News

Thailand proposes rules for digital fund managers

Cryptocurrencies 2Digital asset fund managers and investment advisors in Thailand will be required to apply for a licence to continue operating under new regulatory proposals. The Securities and Exchange Commission (SEC) has been spurred into action due to retail investors’ growing involvement with digital assets and the volatility of cryptocurrency values. Between November and December 2020, the volume of digital asset investment by retail participants more than doubled, from THB500 million to THB1.1 billion (US$16.5 million to $36.3 million). In addition to the licence requirements on investment firms, the draft rules will also require investors to have net assets of at least $330,000 and an annual income of $33,000. The regulator is also proposing that retail investors have sufficient investment knowledge and are able to demonstrate at least two years of experience in securities or derivatives trading or else have obtained certification from an authorised institution. Investment firms will be required to test the knowledge of their investors before offering them digital assets. The draft rules have been issued for consultation and firms have until March 27 to submit their opinions. © 2021 funds global asia

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