英國對比特幣的立場正在破壞其作為全球金融中心的地位

據報導，最近幾個月，英國的財政大臣傑里米·亨特（Jeremy Hunt）與中國創建的時尚零售商Shein的老闆會見了該公司，以鼓勵該公司在倫敦證券交易所開設首次公開募股。

The Financial Conduct Authority (FCA) has a proud history of excellence and innovation in both financial services and in computer science. Yet its regulatory approach to bitcoin, which sits at the intersection between these disciplines, is undermining that position. In recent months, the Financial Conduct Authority (FCA) has created uncertainty, driven businesses offshore, and is damaging the UK’s competitiveness in digital finance.

金融行為管理局（FCA）在金融服務和計算機科學領域都擁有卓越和創新的驕人歷史。然而，其對比特幣的監管方法位於這些學科之間的交叉點，正在破壞這一立場。近幾個月來，金融行為管理局（FCA）創造了不確定性，驅動企業在近海中，並損害了英國在數字融資方面的競爭力。

This was evident at the Bitcoin for Institutions event, held recently in London at The Law Society, which brought together investors, policymakers, and industry leaders to assess bitcoin’s growing significance. As institutions are making decisive moves to integrate bitcoin into their strategies, the event highlighted how regulatory uncertainty, restrictive policies, and a risk-averse approach are putting the UK at a disadvantage.

這在最近在倫敦的律師協會舉行的比特幣活動中很明顯，該活動匯集了投資者，政策制定者和行業領導者，以評估比特幣越來越重要的意義。隨著機構正在採取決定性的舉動，將比特幣整合到其戰略中，該事件強調了監管不確定性，限制性政策和規避風險的方法如何使英國處於不利地位。

While other jurisdictions recognise Bitcoin’s role in institutional finance and are acting accordingly, the message from the event was clear: the UK risks being left behind as institutions elsewhere continue to diversify their portfolios with the digital asset.

儘管其他司法管轄區認識到比特幣在機構財務中的作用並相應地行事，但事件中的信息很明顯：隨著其他地方的機構繼續將其投資組合多樣化，英國的風險被拋在後面。

At a glance: The UK is lagging behind in bitcoin adoption as institutions elsewhere diversify their portfolios with the digital asset.

一眼：英國在比特幣採用中落後，因為其他地方的機構將其投資組合用數字資產多樣化。

Rising Institutional Interest In Bitcoin

比特幣的機構興趣不斷上升

The event, which focused on the burgeoning landscape of bitcoin-related products and services catering to institutional investors, unveiled a stark contrast between the U.S. and the UK in terms of the pace of institutional adoption.

該活動的重點是迎合比特幣相關產品和服務的機構投資者的景觀。

While the U.S. is witnessing an influx of bitcoin ETFs, pension funds investing in the digital asset, and corporate treasurers diversifying into bitcoin, the UK institutions are still largely exploring the asset class.

儘管美國目睹了比特幣ETF的湧入，投資數字資產的養老基金，以及使比特幣多樣化的公司財務主管，但英國機構仍在很大程度上探索資產類別。

This difference was highlighted by several speakers, including Allen Farrington, co-founder of Axiom, a bitcoin-native investment firm focused on capital deployment in the bitcoin economy, who described how bitcoin is forming the basis of a viable institutional asset class.

幾位發言人強調了這種差異，其中包括一家專注於比特幣經濟中資本部署的比特幣本地投資公司Axiom的聯合創始人艾倫·法靈頓（Allen Farrington），他描述了比特幣如何形成可行的機構資產類別的基礎。

Despite bitcoin being the best-performing asset of the decade and having achieved a level of price stability unmatched by fiat currencies, rendering it suitable for long-term financial planning, UK institutions are lagging behind.

儘管比特幣是十年中表現最好的資產，並且已經達到了法定貨幣不合比的價格穩定水平，但它適合於長期的財務計劃，但英國機構仍在落後。

This lag is attributed to the role of the FCA, which is tasked with ensuring financial stability and safeguarding consumers but has inadvertently become a barrier to innovation.

該滯後歸因於FCA的作用，FCA的任務是確保財務穩定和保護消費者，但無意中成為創新的障礙。

As a result, businesses have been driven out of the UK, either by regulatory hostility or by deciding that the cost of compliance with poorly thought-out regulation is too high.

結果，企業因監管敵對行動而被驅逐出英國，或者決定遵守經過深思熟慮的監管的成本太高。

However, despite the setbacks, there is hope that the tide might be turning.

