倫敦證券交易所將推出加密貨幣交易所交易票據

倫敦證券交易所 (LSE) 將於 5 月 28 日推出比特幣和以太幣加密貨幣交易所交易票據 (ETN)，目前正在等待英國金融行為監管局 (FCA) 的批准。由於目前 FCA 法規禁止零售加密衍生性商品和 ETN，這些 ETN 將以實物形式支持，無槓桿，並且僅向專業投資者開放。

London Stock Exchange to Launch Cryptocurrency Exchange-Traded Notes

倫敦證券交易所將推出加密貨幣交易所交易票據

The London Stock Exchange (LSE) has announced its intention to introduce cryptocurrency Exchange-Traded Notes (ETNs) that track Bitcoin and Ether on May 28.

倫敦證券交易所 (LSE) 宣布有意於 5 月 28 日推出追蹤比特幣和以太幣的加密貨幣交易所交易票據 (ETN)。

Investment firms seeking to issue these crypto ETNs must submit applications by April 8, subject to approval by the UK's Financial Conduct Authority (FCA). Additionally, issuers are required to provide a draft prospectus and a compliance letter by April 15 to comply with ETN regulations.

尋求發行這些加密 ETN 的投資公司必須在 4 月 8 日之前提交申請，並獲得英國金融行為監管局 (FCA) 的批准。此外，發行人必須在 4 月 15 日之前提供招股說明書草案和合規信函，以遵守 ETN 法規。

While there is significant interest from investors, these crypto ETNs will initially be available only to professional investors. This is due to the FCA's ban on the retail sale of crypto derivatives and ETNs, which has been in effect since January 2021.

儘管投資者對此表現出濃厚的興趣，但這些加密貨幣 ETN 最初僅向專業投資者開放。這是由於 FCA 自 2021 年 1 月起生效的加密貨幣衍生性商品和 ETN 零售禁令。

To meet FCA requirements, crypto ETNs must be physically backed, non-leveraged, and denominated in Bitcoin or Ether. They must also have a reliable value based on market prices and be held in cold storage by licensed custodians in the UK, EU, or US.

為了滿足 FCA 的要求，加密貨幣 ETN 必須有實體支援、無槓桿且以比特幣或以太幣計價。它們還必須具有基於市場價格的可靠價值，並由英國、歐盟或美國的許可託管人冷藏保存。

Issuers may submit up to three different currency lines for their ETNs, and early discussions with the LSE are recommended due to specific admission timelines. This development parallels the recent approval of spot Bitcoin exchange-traded funds by the US Securities and Exchange Commission in January, although those funds are also not accessible to retail investors.

發行人最多可以為其 ETN 提交三種不同的貨幣額度，並且由於具體的准入時間表，建議儘早與倫敦證券交易所進行討論。這項進展與美國證券交易委員會最近在一月份批准現貨比特幣交易所交易基金類似，儘管這些基金也不適用於散戶投資者。

The FCA's plans for the coming years include intensifying efforts to combat crypto market abuse and enhancing monitoring systems for market integrity. These measures align with previous actions, such as the implementation of new regulations for crypto-related marketing in October 2022.

FCA 未來幾年的計畫包括加強打擊加密貨幣市場濫用行為，並加強市場誠信監控系統。這些措施與先前的行動一致，例如 2022 年 10 月實施加密貨幣相關行銷新規定。

The LSE's launch of crypto ETNs for professional investors signifies a cautious approach to regulation amidst growing interest in digital assets. While retail investors may not have direct access to these products initially, the regulatory landscape is evolving, and further developments in the cryptocurrency market are expected.

倫敦證交所為專業投資者推出加密貨幣 ETN，標誌著在人們對數位資產興趣日益濃厚的情況下採取謹慎的監管態度。雖然散戶投資者最初可能無法直接接觸這些產品，但監管環境正在不斷發展，預計加密貨幣市場將進一步發展。