哈格里夫斯-兰斯当在声明中说："我们秉持的投资理念认为，比特币并非一种资产类别。我们认为加密 货币不具备应被纳入成长型或收益型投资组合的特征，也不应依赖其帮助客户实现财务目标……它没有 内在价值。" 英国政府8日同样规定，允许投资者在股票与股份个人储蓄账户中持有加密ETN。此类账户内每年最多2 万英镑（约合26614美元）可享受免税待遇。（完）（卜晓明） 一家英国大型交易平台发出严厉警告：加密货币不应出现在投资组合中，因为它不算资产。 英国8日解除针对散户投资者参与加密交易所交易票据（ETN）的长期禁令。交易所交易票据是一种与 特定资产挂钩的债务工具。投资者可借此通过受监管的交易所接触数字代币。 据美国消费者新闻与商业频道10日报道，上述新规引发英国最大零售投资平台哈格里夫斯-兰斯当公司 发出警示，敦促英国散户投资者保持谨慎。 ...

【新华社微特稿】一家英国大型交易平台发出严厉警告：加密货币不应出现在投资组合中，因为它不算 资产。 哈格里夫斯-兰斯当在声明中说："我们秉持的投资理念认为，比特币并非一种资产类别。我们认为加密 货币不具备应被纳入成长型或收益型投资组合的特征，也不应依赖其帮助客户实现财务目标……它没有 内在价值。" 英国政府8日同样规定，允许投资者在股票与股份个人储蓄账户中持有加密ETN。此类账户内每年最多2 万英镑（约合26614美元）可享受免税待遇。（完）（卜晓明） 英国8日解除针对散户投资者参与加密交易所交易票据（ETN）的长期禁令。交易所交易票据是一种与 特定资产挂钩的债务工具。投资者可借此通过受监管的交易所接触数字代币。 据美国消费者新闻与商业频道10日报道，上述新规引发英国最大零售投资平台哈格里夫斯-兰斯当公司 发出警示，敦促英国散户投资者保持谨慎。 ...

Core Viewpoint - The UK's Financial Conduct Authority (FCA) has lifted its four-year ban on crypto ETNs, allowing retail investors access to Bitcoin and Ethereum ETNs starting October 8, 2025, which is seen as a delayed response to the evolving financial landscape of digital assets [1][5]. Regulatory Background - The FCA imposed a ban in January 2021 on the sale, marketing, and distribution of crypto-backed derivatives and ETNs to retail investors due to concerns over volatility, market manipulation, and potential consumer losses [2][3]. - The ban was a reaction to the 2018 crypto crash and fears of speculative mania leading to significant retail losses, which critics now view as overly paternalistic [3]. Market Developments - During the ban, the EU and US advanced their crypto markets, with the EU approving crypto ETNs in 2021 and the US allowing spot Bitcoin ETFs in January 2024, resulting in substantial inflows and legitimization of digital assets [4]. - UK investors missed opportunities for regulated exposure to Bitcoin and Ethereum during this period, as they were restricted from accessing these investment vehicles [4]. Future Implications - The FCA's decision to lift the ban is seen as an attempt to regain relevance in a rapidly changing financial environment, although some critics argue it may be too late to capitalize on the initial momentum of global crypto adoption [2][5]. - The newly allowed ETNs will be listed on FCA-recognized exchanges, providing a regulated framework for retail investors while exposing them to issuer credit risk rather than direct ownership of cryptocurrencies [6].

Group 1 - The U.K. and U.S. have established the "Transatlantic Taskforce for Markets of the Future" to enhance collaboration on capital markets and digital assets [1][2][6] - The taskforce aims to align digital asset policies, particularly as the U.K. prepares to launch its first BTC-tracking Exchange Traded Notes (ETNs) in October [1][2][6] - The initiative will focus on both short-to-medium term collaboration while exploring long-term partnership opportunities in the digital asset space [2][3] Group 2 - The taskforce will also work on improving links between capital markets in the U.K. and U.S., facilitating cross-border investment [3] - The U.K. has diverged from the U.S. in its approach to crypto investment products, favoring ETNs over Exchange-Traded Funds (ETFs) [4] - Crypto ETNs have gained popularity in Europe, with some vehicles amassing assets exceeding $1 billion, despite the risks associated with their structure [5]