英国通过加密货币支持的 ETN 为机构加密货币投资敞开大门 – 中本聪商业新闻

英国金融行为监管局（FCA）通过批准加密货币支持的交易所交易票据（ETN），朝着将加密货币纳入传统金融市场迈出了重要一步。这些金融工具允许专业投资者在不直接拥有加密货币的情况下获得加密货币的投资机会。机构投资者对此表示乐观，他们认为这是加密货币市场多元化和增加流动性的机会。

UK's FCA Embraces Crypto-Backed ETNs, Paving the Way for Institutional Investment

英国 FCA 采用加密货币支持的 ETN，为机构投资铺平道路

The Financial Conduct Authority (FCA), the United Kingdom's financial regulatory body, has made a significant stride in integrating cryptocurrencies into traditional financial markets. This move paves the way for increased institutional investment in crypto assets through a novel financial instrument: crypto-backed exchange-traded notes (ETNs).

英国金融监管机构金融行为监管局（FCA）在将加密货币融入传统金融市场方面取得了重大进展。此举为通过一种新颖的金融工具：加密货币支持的交易所交易票据（ETN）增加对加密资产的机构投资铺平了道路。

Understanding Crypto-Backed ETNs

了解加密货币支持的 ETN

Exchange-traded notes (ETNs) are financial products traded on stock exchanges akin to stocks. However, unlike stocks, which represent ownership in a company, ETNs track an underlying asset or index. In this instance, crypto-backed ETNs would track the value of specific cryptocurrencies, such as Bitcoin or Ether.

交易所交易票据（ETN）是类似于股票在证券交易所交易的金融产品。然而，与代表公司所有权的股票不同，ETN 跟踪基础资产或指数。在这种情况下，加密货币支持的 ETN 将跟踪特定加密货币的价值，例如比特币或以太币。

When investing in a crypto-backed ETN, one is essentially investing in the performance of the underlying cryptocurrency without directly owning it. The value of the ETN will fluctuate in accordance with the price movements of the corresponding cryptocurrency.

当投资加密货币支持的 ETN 时，本质上是投资基础加密货币的表现，而不是直接拥有它。 ETN的价值将根据相应加密货币的价格变动而波动。

Eligibility for Investment

投资资格

It is crucial to note that the FCA's decision is restricted to professional investors. This category encompasses investment firms, credit institutions, and other sophisticated financial institutions. Retail investors, including individual members of the public, are currently prohibited from trading crypto-backed ETNs in the UK.

值得注意的是，FCA 的决定仅限于专业投资者。该类别包括投资公司、信贷机构和其他复杂的金融机构。目前，包括公众个人在内的散户投资者被禁止在英国交易加密货币支持的 ETN。

The FCA classifies cryptocurrencies as high-risk investments due to their volatile nature. Retail investors may lack the financial expertise and risk tolerance to navigate such investments.

由于其波动性，FCA 将加密货币归类为高风险投资。散户投资者可能缺乏金融专业知识和风险承受能力来进行此类投资。

Benefits for Institutional Investors

对机构投资者的好处

This new avenue for institutional investors offers a multitude of advantages:

这一新途径为机构投资者提供了众多优势：

• Cryptocurrency Exposure: Crypto-backed ETNs provide a regulated and secure means for institutions to gain exposure to the cryptocurrency market without the complexities of managing crypto assets directly.
• Enhanced Liquidity: The introduction of ETNs has the potential to increase liquidity in the cryptocurrency market by attracting more institutional capital. This can result in smoother price movements and potentially lower volatility.
• Diversification: Crypto-backed ETNs can serve as a diversification tool for institutional portfolios, offering exposure to a new asset class with potentially high returns.

Role of the London Stock Exchange (LSE)

加密货币敞口：加密货币支持的 ETN 为机构提供了一种受监管且安全的方式来接触加密货币市场，而无需直接管理加密资产的复杂性。增强流动性：ETN 的引入有可能通过吸引投资者来增加加密货币市场的流动性更多的机构资本。这可以使价格走势更加平稳，并可能降低波动性。多元化：加密货币支持的 ETN 可以作为机构投资组合的多元化工具，提供具有潜在高回报的新资产类别的敞口。伦敦证券交易所 (LSE) 的作用

The London Stock Exchange (LSE) plays a pivotal role in facilitating this nascent market. The FCA's approval allows the LSE to accept applications for Bitcoin and Ether ETNs in the second quarter of 2024. This simplifies the process for listing and trading these ETNs on the exchange.

伦敦证券交易所（LSE）在促进这一新兴市场方面发挥着关键作用。 FCA 的批准允许伦敦证券交易所在 2024 年第二季度接受比特币和以太坊 ETN 的申请。这简化了这些 ETN 在交易所上市和交易的流程。

The LSE is responsible for ensuring that these ETNs are traded in a fair and orderly manner. They will also implement safeguards to shield professional investors from excessive risks.

伦敦证券交易所有责任确保这些ETN以公平有序的方式进行交易。他们还将实施保障措施，保护专业投资者免受过度风险的影响。

Impact on Cryptocurrency Prices

对加密货币价格的影响

The news of the FCA's decision and the LSE's involvement has already exerted a positive influence on cryptocurrency prices. Bitcoin and Ether reached new all-time highs on the day of the announcement, partially driven by heightened institutional optimism.

FCA的决定和伦敦证交所介入的消息已经对加密货币价格产生了积极影响。比特币和以太币在公告发布当天创下历史新高，部分原因是机构乐观情绪高涨。

However, it is essential to recognize that this is merely one factor influencing cryptocurrency prices. The market remains volatile, and investors should always conduct thorough research before making any investment decisions.

然而，必须认识到这只是影响加密货币价格的因素之一。市场仍然波动，投资者在做出任何投资决定之前应进行彻底的研究。

Conclusion

结论

The UK's embrace of crypto-backed ETNs signifies a growing acceptance of cryptocurrencies within mainstream financial markets. While retail investors are still excluded, this decision opens the door for institutional investors to participate in this evolving asset class. As the market matures and regulations evolve, we may witness further integration of cryptocurrencies into traditional financial systems.

英国对加密货币支持的 ETN 的接受标志着主流金融市场对加密货币的接受度不断提高。尽管散户投资者仍被排除在外，但这一决定为机构投资者参与这一不断发展的资产类别打开了大门。随着市场的成熟和监管的发展，我们可能会见证加密货币进一步融入传统金融体系。