倫敦證券交易所加密貨幣 ETN 市場即將推出，引發質疑

倫敦證券交易所 (LSE) 將於 5 月推出比特幣加密貨幣交易所交易票據 (ETN) 市場，但須經 FCA 批准。 FCA 要求加密 ETN 必須有實體支援、無槓桿、以比特幣或以太坊計價，並保存在特定位置的冷儲存中。發行人最多可以為 ETN 提交三種不同的貨幣額度，由於該產品的獨特性，標準准入時間表不適用。

Will the LSE's Crypto ETN Marketplace Take Off?

倫敦證券交易所的加密貨幣 ETN 市場會起飛嗎？

The London Stock Exchange (LSE) is set to launch a marketplace for Bitcoin cryptocurrency exchange traded notes (ETNs) in May, a move that has raised some eyebrows.

倫敦證券交易所 (LSE) 將於 5 月推出比特幣加密貨幣交易所交易票據 (ETN) 市場，此舉引起了一些人的注意。

FCA's Role: Gatekeeper or Enabler?

FCA 的角色：看門人還是推手？

The decision follows the Financial Conduct Authority's (FCA) announcement earlier this month that it will allow recognized investment exchanges to create a listed market segment for ETNs. However, the products will be available only to professional investors, in line with the FCA's ban on the sale of crypto derivatives and ETNs to retail customers.

該決定是在金融行為監理局 (FCA) 本月稍早宣布將允許認可的投資交易所為 ETN 創建上市細分市場之後作出的。然而，這些產品將僅向專業投資者開放，符合 FCA 禁止向零售客戶銷售加密衍生性商品和 ETN 的禁令。

ETNs: A Hybrid Approach

ETN：混合方法

ETNs are debt securities that provide exposure to an underlying asset, in this case, Bitcoin. They differ from traditional cryptocurrencies in that they are backed by the issuer's creditworthiness and are regulated by the FCA.

ETN 是提供基礎資產（在本例中為比特幣）曝險的債務證券。它們與傳統加密貨幣的不同之處在於，它們受到發行人信譽的支持並受到 FCA 的監管。

Approval Process: A Balancing Act

審批流程：平衡之舉

For an ETN to be listed, it must meet certain criteria set by the FCA. These include being physically backed, non-leveraged, and having a reliable valuation mechanism. The underlying assets must also be held in secure storage in a jurisdiction recognized by the UK Anti-Money Laundering Act.

ETN 要上市，必須符合 FCA 設定的某些標準。其中包括有實物支持、無槓桿以及擁有可靠的估值機制。標的資產也必須安全儲存在英國反洗錢法認可的司法管轄區。

Proposed Launch Date: A Strategic Choice

建議的發布日期：戰略選擇

The planned launch date of May 28, 2024, has been selected to maximize the number of issuers present on the first day of trading. This timing also allows issuers to complete the necessary documentation and meet the FCA's requirements.

選擇 2024 年 5 月 28 日為計畫發行日期，是為了最大限度地增加首日交易的發行人數。這一時機也允許發行人完成必要的文件並滿足 FCA 的要求。

Multiple Currency Options: A Flexible Approach

多種貨幣選擇：靈活的方法

Issuers can submit up to three different currency lines for their ETNs, either simultaneously or in separate transactions. This flexibility allows them to cater to a wider investor base. However, the LSE notes that the standard admission timelines do not apply to crypto ETNs, and issuers are encouraged to engage with the exchange early on to discuss their admission plans.

發行人可以同時或在單獨的交易中為其 ETN 提交最多三種不同的貨幣額度。這種靈活性使他們能夠迎合更廣泛的投資者群體。然而，倫敦證券交易所指出，標準准入時間表不適用於加密 ETN，鼓勵發行人儘早與交易所接觸，討論其准入計劃。

Conclusion: A Measured Step into Crypto

結論：邁向加密貨幣的一步

The LSE's move into the crypto ETN market is a calculated step that balances the growing demand for exposure to digital assets with the need for robust regulation. While the launch date is still several months away, it remains to be seen whether this new marketplace will gain traction among professional investors and how it will shape the broader crypto landscape.

倫敦證券交易所進軍加密貨幣 ETN 市場是經過深思熟慮的一步，旨在平衡日益增長的數位資產需求和強有力的監管需求。雖然距離發布日期還有幾個月的時間，但這個新市場是否會受到專業投資者的關注以及它將如何塑造更廣泛的加密貨幣格局仍有待觀察。