BSE，Jetking和Bitcoin国库：印度的监管绳索步行

由于比特币国库计划，孟买证券交易所拒绝了Jetking Infotrain的上市，强调了印度对公司加密采用的谨慎方法。这是障碍还是要求法规清晰的呼吁？

The world of 'BSE, Jetking, Bitcoin Treasury' is currently witnessing a fascinating tug-of-war between innovation and regulation, particularly in India. The Bombay Stock Exchange (BSE)'s recent decision regarding Jetking Infotrain has sent ripples through the crypto and finance sectors, highlighting the nation's cautious stance on digital assets.

“ BSE，Jetking，Bitcoin国库”的世界目前正在目睹创新和监管之间的引人入胜的拔河船，尤其是在印度。孟买证券交易所（BSE）关于JetKing Infotrain的最新决定使涟漪通过加密和财务部门，强调了该国对数字资产的谨慎立场。

Jetking's Bitcoin Ambitions Meet Regulatory Resistance

喷气金的比特币野心达到监管抵抗

Jetking Infotrain, an IT training company, sought to list its shares on the BSE with plans to allocate a significant 60% of the raised funds into Bitcoin and other virtual digital assets (VDAs). This bold move, intended to build a Bitcoin-focused corporate treasury, was met with a firm rejection from the BSE. This decision, marking the first explicit denial of a listing over crypto treasury plans, serves as a clear signal of India's cautious stance on cryptocurrency investments through public fundraising.

IT培训公司Jetking Infotrain试图将其在BSE上的股票列出，并计划将大量筹集的资金分配给比特币和其他虚拟数字资产（VDA）。这一旨在建立以比特币为重点的公司财政部的大胆举动被BSE遭到了坚定的拒绝。这一决定标志着对加密货币计划的清单的首次明确拒绝，这清楚地表明了印度通过公共筹款活动对加密货币投资的谨慎立场。

India's Crypto Conundrum: Internal Profits vs. Public Funds

印度的加密难题：内部利润与公共资金

India doesn't prohibit companies from buying crypto with retained earnings, but regulators draw a line when it comes to using public capital raised through equity markets for crypto acquisition. The BSE's rejection reinforces the view that shareholder capital from public offerings shouldn't be primarily funneled into crypto investments. Regulators worry about exposing retail investors to the volatility and risks of VDAs without a comprehensive framework for investor protection.

印度并不禁止公司购买保留收益的加密货币，但监管机构在使用通过股票市场筹集的公共资本进行加密货币收购方面的界限。 BSE的拒绝加强了这样一种观点，即不应将公共产品中的股东资本主要汇入加密投资。监管机构担心在没有全面的投资者保护框架的情况下将散户投资者暴露于VDA的波动和风险。

This creates a "regulatory void," where companies face uncertainty about how to structure digital asset treasuries while remaining compliant. The core issue is the speculative nature of cryptocurrencies and the potential risks to investors. While retail crypto trading is booming in India, corporate treasuries funded by public raises are off-limits, per current norms.

这创建了“监管空白”，在此过程中，公司在保持合规性的同时如何构建数字资产国库。核心问题是加密货币的投机性质以及投资者的潜在风险。尽管印度的零售加密交易正在蓬勃发展，但根据当前规范，由公共加薪资助的公司国债是禁区。

The Road Ahead: Appeal and Regulatory Clarity

前面的道路：上诉和监管清晰度

Jetking is reportedly considering an appeal with the Securities Appellate Tribunal (SAT). This case could set a crucial precedent for how corporate crypto strategies are treated in India. Without updated regulations or specific guidelines from SEBI, companies attempting similar strategies are likely to encounter resistance.

据报道，Jetking正在考虑向证券上诉法庭（SAT）提出上诉。此案可能为印度如何处理公司加密策略的方式树立了至关重要的先例。如果没有更新的法规或SEBI的具体准则，尝试类似策略的公司可能会遇到阻力。

The outcome of a potential SAT appeal will be closely watched by industry participants, policymakers, and global observers, as it may shape the future trajectory of how corporate crypto adoption is governed in India. Supporters argue that enabling companies to raise funds for digital asset treasuries could strengthen India’s competitiveness in the global digital economy.

潜在的SAT上诉的结果将由行业参与者，政策制定者和全球观察家密切关注，因为它可能会影响印度公司加密货币的未来轨迹。支持者认为，使公司能够为数字资产国库筹集资金可以增强印度在全球数字经济中的竞争力。

Meanwhile, Across the Pond...

同时，跨过池塘...

While India navigates its regulatory landscape, other countries are making strides in the Bitcoin treasury space. For instance, B HODL Plc, a UK-listed company focused on Bitcoin accumulation, recently added 12 bitcoins to its treasury, bringing its total holdings to 112 BTC. This move places B HODL among the top 100 Bitcoin treasury firms globally.

当印度在其监管环境中浏览时，其他国家在比特币国库领域取得了长足的进步。例如，一家专注于比特币积累的英国公司B HODL PLC最近在其财政部增加了12个比特币，使其总持股量达到112 BTC。此举将B HODL置于全球前100家比特币国库公司中。

Personal Musings: A Call for Balanced Regulation

个人沉思：呼吁平衡法规

It seems like India is walking a regulatory tightrope. On one hand, protecting investors from the volatility of crypto is paramount. On the other hand, stifling innovation could hinder India's potential in the global digital economy. A balanced approach, with clear guidelines and investor protection measures, could be the key to unlocking the benefits of digital assets while mitigating the risks.

似乎印度正在行走一条监管绳索。一方面，保护投资者免受加密货币的波动至关重要。另一方面，扼杀创新可能会阻碍印度在全球数字经济中的潜力。通过明确的指南和投资者保护措施，平衡的方法可能是释放数字资产收益的关键，同时降低风险。

It's fascinating to watch these developments unfold. Will Jetking's appeal lead to a shift in regulatory thinking? Will India find a way to embrace corporate crypto treasuries responsibly? Only time will tell. But one thing's for sure: the intersection of BSE, Jetking, and Bitcoin Treasury is a space to watch closely!

观看这些发展的发展真是令人着迷。 Jetking的吸引力会导致监管思维的转变吗？印度会找到一种负责任地拥抱公司加密货币的方法吗？只有时间会证明。但是可以肯定的是：BSE，JetKing和Bitcoin国库的交集是一个密切关注的空间！