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SEC begins public hearing on digital asset advisers and fund managers as new businesses under supervision



Monday 22 July 2019 | No. 87 / 2019


Bangkok, Monday 22 July 2019 - SEC is holding a public hearing to expand the scope of businesses under the digital asset supervision to digital asset advisers and digital asset fund managers for proper asset digital supervision and prevention of legal loopholes that could incur damages to the general public.

Presently, supervising “digital asset businesses” under the royal decree on digital asset businesses, B.E. 2561 cover three business groups: digital asset exchange; digital asset broker; and digital asset dealer.

Compared to securities business, digital asset businesses have not yet expanded into digital asset advisory service and digital asset fund management. Earlier, securities companies have expressed interest and discussed with SEC the possibility of offering the services. These securities firms can provide advice on attractive digital assets for investment to customers and invest according to policies agreed upon with customers. This could be an alternative for investors, aside from securities investment.

Previously, SEC has been notified about false incentives to lure people to invest in assets that could be fraudulent, and SEC has not been able to extend its supervisory coverage to such businesses.

Therefore, SEC intends to improve the regulations to be consistent with the current situations by expanding the scope of protection and effectiveness as well as closing legal loopholes that could bring people damages or improper services. The regulations are proposed to be revised in the following conclusions:

(1) “Digital asset advisers” and “digital asset fund managers” will be announced as the additional businesses. These businesses are categorized into two types: digital tokens; and cryptocurrency.

(2) Determining qualifications, conditions and procedures for obtaining operating licenses will be in line with the existing digital asset licenses.

(3) License fees for applicants asking to become digital token and cryptocurrency advisers will be set at 15,000 baht each, and license fees for digital token and cryptocurrency fund managers will be 500,000 baht each.

SEC disseminates the public hearing document on this issue at SEC website: www.sec.or.th/hearing. Any related interested parties and persons are welcome to make comments at the website or facsimile: 0-2033-9712, 02-033-4639, 02-033-9700 or e-mail: piyaruj@sec.or.th, ornicha@sec.or.th or wasu@sec.or.th until 20 August 2019.


_____________________________

 

Remark : Public Hearing Document -  https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=481

 












Building Confidence in the Capital Market
NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 87 / 2019 Monday 22 July 2019
SEC begins public hearing on digital asset advisers and fund managers as new businesses under supervision
Bangkok, Monday 22 July 2019 - SEC is holding a public hearing to expand the scope of businesses under the digital asset supervision to digital asset advisers and digital asset fund managers for proper asset digital supervision and prevention of legal loopholes that could incur damages to the general public.

Presently, supervising “digital asset businesses” under the royal decree on digital asset businesses, B.E. 2561 cover three business groups: digital asset exchange; digital asset broker; and digital asset dealer.

Compared to securities business, digital asset businesses have not yet expanded into digital asset advisory service and digital asset fund management. Earlier, securities companies have expressed interest and discussed with SEC the possibility of offering the services. These securities firms can provide advice on attractive digital assets for investment to customers and invest according to policies agreed upon with customers. This could be an alternative for investors, aside from securities investment.

Previously, SEC has been notified about false incentives to lure people to invest in assets that could be fraudulent, and SEC has not been able to extend its supervisory coverage to such businesses.

Therefore, SEC intends to improve the regulations to be consistent with the current situations by expanding the scope of protection and effectiveness as well as closing legal loopholes that could bring people damages or improper services. The regulations are proposed to be revised in the following conclusions:

(1) “Digital asset advisers” and “digital asset fund managers” will be announced as the additional businesses. These businesses are categorized into two types: digital tokens; and cryptocurrency.

(2) Determining qualifications, conditions and procedures for obtaining operating licenses will be in line with the existing digital asset licenses.

(3) License fees for applicants asking to become digital token and cryptocurrency advisers will be set at 15,000 baht each, and license fees for digital token and cryptocurrency fund managers will be 500,000 baht each.

SEC disseminates the public hearing document on this issue at SEC website: www.sec.or.th/hearing. Any related interested parties and persons are welcome to make comments at the website or facsimile: 0-2033-9712, 02-033-4639, 02-033-9700 or e-mail: piyaruj@sec.or.th, ornicha@sec.or.th or wasu@sec.or.th until 20 August 2019.


_____________________________

 

Remark : Public Hearing Document -  https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=481