倫敦證券交易所擁抱加密貨幣：比特幣 ETN 將於 5 月 28 日推出

London Stock Exchange to Embrace Crypto: When Can We Trade Bitcoin ETNs?

倫敦證券交易所擁抱加密貨幣：我們什麼時候可以交易比特幣 ETN？

The London Stock Exchange (LSE) is making waves by opening its doors to Bitcoin and Ethereum exchange-traded notes (ETNs) in May. Starting April 8, the LSE will begin accepting applications for these crypto-linked securities, marking a major step in bringing digital currencies into the mainstream financial realm in the U.K.

倫敦證券交易所（LSE）於 5 月向比特幣和以太坊交易所交易票據（ETN）敞開大門，引起了轟動。從 4 月 8 日開始，倫敦證券交易所將開始接受這些加密貨幣相關證券的申請，這標誌著將數位貨幣帶入英國主流金融領域的重要一步。

Is the FCA's Approval a Green Light for Crypto ETNs?

FCA 的批准是否為加密 ETN 開了綠燈？

Once the Financial Conduct Authority (FCA) gives its nod, the LSE plans to launch crypto ETNs on May 28. The Exchange aims to attract a diverse mix of issuers and investors, much like the successful Bitcoin ETFs that have been trading in the U.S. since January.

一旦獲得金融行為監理局(FCA) 的認可，倫敦證券交易所計劃於5 月28 日推出加密貨幣ETN。該交易所的目標是吸引多元化的發行人和投資者，就像自2017 年以來一直在美國交易的成功比特幣ETF 一樣。一月。

What's the Deal with Issuer Deadlines?

發行人的最後期限有什麼關係？

To ensure a seamless launch, the LSE has set some deadlines for issuers who want to list their ETNs. By April 15, they must submit all necessary documentation, including a base prospectus for FCA approval.

為了確保順利推出，倫敦證券交易所為想要上市 ETN 的發行人設定了一些截止日期。 4 月 15 日之前，他們必須提交所有必要的文件，包括 FCA 批准的基本招股說明書。

ETNs vs. ETFs: What's the Difference?

ETN 與 ETF：有什麼差別？

Like Bitcoin ETFs, ETNs trade on a stock exchange, offering investors a more regulated and accessible way to dabble in the crypto market. But here's the key distinction: ETNs are debt securities backed by the issuer's credit, while ETFs are funds that hold the actual assets they track.

與比特幣 ETF 一樣，ETN 在證券交易所進行交易，為投資者提供了一種更受監管且更容易涉足加密貨幣市場的方式。但關鍵區別在於：ETN 是由發行人信用支持的債務證券，而 ETF 是持有其追蹤的實際資產的基金。

Credit Risk: A Factor to Consider

信用風險：一個需要考慮的因素

This difference means that ETNs carry a credit risk that ETFs don't. The value of an ETN hinges on the issuer's ability to repay, while ETFs' values are directly tied to the assets they own. It's a nuance that investors need to be aware of.

這種差異意味著 ETN 具有 ETF 所沒有的信用風險。 ETN 的價值取決於發行人的償還能力，而 ETF 的價值則與其所擁有的資產直接相關。投資人需要注意這一細微差別。

ETNs: A Safe Bet for Crypto Exposure?

ETN：加密貨幣暴露的安全選擇？

The LSE's move is a significant step in the evolution of crypto investing. ETNs offer investors a way to gain exposure to the crypto market without the complexities and risks associated with owning cryptocurrencies directly. As the market matures, we can expect to see more institutions and investors embrace this new avenue for crypto participation.

倫敦證交所的此舉是加密貨幣投資發展的重要一步。 ETN 為投資者提供了一種進入加密貨幣市場的方式，而無需承擔與直接擁有加密貨幣相關的複雜性和風險。隨著市場的成熟，我們預計會看到更多的機構和投資者接受這種參與加密貨幣的新途徑。