隨著產業巨頭推動進入，英國考慮採用比特幣 ETF

英國的比特幣交易所交易基金（ETF）爭論重新燃起，產業領袖呼籲擴大投資者的准入範圍。 Kraken UK 董事總經理 Bivu Das 認為，比特幣 ETF 為將英國打造為加密貨幣中心奠定了基礎。然而，FCA 仍保持謹慎態度，已於 2021 年禁止加密貨幣衍生產品的零售。儘管如此，有跡象表明 FCA 可能會採取更寬鬆的立場，最近批准為機構投資者推出加密貨幣 ETN。 Coinbase 英國執行長 Daniel Seifert 同意 Das 的觀點，認為消費者應該有更多 ETF 選擇。 FCA 面臨微妙的平衡，既要促進創新，又要保護散戶投資者。全球對比特幣 ETF 的接受度不斷提高，投資者需求不斷增加，可能會給 FCA 帶來壓力，要求其重新審視其立場，從而有可能帶來更開放的監管環境。

Is the UK Poised to Embrace Bitcoin ETFs?

英國準備好擁抱比特幣 ETF 了嗎？

The debate over Bitcoin exchange-traded funds (ETFs) in the UK has resurfaced, with industry heavyweights advocating for broader access to investors. This renewed interest follows the US Securities and Exchange Commission's (SEC) approval of Bitcoin ETFs in January, which has sparked a surge in investment and calls for similar action by the UK's Financial Conduct Authority (FCA).

英國關於比特幣交易所交易基金（ETF）的爭論重新浮出水面，產業重量級人物主張更廣泛地接觸投資者。繼美國證券交易委員會 (SEC) 一月份批准比特幣 ETF 後，這種新的興趣引發了投資激增，並呼籲英國金融行為監管局 (FCA) 採取類似行動。

Kraken's Call for a Crypto Hub

Kraken 呼籲建立加密貨幣中心

Bivu Das, Managing Director of Kraken UK, believes Bitcoin ETFs are essential for establishing the UK as a leading crypto hub. He argues that these instruments offer a "basic fundamental" for investors to gain exposure to Bitcoin's price movements without directly owning the cryptocurrency, providing a more regulated and accessible entry point.

Kraken UK 董事總經理 Bivu Das 認為，比特幣 ETF 對於將英國打造為領先的加密貨幣中心至關重要。他認為，這些工具為投資者提供了“基本面”，使他們無需直接擁有加密貨幣即可了解比特幣的價格走勢，從而提供了一個更受監管且更容易進入的切入點。

FCA's Cautious Approach

FCA 的謹慎態度

However, the FCA remains cautious. In 2021, it banned the retail sale of crypto-derivative products, including exchange-traded products (ETPs) backed by cryptocurrencies. This stance, some argue, puts the UK at a disadvantage compared to the US, where retail investors can readily invest in Bitcoin ETFs.

不過，FCA 仍保持謹慎態度。 2021年，它禁止零售加密衍生產品，包括加密貨幣支持的交易所交易產品（ETP）。有些人認為，這種立場使英國與美國相比處於劣勢，因為美國的散戶投資者可以輕鬆投資比特幣 ETF。

Regulatory Evolution and Future Prospects

監管演變與未來前景

Das contends that the regulatory landscape has evolved since the 2021 ban. He believes ETFs could alleviate regulatory concerns, as investors wouldn't directly hold the underlying Bitcoin. This could potentially pave the way for a more open approach from the FCA.

Das 認為，自 2021 年禁令頒布以來，監管環境已經改變。他認為 ETF 可以緩解監管擔憂，因為投資者不會直接持有基礎比特幣。這可能為 FCA 採取更開放的做法鋪平道路。

Institutional Footprints in the Crypto Space

加密貨幣領域的機構足跡

Signs of the FCA's evolving stance are evident in its recent approval of crypto ETNs, but only for institutional investors. This limited move could be seen as a cautious step towards wider crypto investment opportunities.

FCA 立場不斷變化的跡像在其最近批准加密貨幣 ETN 中顯而易見，但僅限於機構投資者。這項有限的措施可以被視為邁向更廣泛的加密貨幣投資機會的謹慎一步。

Investor Choice and Financial Inclusion

投資者選擇和金融包容性

Coinbase UK CEO Daniel Seifert echoes Das' sentiment, advocating for "more options" for consumers through a broader range of investment products like ETFs. This push for increased investor choice aligns with a broader trend towards democratizing access to financial markets.

Coinbase 英國執行長 Daniel Seifert 贊同 Das 的觀點，主張透過 ETF 等更廣泛的投資產品為消費者提供「更多選擇」。這種增加投資者選擇的努力符合金融市場准入民主化的更廣泛趨勢。

Balancing Innovation and Risk Management

平衡創新與風險管理

The FCA faces a delicate balancing act. While fostering innovation in the crypto sector is crucial for maintaining the UK's financial competitiveness, protecting retail investors from potential harm remains a top priority. The high volatility of the crypto market raises concerns about the suitability of such complex instruments for inexperienced investors.

FCA 面臨著微妙的平衡。雖然促進加密貨幣行業的創新對於維持英國的金融競爭力至關重要，但保護散戶投資者免受潛在傷害仍然是首要任務。加密貨幣市場的高波動性引發了人們對這種複雜工具是否適合缺乏經驗的投資者的擔憂。

Global Acceptance and Investor Appetite

全球接受度和投資者胃口

The recent influx of billions into US Bitcoin ETFs highlights the growing investor appetite for these products. This surge in demand could put further pressure on the FCA to revisit its stance. The potential benefits of increased investment and a more robust crypto ecosystem could outweigh the perceived risks, eventually leading to a more open regulatory environment.

最近數十億美元湧入美國比特幣 ETF，凸顯了投資者對這些產品的興趣不斷增長。需求激增可能會給 FCA 帶來進一步壓力，要求其重新審視其立場。增加投資和更強大的加密生態系統的潛在好處可能會超過感知到的風險，最終導致更開放的監管環境。

Conclusion: A Measured Approach

結論：謹慎的方法

The future of Bitcoin ETFs in the UK remains uncertain. The FCA is likely to take a measured approach, carefully evaluating the potential benefits and risks before making any significant changes. However, the growing global acceptance of Bitcoin ETFs, coupled with increasing investor demand, suggests that a more open approach from the FCA might be inevitable.

英國比特幣 ETF 的未來仍不確定。 FCA 可能會採取謹慎的方法，在做出任何重大改變之前仔細評估潛在的效益和風險。然而，全球對比特幣 ETF 的接受度不斷提高，加上投資者需求不斷增加，顯示 FCA 採取更開放的做法可能是不可避免的。