SEC Urges Digital Asset Fund Mgr-Investment Consultant to Apply License within Deadline

SEC reminds digital asset fund managers and digital asset investment consultants to apply for respective licenses within deadline on 24 February 2021.

The Securities and Exchange Commission (SEC) is reminding business operators in the categories of “digital asset investment consultant” and “digital asset fund manager” who started their business before 27 November 2020 and plan to continue the business to submit an application for respective licenses within deadline on 24 February 2021. Those who have not commenced such digital asset businesses may submit an application for a license any time, but in any case, before commencing the businesses.

 

The SEC has informed digital asset investment consultants and digital asset fund managers who have been operating such businesses since before 27 November 2020 and would like to continue such business operation that they are required to apply for the respective licenses with the SEC by 24 February 2021. For more information and inquiries, please contact SEC Help Center at Hotline 1207, press 9556, 9935, 9822 or 6076.

 

The criteria for considering whether or not a person operates any of the aforesaid businesses are as follows:

(1) In the case of “digital asset investment consultant,” giving advice on digital asset investment or quoting digital asset value, and in the case of “digital asset fund manager,” giving investment management service or making digital asset investment decisions for clients, (2) Receiving compensations, either directly or indirectly, and (3) Operating such businesses regularly or giving services to the general public.

 

Pursuant to Section 66 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), any person operating digital asset business without a license shall be liable to imprisonment for a term of two to five years and a fine of 200,000 to 500,000 baht, and a further daily fine not exceeding 10,000 baht for every day during which the contravention continues.

 

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