英國透過加密貨幣支持的 ETN 為機構加密貨幣投資敞開大門 – 中本聰商業新聞

英國金融行為監理局（FCA）透過批准加密貨幣支持的交易所交易票據（ETN），朝著將加密貨幣納入傳統金融市場邁出了重要一步。這些金融工具允許專業投資者在不直接擁有加密貨幣的情況下獲得加密貨幣的投資機會。機構投資者對此表示樂觀，他們認為這是加密貨幣市場多元化和增加流動性的機會。

UK's FCA Embraces Crypto-Backed ETNs, Paving the Way for Institutional Investment

英國 FCA 採用加密貨幣支持的 ETN，為機構投資鋪路

The Financial Conduct Authority (FCA), the United Kingdom's financial regulatory body, has made a significant stride in integrating cryptocurrencies into traditional financial markets. This move paves the way for increased institutional investment in crypto assets through a novel financial instrument: crypto-backed exchange-traded notes (ETNs).

英國金融監理機構金融行為監理局（FCA）在將加密貨幣融入傳統金融市場方面取得了重大進展。此舉為透過一種新穎的金融工具：加密貨幣支持的交易所交易票據（ETN）增加對加密資產的機構投資鋪平了道路。

Understanding Crypto-Backed ETNs

了解加密貨幣支援的 ETN

Exchange-traded notes (ETNs) are financial products traded on stock exchanges akin to stocks. However, unlike stocks, which represent ownership in a company, ETNs track an underlying asset or index. In this instance, crypto-backed ETNs would track the value of specific cryptocurrencies, such as Bitcoin or Ether.

交易所交易票據（ETN）是類似股票在證券交易所交易的金融產品。然而，與代表公司所有權的股票不同，ETN 追蹤基礎資產或指數。在這種情況下，加密貨幣支援的 ETN 將追蹤特定加密貨幣的價值，例如比特幣或以太幣。

When investing in a crypto-backed ETN, one is essentially investing in the performance of the underlying cryptocurrency without directly owning it. The value of the ETN will fluctuate in accordance with the price movements of the corresponding cryptocurrency.

當投資加密貨幣支持的 ETN 時，本質上是投資基礎加密貨幣的表現，而不是直接擁有它。 ETN的價值將根據相應加密貨幣的價格變動而波動。

Eligibility for Investment

投資資格

It is crucial to note that the FCA's decision is restricted to professional investors. This category encompasses investment firms, credit institutions, and other sophisticated financial institutions. Retail investors, including individual members of the public, are currently prohibited from trading crypto-backed ETNs in the UK.

值得注意的是，FCA 的決定僅限於專業投資者。此類別包括投資公司、信貸機構和其他複雜的金融機構。目前，包括公眾個人在內的散戶投資者被禁止在英國交易加密貨幣支持的 ETN。

The FCA classifies cryptocurrencies as high-risk investments due to their volatile nature. Retail investors may lack the financial expertise and risk tolerance to navigate such investments.

由於其波動性，FCA 將加密貨幣歸類為高風險投資。散戶投資者可能缺乏金融專業知識和風險承受能力來進行此類投資。

Benefits for Institutional Investors

對機構投資人的好處

This new avenue for institutional investors offers a multitude of advantages:

這一新途徑為機構投資者提供了眾多優勢：

• Cryptocurrency Exposure: Crypto-backed ETNs provide a regulated and secure means for institutions to gain exposure to the cryptocurrency market without the complexities of managing crypto assets directly.
• Enhanced Liquidity: The introduction of ETNs has the potential to increase liquidity in the cryptocurrency market by attracting more institutional capital. This can result in smoother price movements and potentially lower volatility.
• Diversification: Crypto-backed ETNs can serve as a diversification tool for institutional portfolios, offering exposure to a new asset class with potentially high returns.

Role of the London Stock Exchange (LSE)

加密貨幣敞口：加密貨幣支援的ETN 為機構提供了一種受監管且安全的方式來接觸加密貨幣市場，而無需直接管理加密資產的複雜性。增強流動性：ETN 的引入有可能透過吸引投資者來增加加密貨幣市場的流動性更多的機構資本。這可以使價格走勢更加平穩，並可能降低波動性。多元化：加密貨幣支持的ETN 可以作為機構投資組合的多元化工具，提供具有潛在高回報的新資產類別的敞口。倫敦證券交易所( LSE) 的作用

The London Stock Exchange (LSE) plays a pivotal role in facilitating this nascent market. The FCA's approval allows the LSE to accept applications for Bitcoin and Ether ETNs in the second quarter of 2024. This simplifies the process for listing and trading these ETNs on the exchange.

倫敦證券交易所（LSE）在促進這個新興市場方面發揮關鍵作用。 FCA 的批准允許倫敦證券交易所在 2024 年第二季度接受比特幣和以太坊 ETN 的申請。這簡化了這些 ETN 在交易所上市和交易的流程。

The LSE is responsible for ensuring that these ETNs are traded in a fair and orderly manner. They will also implement safeguards to shield professional investors from excessive risks.

倫敦證券交易所有責任確保這些ETN以公平有序的方式進行交易。他們還將實施保障措施，保護專業投資者免受過度風險的影響。

Impact on Cryptocurrency Prices

對加密貨幣價格的影響

The news of the FCA's decision and the LSE's involvement has already exerted a positive influence on cryptocurrency prices. Bitcoin and Ether reached new all-time highs on the day of the announcement, partially driven by heightened institutional optimism.

FCA的決定和倫敦證交所介入的消息已經對加密貨幣價格產生了積極影響。比特幣和以太幣在公告發布當天創下歷史新高，部分原因是機構樂觀情緒高漲。

However, it is essential to recognize that this is merely one factor influencing cryptocurrency prices. The market remains volatile, and investors should always conduct thorough research before making any investment decisions.

然而，必須認識到這只是影響加密貨幣價格的因素之一。市場仍然波動，投資者在做出任何投資決定之前應進行徹底的研究。

Conclusion

結論

The UK's embrace of crypto-backed ETNs signifies a growing acceptance of cryptocurrencies within mainstream financial markets. While retail investors are still excluded, this decision opens the door for institutional investors to participate in this evolving asset class. As the market matures and regulations evolve, we may witness further integration of cryptocurrencies into traditional financial systems.

英國對加密貨幣支持的 ETN 的接受度標誌著主流金融市場對加密貨幣的接受度不斷提高。儘管散戶仍被排除在外，但這項決定為機構投資者參與這個不斷發展的資產類別打開了大門。隨著市場的成熟和監管的發展，我們可能會見證加密貨幣進一步融入傳統金融體系。