加密貨幣 ETN 震撼了英國市場，但僅限專業投資者

Are Crypto ETNs a Game-Changer for UK Investors?

加密貨幣 ETN 會改變英國投資者的遊戲規則嗎？

The London Stock Exchange (LSE) is set to shake up the crypto landscape with the launch of exchange-traded notes (ETNs) tracking Bitcoin and Ether on May 28. But hold your horses, folks. These ETNs are strictly for the pros, as the UK's Financial Conduct Authority (FCA) has banned the sale of crypto derivatives and ETNs to retail investors since January 2021.

倫敦證券交易所 (LSE) 將於 5 月 28 日推出追蹤比特幣和以太幣的交易所交易票據 (ETN)，從而撼動加密貨幣格局。但各位，別急。這些 ETN 僅供專業人士使用，因為英國金融行為監理局 (FCA) 自 2021 年 1 月起禁止向散戶投資者出售加密貨幣衍生性商品和 ETN。

What's the Deal with Crypto ETNs?

加密貨幣 ETN 有何特色？

Crypto ETNs are like ETFs for cryptocurrencies, offering investors exposure to the price movements of Bitcoin and Ether without having to directly own the digital assets. However, to get your hands on these ETNs, you'll need to be a professional investor with a keen interest in the crypto space.

加密貨幣 ETN 類似於加密貨幣的 ETF，讓投資者無需直接擁有數位資產即可了解比特幣和以太幣的價格變動。然而，要獲得這些 ETN，您需要成為對加密貨幣領域有濃厚興趣的專業投資者。

What's the Catch?

有什麼問題？

To ensure the integrity of the market, the FCA has set some strict requirements for crypto ETNs. They must be:

為了確保市場的完整性，FCA 對加密貨幣 ETN 設定了一些嚴格的要求。他們必須是：

• Physically backed by actual Bitcoin or Ether
• Non-leveraged, meaning they can't amplify your gains or losses
• Reliably priced, reflecting the underlying market value of the cryptocurrencies
• Denominated only in Bitcoin or Ether

The underlying crypto assets must also be stored in cold storage by a licensed custodian in the UK, EU, or US.

由實際比特幣或以太幣實體支援非槓桿，這意味著它們無法放大您的收益或損失定價可靠，反映加密貨幣的基礎市場價值僅以比特幣或以太幣計價基礎加密資產也必須由持牌託管人儲存在冷庫中英國、歐盟或美國。

When Can I Get My Hands on Them?

我什麼時候可以拿到它們？

Applications for the crypto ETNs open on April 8. If all goes smoothly and the FCA gives the green light, the ETNs will be listed on the LSE in May.

加密 ETN 的申請將於 4 月 8 日開放。如果一切順利且 FCA 批准，ETN 將於 5 月在倫敦證券交易所上市。

Why the Fuss?

為何大驚小怪？

The LSE's move follows the US Securities and Exchange Commission's (SEC) approval of spot Bitcoin ETFs in January. While the US ETFs lack a retail investor component, the UK's ETNs cater exclusively to professional investors.

倫敦證交所此舉是在美國證券交易委員會 (SEC) 一月份批准現貨比特幣 ETF 之後進行的。美國 ETF 缺少散戶投資者，而英國的 ETN 則專門針對專業投資者。

What's the FCA's Take?

FCA 有何看法？

The FCA is keeping a watchful eye on the crypto market, promising to crack down on market abuse and improve monitoring systems. Last October, the regulator implemented new rules for crypto-related marketing, threatening "robust action" against potential breaches.

FCA 正在密切關注加密貨幣市場，承諾打擊市場濫用行為並改善監控系統。去年 10 月，監管機構實施了針對加密貨幣相關行銷的新規則，威脅要針對潛在違規行為採取「強有力的行動」。

The Bottom Line

底線

Crypto ETNs offer a new avenue for professional investors to gain exposure to Bitcoin and Ether. However, retail investors will have to sit on the sidelines for now, as the FCA remains cautious about the risks associated with crypto investments.

加密 ETN 為專業投資者提供了接​​觸比特幣和以太幣的新方法。然而，散戶投資者目前將不得不觀望，因為 FCA 對加密貨幣投資相關的風險仍持謹慎態度。