比特币 ETF：英国加密货币投资的门户

在数字资产领域创新的呼声中，Kraken UK 的 Bivu Das 引发了人们对在英国推出比特币交易所交易基金 (ETF) 的强烈支持。达斯声称，比特币 ETF 为投资者提供了一个受监管的途径，以利用比特币的价格走势，增强英国作为加密货币中心的愿望。然而，金融行为监管局 (FCA) 在权​​衡英国比特币 ETF 的批准时，必须在促进加密货币创新和保护散户投资者之间找到微妙的平衡。

Bitcoin ETFs: A Path to Crypto Exposure in the UK

比特币 ETF：英国加密货币投资之路

Amidst the evolving digital landscape, the clamor for the introduction of Bitcoin exchange-traded funds (ETFs) in the United Kingdom has intensified, spearheaded by Bivu Das, Managing Director of Kraken UK. At the recent Digital Asset Summit in London, Das made a compelling case for Bitcoin ETFs, arguing that they would provide investors with a regulated avenue to access the potential returns of the digital asset class.

在不断发展的数字环境中，在英国 Kraken 董事总经理 Bivu Das 的带头下，英国引入比特币交易所交易基金 (ETF) 的呼声愈演愈烈。在最近于伦敦举行的数字资产峰会上，达斯为比特币 ETF 提出了令人信服的理由，认为它们将为投资者提供一个受监管的途径来获取数字资产类别的潜在回报。

Das emphasized the importance of authorizing a Bitcoin ETF within the UK's regulatory framework, believing it would fill a critical gap in the regulated crypto exposure landscape and bolster the UK's ambitions of becoming a global cryptocurrency hub. "The UK's vision of creating a crypto hub in the rapidly evolving digital era makes the introduction of Bitcoin ETFs a critical step towards realizing that vision," Das stated.

达斯强调了在英国监管框架内授权比特币 ETF 的重要性，认为这将填补受监管的加密货币敞口领域的一个关键空白，并增强英国成为全球加密货币中心的雄​​心。达斯表示：“英国的愿景是在快速发展的数字时代创建一个加密货币中心，这使得比特币 ETF 的推出成为实现这一愿景的关键一步。”

He expressed concern that the current restrictions on Bitcoin ETFs could drive investors to unregulated sectors to access these innovative financial products, potentially undermining the UK's economic prospects and the financial well-being of its investors.

他表示担心，目前对比特币 ETF 的限制可能会促使投资者转向不受监管的领域来获取这些创新金融产品，从而可能损害英国的经济前景及其投资者的财务状况。

Bitcoin ETFs offer investors the opportunity to participate in the price movements of Bitcoin without the need for direct ownership of the digital currency. Traded on traditional stock exchanges, Bitcoin ETFs track the price of the underlying asset, with their value rising and falling in tandem with Bitcoin prices.

比特币 ETF 为投资者提供了参与比特币价格变动的机会，而无需直接拥有该数字货币。比特币 ETF 在传统证券交易所进行交易，跟踪标的资产的价格，其价值与比特币价格同步上涨和下跌。

In 2021, the UK's Financial Conduct Authority (FCA) implemented a ban on the retail sale of digital asset derivatives, which significantly impacted exchange-traded products (ETPs) backed by cryptocurrencies.

2021年，英国金融行为监管局（FCA）实施了数字资产衍生品零售禁令，这对加密货币支持的交易所交易产品（ETP）产生了重大影响。

However, Das argues that the regulatory landscape has since evolved, and Bitcoin ETFs could address regulatory concerns because the investor's holdings are not directly linked to the underlying asset. This aligns with recent reports suggesting a shift in the FCA's stance towards crypto ETFs.

然而，达斯认为，监管环境已经发生变化，比特币 ETF 可以解决监管问题，因为投资者持有的资产与标的资产没有直接联系。这与最近的报告一致，该报告表明 FCA 对加密 ETF 的立场发生了转变。

The UK has recently approved the launch of crypto exchange-traded notes (ETNs), which are accessible to institutional investors but not to retail investors. This contrasts with the broader availability of Bitcoin ETFs in the United States, which are accessible to all individuals interested in the cryptocurrency market.

英国最近批准推出加密货币交易所交易票据（ETN），机构投资者可以使用，但散户投资者不能使用。这与美国比特币 ETF 的广泛可用性形成鲜明对比，所有对加密货币市场感兴趣的个人都可以使用比特币 ETF。

Critics of Bitcoin ETFs highlight the risks associated with retail investor participation in crypto derivatives and ETNs. Proponents, such as Das, counter that the approval of Bitcoin ETFs would provide legitimacy and validation to Bitcoin, particularly among institutional investors, following the wave of Bitcoin ETF adoption in the US after the SEC's endorsement in January.

比特币 ETF 的批评者强调了散户投资者参与加密衍生品和 ETN 的相关风险。 Das 等支持者反驳说，继 1 月份 SEC 批准后，美国掀起了比特币 ETF 采用浪潮，比特币 ETF 的批准将为比特币提供合法性和有效性，尤其是在机构投资者中。

As the UK grapples with the potential introduction of Bitcoin ETFs, the FCA faces the delicate task of fostering innovation in the growing crypto space while protecting unsophisticated retail investors from potential financial risks. The recent surge in investments into crypto ETFs and the growing investor demand for broader access to these products are strengthening the case for their approval in the UK.

随着英国努力应对比特币 ETF 的引入，FCA 面临着一项艰巨的任务：在不断增长的加密货币领域促进创新，同时保护缺乏经验的散户投资者免受潜在金融风险的影响。最近对加密货币 ETF 的投资激增，以及投资者对更广泛地使用这些产品的需求不断增长，都加强了它们在英国获得批准的理由。

Whether Bivu Das's advocacy will ultimately sway the scales in favor of Bitcoin ETFs in the UK's financial ecosystem remains to be seen. However, the momentum behind their introduction is undeniable, and their potential to reshape the crypto landscape in the UK is significant.

Bivu Das 的倡导是否最终会影响英国金融生态系统中比特币 ETF 的发展还有待观察。然而，它们的推出背后的动力是不可否认的，它们重塑英国加密货币格局的潜力是巨大的。