Thai regulator amends FX rules for crypto funds

crypto, bitcoinDigital asset fund managers in Thailand have been granted extended flexibility to invest in overseas assets thanks to an amendment to the regulations on foreign exchange quotas. The Securities and Exchanges Commission (SEC) proposed the rule change back in 2022, and it became effective as of February 1. In essence, it means digital asset fund managers will be subject to the same rules as other digital asset business operators. According to the SEC, the aim of the amendment is to “promote consistency and common standards of business operations while facilitating more efficient operation of digital asset fund managers”. The quota allocation will be approved annually or periodically as specified by the Bank of Thailand. This amendment comes weeks after the SEC issued regulations requiring virtual asset service providers to establish a digital wallet management system to guarantee efficient custody. © 2023 funds global asia

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