Technology industry players want to remove the 20-year-old and controversial threshold by which investors can be deemed “sophisticated or wholesale”, to allow savvy young people to back digital asset start-up ventures and managed funds.that digital assets were on the verge of joining the mainstream economy as banks and fund managers begin experimenting with blockchain-based technologies.
“The sophisticated investor rules are really inappropriate,” Chloe White, principal of crypto policy consultancy Genesis Block and a former adviser to the Commonwealth Treasury, told the Summit.a year in two consecutive years.The rules don’t only apply to unlisted equity investments.
Ms White said a crude financial metric like the sophisticated investor threshold was ill-suited to the nascent cryptocurrency market, as a growing number of well-informed young people have the technical knowledge required to invest in risky and complex early stage crypto ventures. “The literacy around technology has changed so much since these rules were written,” she said. “Many people who might not be getting paid the salaries that allow them to qualify now are the ones with the best radar for new technologies and have the best networks.”
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Source: FinancialReview - 🏆 2. / 90 Read more »