​​幣敞口領域的一個關鍵空白，並增強英國成為全球加密貨幣中心的抱負。達斯表示：“英國的願景是在快速發展的數位時代創建一個加密貨幣中心，這使得比特幣 ETF 的推出成為實現這一願景的關鍵一步。”

He expressed concern that the current restrictions on Bitcoin ETFs could drive investors to unregulated sectors to access these innovative financial products, potentially undermining the UK's economic prospects and the financial well-being of its investors.

他表示擔心，目前對比特幣 ETF 的限制可能會促使投資者轉向不受監管的領域來獲取這些創新金融產品，這可能會損害英國的經濟前景及其投資者的財務狀況。

Bitcoin ETFs offer investors the opportunity to participate in the price movements of Bitcoin without the need for direct ownership of the digital currency. Traded on traditional stock exchanges, Bitcoin ETFs track the price of the underlying asset, with their value rising and falling in tandem with Bitcoin prices.

比特幣 ETF 為投資者提供了參與比特幣價格變動的機會，而無需直接擁有該數位貨幣。比特幣 ETF 在傳統證券交易所進行交易，追蹤標的資產的價格，其價值與比特幣價格同步上漲和下跌。

In 2021, the UK's Financial Conduct Authority (FCA) implemented a ban on the retail sale of digital asset derivatives, which significantly impacted exchange-traded products (ETPs) backed by cryptocurrencies.

2021年，英國金融行為監理局（FCA）實施了數位資產衍生性商品零售禁令，這對加密貨幣支持的交易所交易產品（ETP）產生了重大影響。

However, Das argues that the regulatory landscape has since evolved, and Bitcoin ETFs could address regulatory concerns because the investor's holdings are not directly linked to the underlying asset. This aligns with recent reports suggesting a shift in the FCA's stance towards crypto ETFs.

然而，達斯認為，監管環境已經發生變化，比特幣 ETF 可以解決監管問題，因為投資者持有的資產與標的資產沒有直接關聯。這與最近的報告一致，該報告表明 FCA 對加密 ETF 的立場發生了轉變。

The UK has recently approved the launch of crypto exchange-traded notes (ETNs), which are accessible to institutional investors but not to retail investors. This contrasts with the broader availability of Bitcoin ETFs in the United States, which are accessible to all individuals interested in the cryptocurrency market.

英國最近批准推出加密貨幣交易所交易票據（ETN），機構投資者可以使用，但散戶投資者不能使用。這與美國比特幣 ETF 的廣泛可用性形成鮮明對比，所有對加密貨幣市場感興趣的個人都可以使用比特幣 ETF。

Critics of Bitcoin ETFs highlight the risks associated with retail investor participation in crypto derivatives and ETNs. Proponents, such as Das, counter that the approval of Bitcoin ETFs would provide legitimacy and validation to Bitcoin, particularly among institutional investors, following the wave of Bitcoin ETF adoption in the US after the SEC's endorsement in January.

比特幣 ETF 的批評者強調了散戶投資者參與加密衍生性商品和 ETN 的相關風險。 Das 等支持者反駁說，繼 1 月 SEC 批准後，美國掀起了比特幣 ETF 採用浪潮，比特幣 ETF 的批准將為比特幣提供合法性和有效性，尤其是在機構投資者中。

As the UK grapples with the potential introduction of Bitcoin ETFs, the FCA faces the delicate task of fostering innovation in the growing crypto space while protecting unsophisticated retail investors from potential financial risks. The recent surge in investments into crypto ETFs and the growing investor demand for broader access to these products are strengthening the case for their approval in the UK.

隨著英國努力應對比特幣 ETF 的引入，FCA 面臨著一項艱鉅的任務：在不斷增長的加密貨幣領域促進創新，同時保護缺乏經驗的散戶投資者免受潛在金融風險的影響。最近對加密貨幣 ETF 的投資激增，以及投資者對更廣泛地使用這些產品的需求不斷增長，都加強了它們在英國獲得批准的理由。

Whether Bivu Das's advocacy will ultimately sway the scales in favor of Bitcoin ETFs in the UK's financial ecosystem remains to be seen. However, the momentum behind their introduction is undeniable, and their potential to reshape the crypto landscape in the UK is significant.

Bivu Das 的倡議是否最終會影響英國金融生態系統中比特幣 ETF 的發展仍有待觀察。然而，它們的推出背後的動力是不可否認的，它們重塑英國加密貨幣格局的潛力是巨大的。