随着行业巨头推动进入，英国考虑采用比特币 ETF

英国的比特币交易所交易基金（ETF）争论重新燃起，行业领袖呼吁扩大投资者的准入范围。 Kraken UK 董事总经理 Bivu Das 认为，比特币 ETF 为将英国打造为加密货币中心奠定了基础。然而，FCA 仍然保持谨慎态度，已于 2021 年禁止加密货币衍生产品的零售。尽管如此，有迹象表明 FCA 可能会采取更加宽松的立场，最近批准为机构投资者推出加密货币 ETN。 Coinbase 英国首席执行官 Daniel Seifert 赞同 Das 的观点，认为消费者应该有更多 ETF 选择。 FCA 面临着微妙的平衡，既要促进创新，又要保护散户投资者。全球对比特币 ETF 的接受度不断提高，投资者需求不断增加，可能会给 FCA 带来压力，要求其重新审视其立场，从而有可能带来更加开放的监管环境。

Is the UK Poised to Embrace Bitcoin ETFs?

英国准备好拥抱比特币 ETF 了吗？

The debate over Bitcoin exchange-traded funds (ETFs) in the UK has resurfaced, with industry heavyweights advocating for broader access to investors. This renewed interest follows the US Securities and Exchange Commission's (SEC) approval of Bitcoin ETFs in January, which has sparked a surge in investment and calls for similar action by the UK's Financial Conduct Authority (FCA).

英国关于比特币交易所交易基金（ETF）的争论重新浮出水面，行业重量级人物主张更广泛地接触投资者。继美国证券交易委员会 (SEC) 一月份批准比特币 ETF 后，这种新的兴趣引发了投资激增，并呼吁英国金融行为监管局 (FCA) 采取类似行动。

Kraken's Call for a Crypto Hub

Kraken 呼吁建立加密货币中心

Bivu Das, Managing Director of Kraken UK, believes Bitcoin ETFs are essential for establishing the UK as a leading crypto hub. He argues that these instruments offer a "basic fundamental" for investors to gain exposure to Bitcoin's price movements without directly owning the cryptocurrency, providing a more regulated and accessible entry point.

Kraken UK 董事总经理 Bivu Das 认为，比特币 ETF 对于将英国打造为领先的加密货币中心至关重要。他认为，这些工具为投资者提供了“基本面”，使他们无需直接拥有加密货币即可了解比特币的价格走势，从而提供了一个更受监管且更容易进入的切入点。

FCA's Cautious Approach

FCA 的谨慎态度

However, the FCA remains cautious. In 2021, it banned the retail sale of crypto-derivative products, including exchange-traded products (ETPs) backed by cryptocurrencies. This stance, some argue, puts the UK at a disadvantage compared to the US, where retail investors can readily invest in Bitcoin ETFs.

不过，FCA 仍保持谨慎态度。 2021年，它禁止零售加密衍生产品，包括加密货币支持的交易所交易产品（ETP）。一些人认为，这种立场使英国与美国相比处于劣势，因为美国的散户投资者可以轻松投资比特币 ETF。

Regulatory Evolution and Future Prospects

监管演变和未来前景

Das contends that the regulatory landscape has evolved since the 2021 ban. He believes ETFs could alleviate regulatory concerns, as investors wouldn't directly hold the underlying Bitcoin. This could potentially pave the way for a more open approach from the FCA.

Das 认为，自 2021 年禁令颁布以来，监管环境已经发生变化。他认为 ETF 可以缓解监管担忧，因为投资者不会直接持有基础比特币。这可能为 FCA 采取更加开放的做法铺平道路。

Institutional Footprints in the Crypto Space

加密货币领域的机构足迹

Signs of the FCA's evolving stance are evident in its recent approval of crypto ETNs, but only for institutional investors. This limited move could be seen as a cautious step towards wider crypto investment opportunities.

FCA 立场不断变化的迹象在其最近批准加密货币 ETN 中显而易见，但仅限于机构投资者。这一有限的举措可以被视为迈向更广泛的加密货币投资机会的谨慎一步。

Investor Choice and Financial Inclusion

投资者选择和金融包容性

Coinbase UK CEO Daniel Seifert echoes Das' sentiment, advocating for "more options" for consumers through a broader range of investment products like ETFs. This push for increased investor choice aligns with a broader trend towards democratizing access to financial markets.

Coinbase 英国首席执行官 Daniel Seifert 赞同 Das 的观点，主张通过 ETF 等更广泛的投资产品为消费者提供“更多选择”。这种增加投资者选择的努力符合金融市场准入民主化的更广泛趋势。

Balancing Innovation and Risk Management

平衡创新与风险管理

The FCA faces a delicate balancing act. While fostering innovation in the crypto sector is crucial for maintaining the UK's financial competitiveness, protecting retail investors from potential harm remains a top priority. The high volatility of the crypto market raises concerns about the suitability of such complex instruments for inexperienced investors.

FCA 面临着微妙的平衡。虽然促进加密货币行业的创新对于维持英国的金融竞争力至关重要，但保护散户投资者免受潜在伤害仍然是首要任务。加密货币市场的高波动性引发了人们对这种复杂工具是否适合缺乏经验的投资者的担忧。

Global Acceptance and Investor Appetite

全球接受度和投资者胃口

The recent influx of billions into US Bitcoin ETFs highlights the growing investor appetite for these products. This surge in demand could put further pressure on the FCA to revisit its stance. The potential benefits of increased investment and a more robust crypto ecosystem could outweigh the perceived risks, eventually leading to a more open regulatory environment.

最近数十亿美元涌入美国比特币 ETF，凸显了投资者对这些产品的兴趣不断增长。需求激增可能会给 FCA 带来进一步压力，要求其重新审视其立场。增加投资和更强大的加密生态系统的潜在好处可能会超过感知到的风险，最终导致更加开放的监管环境。

Conclusion: A Measured Approach

结论：谨慎的方法

The future of Bitcoin ETFs in the UK remains uncertain. The FCA is likely to take a measured approach, carefully evaluating the potential benefits and risks before making any significant changes. However, the growing global acceptance of Bitcoin ETFs, coupled with increasing investor demand, suggests that a more open approach from the FCA might be inevitable.

英国比特币 ETF 的未来仍不确定。 FCA 可能会采取谨慎的方法，在做出任何重大改变之前仔细评估潜在的收益和风险。然而，全球对比特币 ETF 的接受度不断提高，加上投资者需求不断增加，表明 FCA 采取更加开放的做法可能是不可避免的。