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Wall Street entered the month of March trading just below record highs.
But the war with Iran has rocked markets, sending the Nasdaq into correction territory
Their worst losses in recent memory
When these major indices drops. (like the stocks)
For the U.S citizens : it means buying opportunities to secure profits.
for everyone else outside the U.S: while trying to buy these equities,They’ll hit a wall.
Why ?
Because the system said it’s illegal
Although,Non-U.S residents can also legally buy and own U.S stocks as there are no citizenship requirements for investing in American companies.
But they must meet identification and compliance procedures under U.S regulations which also involves potential tax obligations and reporting rules.
So why does this happen ?
Just to be Clear, there's no law or regulation that says that an expat cannot invest in the US markets.
It’s just that there might be differences in taxes,capital controls etc
There can also be some complications depending on the country you end up living in and then Using a VPN to evade financial restrictions may also be considered wire fraud (federal offence)
So while U.S. traders were loading up on discounted Nasdaq
A trader in Lagos, Jakarta, Buenos Aires or any other country was stuck watching the dip pass.
A team decided “that was a problem worth solving”.
Am talking a full rebuild on-chain.
Meet @_lumeapp , the Robinhood for web3
A 🧵
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