加密货币 ETN 震撼了英国市场，但仅限专业投资者

Are Crypto ETNs a Game-Changer for UK Investors?

加密货币 ETN 会改变英国投资者的游戏规则吗？

The London Stock Exchange (LSE) is set to shake up the crypto landscape with the launch of exchange-traded notes (ETNs) tracking Bitcoin and Ether on May 28. But hold your horses, folks. These ETNs are strictly for the pros, as the UK's Financial Conduct Authority (FCA) has banned the sale of crypto derivatives and ETNs to retail investors since January 2021.

伦敦证券交易所 (LSE) 将于 5 月 28 日推出追踪比特币和以太币的交易所交易票据 (ETN)，从而撼动加密货币格局。但各位，别着急。这些 ETN 仅供专业人士使用，因为英国金融行为监管局 (FCA) 自 2021 年 1 月起禁止向散户投资者出售加密货币衍生品和 ETN。

What's the Deal with Crypto ETNs?

加密货币 ETN 有何特点？

Crypto ETNs are like ETFs for cryptocurrencies, offering investors exposure to the price movements of Bitcoin and Ether without having to directly own the digital assets. However, to get your hands on these ETNs, you'll need to be a professional investor with a keen interest in the crypto space.

加密货币 ETN 类似于加密货币的 ETF，让投资者无需直接拥有数字资产即可了解比特币和以太币的价格变动。然而，要获得这些 ETN，您需要成为对加密货币领域有浓厚兴趣的专业投资者。

What's the Catch?

有什么问题？

To ensure the integrity of the market, the FCA has set some strict requirements for crypto ETNs. They must be:

为了确保市场的完整性，FCA 对加密货币 ETN 设定了一些严格的要求。他们必须是：

• Physically backed by actual Bitcoin or Ether
• Non-leveraged, meaning they can't amplify your gains or losses
• Reliably priced, reflecting the underlying market value of the cryptocurrencies
• Denominated only in Bitcoin or Ether

The underlying crypto assets must also be stored in cold storage by a licensed custodian in the UK, EU, or US.

由实际比特币或以太币物理支持 非杠杆，这意味着它们无法放大您的收益或损失 定价可靠，反映加密货币的基础市场价值 仅以比特币或以太币计价 基础加密资产还必须由持牌托管人存储在冷库中英国、欧盟或美国。

When Can I Get My Hands on Them?

我什么时候可以拿到它们？

Applications for the crypto ETNs open on April 8. If all goes smoothly and the FCA gives the green light, the ETNs will be listed on the LSE in May.

加密 ETN 的申请将于 4 月 8 日开放。如果一切顺利且 FCA 批准，ETN 将于 5 月在伦敦证券交易所上市。

Why the Fuss?

为何大惊小怪？

The LSE's move follows the US Securities and Exchange Commission's (SEC) approval of spot Bitcoin ETFs in January. While the US ETFs lack a retail investor component, the UK's ETNs cater exclusively to professional investors.

伦敦证交所此举是在美国证券交易委员会 (SEC) 一月份批准现货比特币 ETF 之后进行的。美国 ETF 缺少散户投资者，而英国的 ETN 则专门面向专业投资者。

What's the FCA's Take?

FCA 有何看法？

The FCA is keeping a watchful eye on the crypto market, promising to crack down on market abuse and improve monitoring systems. Last October, the regulator implemented new rules for crypto-related marketing, threatening "robust action" against potential breaches.

FCA 正在密切关注加密货币市场，承诺打击市场滥用行为并改进监控系统。去年 10 月，监管机构实施了针对加密货币相关营销的新规则，威胁要针对潜在违规行为采取“强有力的行动”。

The Bottom Line

底线

Crypto ETNs offer a new avenue for professional investors to gain exposure to Bitcoin and Ether. However, retail investors will have to sit on the sidelines for now, as the FCA remains cautious about the risks associated with crypto investments.

加密 ETN 为专业投资者提供了接​​触比特币和以太币的新途径。然而，散户投资者目前将不得不观望，因为 FCA 对加密货币投资相关的风险仍然持谨慎态度。