伦敦证券交易所加密货币 ETN 市场即将推出，引发质疑

伦敦证券交易所 (LSE) 将于 5 月推出比特币加密货币交易所交易票据 (ETN) 市场，但须经 FCA 批准。 FCA 要求加密 ETN 必须有物理支持、无杠杆、以比特币或以太坊计价，并保存在特定位置的冷存储中。发行人最多可以为 ETN 提交三种不同的货币额度，由于该产品的独特性，标准准入时间表不适用。

Will the LSE's Crypto ETN Marketplace Take Off?

Will the LSE's Crypto ETN Marketplace Take Off?

The London Stock Exchange (LSE) is set to launch a marketplace for Bitcoin cryptocurrency exchange traded notes (ETNs) in May, a move that has raised some eyebrows.

伦敦证券交易所 (LSE) 将于 5 月推出比特币加密货币交易所交易票据 (ETN) 市场，此举引起了一些人的关注。

FCA's Role: Gatekeeper or Enabler?

FCA 的角色：看门人还是推动者？

The decision follows the Financial Conduct Authority's (FCA) announcement earlier this month that it will allow recognized investment exchanges to create a listed market segment for ETNs. However, the products will be available only to professional investors, in line with the FCA's ban on the sale of crypto derivatives and ETNs to retail customers.

该决定是在金融行为监管局 (FCA) 本月早些时候宣布将允许认可的投资交易所为 ETN 创建上市细分市场之后作出的。然而，这些产品将仅向专业投资者开放，符合 FCA 禁止向零售客户销售加密衍生品和 ETN 的禁令。

ETNs: A Hybrid Approach

ETN：混合方法

ETNs are debt securities that provide exposure to an underlying asset, in this case, Bitcoin. They differ from traditional cryptocurrencies in that they are backed by the issuer's creditworthiness and are regulated by the FCA.

ETN 是提供基础资产（在本例中为比特币）敞口的债务证券。它们与传统加密货币的不同之处在于，它们受到发行人信誉的支持并受到 FCA 的监管。

Approval Process: A Balancing Act

审批流程：平衡之举

For an ETN to be listed, it must meet certain criteria set by the FCA. These include being physically backed, non-leveraged, and having a reliable valuation mechanism. The underlying assets must also be held in secure storage in a jurisdiction recognized by the UK Anti-Money Laundering Act.

ETN 要想上市，必须满足 FCA 设定的某些标准。其中包括有实物支持、无杠杆以及拥有可靠的估值机制。标的资产还必须安全存储在英国反洗钱法认可的司法管辖区。

Proposed Launch Date: A Strategic Choice

拟议的发布日期：战略选择

The planned launch date of May 28, 2024, has been selected to maximize the number of issuers present on the first day of trading. This timing also allows issuers to complete the necessary documentation and meet the FCA's requirements.

选择 2024 年 5 月 28 日为计划发行日期，是为了最大限度地增加首日交易的发行人数量。这一时机还允许发行人完成必要的文件并满足 FCA 的要求。

Multiple Currency Options: A Flexible Approach

多种货币选择：灵活的方法

Issuers can submit up to three different currency lines for their ETNs, either simultaneously or in separate transactions. This flexibility allows them to cater to a wider investor base. However, the LSE notes that the standard admission timelines do not apply to crypto ETNs, and issuers are encouraged to engage with the exchange early on to discuss their admission plans.

发行人可以同时或在单独的交易中为其 ETN 提交最多三种不同的货币额度。这种灵活性使他们能够迎合更广泛的投资者群体。然而，伦敦证券交易所指出，标准准入时间表不适用于加密 ETN，鼓励发行人尽早与交易所接触，讨论其准入计划。

Conclusion: A Measured Step into Crypto

结论：迈向加密货币的一步

The LSE's move into the crypto ETN market is a calculated step that balances the growing demand for exposure to digital assets with the need for robust regulation. While the launch date is still several months away, it remains to be seen whether this new marketplace will gain traction among professional investors and how it will shape the broader crypto landscape.

伦敦证券交易所进军加密货币 ETN 市场是经过深思熟虑的一步，旨在平衡日益增长的数字资产需求和强有力的监管需求。虽然距离发布日期还有几个月的时间，但这个新市场是否会受到专业投资者的关注以及它将如何塑造更广泛的加密货币格局仍有待观察。