The Investment Association, a trade body representing British investment managers, is speeding up the approval of blockchain-traded funds with digital tokens substituting traditional shares by local government and financial regulators.
As the Financial Times reported on Thursday, the trade body is pushing the government to establish a new class of funds employing blockchain technology and create a new task force to examine how distributed ledger technology could accelerate the creation of new products and services.
The reasons behind such a push, according to the Investment Association, are the possible significant cost savings for end investors and the simplification of the existing procedures of buying and selling mutual funds.
Investment Association chief executive Chris Cummings urged boosting the competitiveness of the national financial services:
“Greater innovation will boost the overall competitiveness of the UK funds industry and improve the cost, efficiency and quality of...
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