但是，儘管遇到了挫折，但希望潮流可能會發生。

"Many U.S. companies have started incorporating bitcoin into their financial planning, and many others are well down the road," explained Andrew Hohns, founder and CEO of Newmarket Investment Management. "In the UK, institutional awareness of the benefits of bitcoin is more nascent, but the topic will move closer to center stage as corporate and sovereign game theory quickly take hold."

Newmarket Investment Management的創始人兼首席執行官Andrew Hohns解釋說：“許多美國公司已經開始將比特幣納入其財務計劃中，而許多其他公司都非常遙不可及。” “在英國，對比特幣好處的機構意識更為淡淡，但是隨著公司和主權遊戲理論的迅速持有，這個話題將更加接近中心舞台。”

He further highlighted the urgency, stating that given the potential of bitcoin and its record, the risk is not so much in owning bitcoin as it is in not owning it, a sentiment shared by Dominic Frisby, who pointed out the implications of ignoring an asset class that has consistently outperformed over a 15-year period.

他進一步強調了緊迫性，並指出，鑑於比特幣及其記錄的潛力，這種風險在擁有比特幣方面並不像沒有擁有比特幣，這是多米尼克·弗里斯比（Dominic Frisby）所共有的一種情緒，他指出了忽略在15年期間始終表現出一致性的資產類別的含義。

Discussing the U.S. administration's stance on bitcoin, which includes President Donald Trump signing an executive order in early March 2025 to establish a Strategic Bitcoin Reserve, and the actions of the U.S. Congress, Steve Baker, who served as Minister of State in the Cabinet Office until July 2024, highlighted the contrast in attitude.

討論美國政府對比特幣的立場，其中包括唐納德·特朗普（Donald Trump）總統於2025年3月上旬簽署了一項行政命令，以建立戰略性的比特幣儲備，以及美國國會議會的行動史蒂夫·貝克（Steve Baker），史蒂夫·貝克（Steve Baker）曾在內閣辦公室擔任國內置部長，直到2024年7月，他強調了態度的對比。

"It’s great that the U.S. is governed by a group of people who understand this and are thinking about it in terms of national interest and global competitiveness," said Baker, referring to the U.S. government's willingness to engage with and learn about bitcoin.

貝克說：“美國受到一群了解這一點並在國家利益和全球競爭力方面思考的人統治，這真是太好了。”

This contrasts with the UK, where there has been a preference for incumbents and a reluctance to engage with new technologies.

這與英國形成鮮明對比的是，在英國偏愛現任者，也不願與新技術互動。

While the U.S. and other jurisdictions, such as the UAE and Singapore, are attracting capital and talent by setting up frameworks that differentiate between bitcoin and speculative cryptoassets, the FCA has created a framework that lumps them together.

儘管美國和其他司法管轄區（例如阿聯酋和新加坡）通過建立區分比特幣和投機性加密和投機的框架來吸引資本和人才，但FCA創建了一個將它們融合在一起的框架。

This approach disregards the unique characteristics of bitcoin as a decentralized monetary network, a point highlighted by Adrian Cannon from Musqet, who noted that bitcoin is fundamentally different from other cryptoassets and that its revolutionary nature in ideas and concepts does not fit neatly within existing regulatory and banking frameworks.

這種方法忽略了比特幣作為分散的貨幣網絡的獨特特徵，這是Musqet的Adrian Cannon突出的觀點，他指出，比特幣與其他加密貨幣的根本不同，並且其在思想和概念中的革命性在現有監管和銀行業框架中並不吻合。

"It feels like there’s a mismatch between what they’re trying to do and the problems they’re trying to solve," Cannon said, referring to the shortcomings of the current regulatory thinking.

坎農說：“感覺他們試圖做的事情與他們試圖解決的問題之間存在不匹配。”

The British government is rolling out a new initiative called the Regulatory Innovation Office, which is intended to reign in overzealous regulators who are seen as stifling innovation with paperwork and red tape.

英國政府正在推出一項名為監管創新辦公室的新計劃，該計劃旨在統治過度狂熱的監管機構，這些監管機構被視為用文書工作和繁文tape節扼殺創新。

However, according to Baroness Claire Fox, who sits in the House of Lords and has been following the government's efforts, the reality is a system of self-replicating bureaucracy, with quangoes of regulators who are not accountable to anyone

然而，根據坐在上議院並一直在追隨政府努力的男爵夫人克萊爾·福克斯（Claire Fox）的說法，現實是一種自我複制官僚主義的體系，監管機構的Quangoes不對任何人負責