伦敦证券交易所拥抱加密货币：比特币 ETN 将于 5 月 28 日推出

London Stock Exchange to Embrace Crypto: When Can We Trade Bitcoin ETNs?

伦敦证券交易所拥抱加密货币：我们什么时候可以交易比特币 ETN？

The London Stock Exchange (LSE) is making waves by opening its doors to Bitcoin and Ethereum exchange-traded notes (ETNs) in May. Starting April 8, the LSE will begin accepting applications for these crypto-linked securities, marking a major step in bringing digital currencies into the mainstream financial realm in the U.K.

伦敦证券交易所（LSE）于 5 月份向比特币和以太坊交易所交易票据（ETN）敞开大门，引起了轰动。从 4 月 8 日开始，伦敦证券交易所将开始接受这些加密货币相关证券的申请，这标志着将数字货币带入英国主流金融领域的重要一步。

Is the FCA's Approval a Green Light for Crypto ETNs?

FCA 的批准是否为加密 ETN 开了绿灯？

Once the Financial Conduct Authority (FCA) gives its nod, the LSE plans to launch crypto ETNs on May 28. The Exchange aims to attract a diverse mix of issuers and investors, much like the successful Bitcoin ETFs that have been trading in the U.S. since January.

一旦获得金融行为监管局 (FCA) 的认可，伦敦证券交易所计划于 5 月 28 日推出加密货币 ETN。该交易所的目标是吸引多元化的发行人和投资者，就像自 2017 年以来一直在美国交易的成功比特币 ETF 一样。一月。

What's the Deal with Issuer Deadlines?

发行人的最后期限有什么关系？

To ensure a seamless launch, the LSE has set some deadlines for issuers who want to list their ETNs. By April 15, they must submit all necessary documentation, including a base prospectus for FCA approval.

为了确保顺利推出，伦敦证券交易所为想要上市 ETN 的发行人设定了一些截止日期。 4 月 15 日之前，他们必须提交所有必要的文件，包括供 FCA 批准的基本招股说明书。

ETNs vs. ETFs: What's the Difference?

ETN 与 ETF：有什么区别？

Like Bitcoin ETFs, ETNs trade on a stock exchange, offering investors a more regulated and accessible way to dabble in the crypto market. But here's the key distinction: ETNs are debt securities backed by the issuer's credit, while ETFs are funds that hold the actual assets they track.

与比特币 ETF 一样，ETN 在证券交易所进行交易，为投资者提供了一种更受监管且更容易涉足加密货币市场的方式。但关键区别在于：ETN 是由发行人信用支持的债务证券，而 ETF 是持有其追踪的实际资产的基金。

Credit Risk: A Factor to Consider

信用风险：一个需要考虑的因素

This difference means that ETNs carry a credit risk that ETFs don't. The value of an ETN hinges on the issuer's ability to repay, while ETFs' values are directly tied to the assets they own. It's a nuance that investors need to be aware of.

这种差异意味着 ETN 具有 ETF 所没有的信用风险。 ETN 的价值取决于发行人的偿还能力，而 ETF 的价值则与其所拥有的资产直接相关。投资者需要注意这一细微差别。

ETNs: A Safe Bet for Crypto Exposure?

ETN：加密货币暴露的安全选择？

The LSE's move is a significant step in the evolution of crypto investing. ETNs offer investors a way to gain exposure to the crypto market without the complexities and risks associated with owning cryptocurrencies directly. As the market matures, we can expect to see more institutions and investors embrace this new avenue for crypto participation.

伦敦证交所的此举是加密货币投资发展的重要一步。 ETN 为投资者提供了一种进入加密货币市场的方式，而无需承担与直接拥有加密货币相关的复杂性和风险。随着市场的成熟，我们预计会看到更多的机构和投资者接受这种参与加密货币的新途径。